Alliancebernstein L.P. Purchases 10,579 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Alliancebernstein L.P. grew its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 45.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 33,990 shares of the construction company’s stock after purchasing an additional 10,579 shares during the quarter. Alliancebernstein L.P. owned approximately 0.10% of Patrick Industries worth $2,824,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of PATK. Arizona State Retirement System boosted its stake in Patrick Industries by 51.3% in the fourth quarter. Arizona State Retirement System now owns 9,271 shares of the construction company’s stock valued at $770,000 after acquiring an additional 3,143 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Patrick Industries by 27.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company’s stock valued at $10,222,000 after purchasing an additional 26,558 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Patrick Industries by 55.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock valued at $45,592,000 after buying an additional 195,138 shares during the period. Xponance Inc. lifted its stake in Patrick Industries by 13.8% in the fourth quarter. Xponance Inc. now owns 3,070 shares of the construction company’s stock valued at $255,000 after buying an additional 372 shares during the period. Finally, IFP Advisors Inc boosted its holdings in Patrick Industries by 35.8% during the fourth quarter. IFP Advisors Inc now owns 1,044 shares of the construction company’s stock worth $87,000 after buying an additional 275 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Price Performance

Shares of PATK opened at $79.68 on Wednesday. The company has a 50 day moving average of $86.79 and a 200-day moving average of $88.68. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The stock has a market capitalization of $2.67 billion, a P/E ratio of 19.34, a P/E/G ratio of 1.41 and a beta of 2.17. Patrick Industries, Inc. has a twelve month low of $67.72 and a twelve month high of $98.90.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. As a group, equities research analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.01%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s dividend payout ratio (DPR) is 38.83%.

Analyst Upgrades and Downgrades

PATK has been the topic of several recent analyst reports. KeyCorp lifted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Raymond James upped their price objective on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Benchmark boosted their target price on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Baird R W lowered Patrick Industries from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 4th. Finally, StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $98.04.

Insider Transactions at Patrick Industries

In other news, EVP Stacey L. Neu sold 2,885 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total transaction of $246,754.05. Following the transaction, the executive vice president now directly owns 18,044 shares in the company, valued at $1,543,303.32. The trade was a 13.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director M Scott Welch purchased 2,500 shares of the stock in a transaction on Thursday, March 13th. The shares were acquired at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the transaction, the director now owns 2,961 shares of the company’s stock, valued at approximately $250,559.82. The trade was a 542.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 4.70% of the company’s stock.

About Patrick Industries

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.