American Century Companies Inc. Has $65.73 Million Stock Holdings in Patrick Industries, Inc. $PATK

American Century Companies Inc. increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 33.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 712,383 shares of the construction company’s stock after purchasing an additional 180,092 shares during the quarter. American Century Companies Inc. owned 2.14% of Patrick Industries worth $65,732,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Rhumbline Advisers grew its holdings in shares of Patrick Industries by 1.5% during the 2nd quarter. Rhumbline Advisers now owns 115,578 shares of the construction company’s stock valued at $10,665,000 after purchasing an additional 1,733 shares during the last quarter. Legal & General Group Plc grew its stake in Patrick Industries by 2.2% during the second quarter. Legal & General Group Plc now owns 84,127 shares of the construction company’s stock worth $7,762,000 after purchasing an additional 1,809 shares during the period. Personal CFO Solutions LLC acquired a new position in shares of Patrick Industries during the 2nd quarter valued at $280,000. Handelsbanken Fonder AB grew its stake in shares of Patrick Industries by 41.7% in the 2nd quarter. Handelsbanken Fonder AB now owns 6,461 shares of the construction company’s stock valued at $596,000 after buying an additional 1,900 shares during the period. Finally, Inspire Advisors LLC bought a new stake in shares of Patrick Industries during the second quarter valued at approximately $525,000. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Stock Performance

Shares of PATK opened at $107.57 on Friday. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.96 and a quick ratio of 0.75. The company has a 50-day simple moving average of $102.17 and a two-hundred day simple moving average of $100.05. The firm has a market capitalization of $3.58 billion, a PE ratio of 29.15, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33. Patrick Industries, Inc. has a one year low of $72.99 and a one year high of $116.78.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, October 30th. The construction company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.95 by $0.06. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The business had revenue of $975.63 million for the quarter, compared to analyst estimates of $900.35 million. During the same quarter in the previous year, the firm posted $1.80 earnings per share. Patrick Industries’s quarterly revenue was up 6.1% on a year-over-year basis. On average, analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be given a $0.47 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.7%. This is an increase from Patrick Industries’s previous quarterly dividend of $0.40. Patrick Industries’s payout ratio is presently 53.71%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PATK. KeyCorp boosted their price objective on Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. Weiss Ratings lowered shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Raymond James Financial upped their price objective on Patrick Industries from $95.00 to $109.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. BMO Capital Markets reiterated an “outperform” rating and issued a $115.00 target price on shares of Patrick Industries in a research note on Friday, October 31st. Finally, Benchmark upped their price target on shares of Patrick Industries from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Seven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $108.00.

Patrick Industries Profile

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.