Allianz Asset Management GmbH Acquires 5,252 Shares of Patrick Industries, Inc. $PATK

Allianz Asset Management GmbH lifted its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 33.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 21,071 shares of the construction company’s stock after purchasing an additional 5,252 shares during the period. Allianz Asset Management GmbH owned about 0.06% of Patrick Industries worth $2,179,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Citizens Financial Group Inc. RI acquired a new stake in shares of Patrick Industries during the third quarter worth $1,704,000. Inspire Advisors LLC purchased a new position in Patrick Industries in the 2nd quarter worth $525,000. Tributary Capital Management LLC raised its stake in Patrick Industries by 52.0% in the 3rd quarter. Tributary Capital Management LLC now owns 371,608 shares of the construction company’s stock worth $38,435,000 after acquiring an additional 127,099 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Patrick Industries during the 2nd quarter worth about $400,000. Finally, F m Investments LLC grew its stake in Patrick Industries by 23.0% during the 2nd quarter. F m Investments LLC now owns 47,440 shares of the construction company’s stock valued at $4,377,000 after purchasing an additional 8,860 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. KeyCorp restated an “overweight” rating and issued a $155.00 price objective (up from $135.00) on shares of Patrick Industries in a research note on Friday, February 6th. Benchmark reissued a “buy” rating on shares of Patrick Industries in a research report on Friday, February 6th. Roth Mkm restated a “buy” rating and set a $157.00 price objective on shares of Patrick Industries in a research note on Monday. 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. Finally, Truist Financial set a $126.00 target price on shares of Patrick Industries in a report on Friday, January 9th. Six research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Patrick Industries presently has a consensus rating of “Moderate Buy” and a consensus price target of $135.13.

Insider Transactions at Patrick Industries

In other news, CAO Matthew S. Filer acquired 1,000 shares of the business’s stock in a transaction on Friday, February 6th. The stock was bought at an average cost of $139.91 per share, for a total transaction of $139,910.00. Following the purchase, the chief accounting officer owned 20,614 shares in the company, valued at approximately $2,884,104.74. This represents a 5.10% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Andy L. Nemeth sold 25,000 shares of the stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total value of $2,875,000.00. Following the transaction, the chief executive officer directly owned 301,641 shares of the company’s stock, valued at $34,688,715. The trade was a 7.65% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 4.40% of the company’s stock.

Patrick Industries Stock Down 3.0%

Patrick Industries stock opened at $141.33 on Friday. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.51 and a quick ratio of 0.80. The stock has a market capitalization of $4.70 billion, a PE ratio of 36.15, a price-to-earnings-growth ratio of 1.53 and a beta of 1.34. The business has a 50 day simple moving average of $121.20 and a 200-day simple moving average of $110.73. Patrick Industries, Inc. has a 12 month low of $72.99 and a 12 month high of $148.50.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The firm had revenue of $924.17 million for the quarter, compared to analyst estimates of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The business’s revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 EPS. On average, analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 9th. Stockholders of record on Monday, February 23rd will be given a $0.47 dividend. The ex-dividend date is Monday, February 23rd. This represents a $1.88 annualized dividend and a dividend yield of 1.3%. Patrick Industries’s dividend payout ratio (DPR) is 48.08%.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.