Patrick Industries, Inc. (NASDAQ:PATK) Shares Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 27.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 123,972 shares of the construction company’s stock after acquiring an additional 26,558 shares during the period. Allspring Global Investments Holdings LLC owned 0.37% of Patrick Industries worth $10,222,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Creative Planning acquired a new stake in shares of Patrick Industries in the third quarter worth approximately $337,000. Copeland Capital Management LLC purchased a new position in Patrick Industries in the third quarter valued at approximately $8,070,000. Argent Capital Management LLC raised its holdings in Patrick Industries by 758.4% in the third quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock valued at $21,498,000 after buying an additional 133,413 shares during the period. Louisiana State Employees Retirement System raised its holdings in Patrick Industries by 1.9% in the third quarter. Louisiana State Employees Retirement System now owns 10,800 shares of the construction company’s stock valued at $1,538,000 after buying an additional 200 shares during the period. Finally, State of Alaska Department of Revenue raised its holdings in Patrick Industries by 3.4% in the third quarter. State of Alaska Department of Revenue now owns 12,783 shares of the construction company’s stock valued at $1,819,000 after buying an additional 419 shares during the period. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Stock Performance

Patrick Industries stock opened at $95.08 on Wednesday. The company has a market cap of $3.19 billion, a PE ratio of 23.08, a P/E/G ratio of 1.42 and a beta of 2.26. The company has a fifty day moving average price of $89.74 and a two-hundred day moving average price of $89.15. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.97. Patrick Industries, Inc. has a 12 month low of $67.72 and a 12 month high of $98.90.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating 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%. Research analysts expect that Patrick Industries, Inc. will post 5.38 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.68%. The ex-dividend date of this dividend is Tuesday, February 18th. Patrick Industries’s dividend payout ratio (DPR) is presently 38.83%.

Insiders Place Their Bets

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $93.76, for a total value of $1,406,400.00. Following the sale, the chief executive officer now directly owns 364,678 shares in the company, valued at approximately $34,192,209.28. The trade was a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.70% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PATK shares. BMO Capital Markets lifted their price objective on shares of Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research note on Friday, November 1st. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Truist Financial lifted their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, February 10th. KeyCorp lifted their price target 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. Finally, Benchmark lifted their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $97.96.

Patrick Industries Company 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.