Nomura Holdings Inc. Trims Position in Patrick Industries, Inc. (NASDAQ:PATK)

Nomura Holdings Inc. lowered its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 4.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 76,748 shares of the construction company’s stock after selling 3,201 shares during the period. Nomura Holdings Inc. owned 0.34% of Patrick Industries worth $7,702,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in PATK. Dimensional Fund Advisors LP grew its holdings in Patrick Industries by 1.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company’s stock valued at $144,828,000 after buying an additional 21,735 shares during the period. Pacer Advisors Inc. grew its holdings in Patrick Industries by 39.7% in the fourth quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company’s stock valued at $104,972,000 after purchasing an additional 297,381 shares during the period. Invesco Ltd. increased its position in Patrick Industries by 7.0% during the third quarter. Invesco Ltd. now owns 277,265 shares of the construction company’s stock worth $20,812,000 after purchasing an additional 18,256 shares during the last quarter. Norges Bank purchased a new position in Patrick Industries during the fourth quarter worth approximately $14,782,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Patrick Industries by 2.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 106,006 shares of the construction company’s stock valued at $10,638,000 after purchasing an additional 2,741 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK opened at $106.50 on Wednesday. The company has a market cap of $2.39 billion, a P/E ratio of 15.78, a PEG ratio of 0.77 and a beta of 1.70. Patrick Industries, Inc. has a one year low of $70.15 and a one year high of $123.58. The business’s 50-day simple moving average is $109.32 and its 200 day simple moving average is $106.67. 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:PATK) last posted its earnings results on Thursday, May 2nd. The construction company reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.47. Patrick Industries had a net margin of 4.22% and a return on equity of 14.90%. The business had revenue of $933.50 million for the quarter, compared to analysts’ expectations of $829.22 million. During the same period in the previous year, the company posted $1.35 earnings per share. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. On average, sell-side analysts forecast that Patrick Industries, Inc. will post 8.12 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend was Monday, June 3rd. Patrick Industries’s payout ratio is 32.59%.

Analyst Upgrades and Downgrades

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

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.