Allspring Global Investments Holdings LLC Sells 15,739 Shares of Patrick Industries, Inc. $PATK

Allspring Global Investments Holdings LLC cut its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 21.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 58,587 shares of the construction company’s stock after selling 15,739 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.18% of Patrick Industries worth $6,470,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PATK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Patrick Industries by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock valued at $1,632,000 after purchasing an additional 851 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Patrick Industries by 5.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company’s stock valued at $5,957,000 after purchasing an additional 3,748 shares during the last quarter. Strs Ohio bought a new stake in shares of Patrick Industries in the 1st quarter valued at approximately $42,000. Cetera Investment Advisers lifted its stake in shares of Patrick Industries by 64.8% in the 2nd quarter. Cetera Investment Advisers now owns 6,058 shares of the construction company’s stock valued at $559,000 after purchasing an additional 2,381 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in shares of Patrick Industries by 7.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 23,839 shares of the construction company’s stock valued at $2,200,000 after purchasing an additional 1,568 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

Patrick Industries Price Performance

Shares of PATK stock opened at $113.86 on Tuesday. Patrick Industries, Inc. has a 52-week low of $72.99 and a 52-week high of $148.50. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. The firm has a market capitalization of $3.77 billion, a P/E ratio of 29.12 and a beta of 1.35. The stock has a 50 day moving average price of $123.95 and a 200 day moving average price of $113.69.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The firm had revenue of $924.17 million during the quarter, compared to analyst estimates of $858.62 million. During the same period last year, the company earned $0.52 EPS. Patrick Industries’s quarterly revenue was up 9.2% compared to the same quarter last year. As a group, sell-side analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 9th. Investors of record on Monday, February 23rd were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Monday, February 23rd. Patrick Industries’s dividend payout ratio (DPR) is currently 48.08%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on PATK shares. Wall Street Zen raised Patrick Industries from a “hold” rating to a “buy” rating in a research note on Saturday. KeyCorp reaffirmed 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 reaffirmed a “buy” rating on shares of Patrick Industries in a research note on Friday, February 6th. Robert W. Baird set a $140.00 price objective on Patrick Industries in a research note on Friday, February 6th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $155.00 price objective on shares of Patrick Industries in a research note on Friday, February 6th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $135.13.

Insider Activity

In related news, COO Hugo E. Gonzalez sold 13,514 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $113.10, for a total transaction of $1,528,433.40. Following the completion of the sale, the chief operating officer directly owned 33,864 shares of the company’s stock, valued at approximately $3,830,018.40. This trade represents a 28.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director M Scott Welch purchased 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were acquired at an average cost of $113.68 per share, with a total value of $1,136,800.00. Following the completion of the purchase, the director directly owned 146,000 shares in the company, valued at $16,597,280. The trade was a 7.35% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders purchased 11,110 shares of company stock worth $1,289,895 and sold 20,121 shares worth $2,477,337. 4.40% of the stock is currently owned by insiders.

Patrick Industries 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.