Allspring Global Investments Holdings LLC Acquires 1,823 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Allspring Global Investments Holdings LLC lifted its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATKFree Report) by 1.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 107,829 shares of the construction company’s stock after purchasing an additional 1,823 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.48% of Patrick Industries worth $12,882,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its holdings in shares of Patrick Industries by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company’s stock worth $144,828,000 after purchasing an additional 21,735 shares during the period. Pacer Advisors Inc. increased its holdings in shares of Patrick Industries by 39.7% during the fourth quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company’s stock worth $104,972,000 after purchasing an additional 297,381 shares during the period. Norges Bank bought a new position in shares of Patrick Industries during the fourth quarter worth approximately $14,782,000. Congress Asset Management Co. MA increased its holdings in shares of Patrick Industries by 1.0% during the first quarter. Congress Asset Management Co. MA now owns 93,959 shares of the construction company’s stock worth $11,225,000 after purchasing an additional 925 shares during the period. Finally, NBW Capital LLC increased its holdings in shares of Patrick Industries by 3.9% during the fourth quarter. NBW Capital LLC now owns 70,685 shares of the construction company’s stock worth $7,093,000 after purchasing an additional 2,681 shares during the period. 93.29% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. BMO Capital Markets lifted their price objective on shares of Patrick Industries from $120.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. Roth Mkm reissued a “buy” rating and issued a $126.00 price objective (up from $120.00) on shares of Patrick Industries in a research note on Monday, May 6th. StockNews.com cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. Finally, Truist Financial reissued a “buy” rating and issued a $130.00 price objective on shares of Patrick Industries in a research note on Friday, April 12th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.71.

Read Our Latest Research Report on PATK

Patrick Industries Stock Performance

NASDAQ PATK opened at $107.16 on Monday. The firm’s fifty day moving average price is $109.85 and its two-hundred day moving average price is $108.28. The stock has a market cap of $2.40 billion, a PE ratio of 15.88, a PEG ratio of 0.77 and a beta of 1.65. Patrick Industries, Inc. has a fifty-two week low of $70.15 and a fifty-two week high of $123.58. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.96 and a current ratio of 2.38.

Patrick Industries (NASDAQ:PATKGet Free Report) last posted its earnings results on Thursday, May 2nd. The construction company reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.47. The firm had revenue of $933.50 million for the quarter, compared to analysts’ expectations of $829.22 million. Patrick Industries had a net margin of 4.22% and a return on equity of 14.90%. The company’s revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.35 earnings per share. On average, equities analysts expect that Patrick Industries, Inc. will post 8.12 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were issued a dividend of $0.55 per share. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.05%. Patrick Industries’s dividend payout ratio (DPR) is presently 32.59%.

Patrick Industries Profile

(Free Report)

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.

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Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

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