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

Allspring Global Investments Holdings LLC lifted its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 27.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 123,972 shares of the construction company’s stock after purchasing an additional 26,558 shares during the quarter. 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 (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Creative Planning acquired a new position in Patrick Industries in the third quarter worth approximately $337,000. Copeland Capital Management LLC acquired a new position in Patrick Industries in the third quarter worth approximately $8,070,000. Argent Capital Management LLC increased 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 worth $21,498,000 after buying an additional 133,413 shares during the last quarter. Louisiana State Employees Retirement System increased 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 worth $1,538,000 after buying an additional 200 shares during the last quarter. Finally, State of Alaska Department of Revenue increased 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 worth $1,819,000 after buying an additional 419 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PATK has been the topic of a number of research reports. Raymond James increased their price objective on Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. KeyCorp increased their price target on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 7th. StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Truist Financial increased their price target on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a report on Monday, February 10th. Finally, BMO Capital Markets increased their price target on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a report on Friday, November 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $97.96.

Insider Buying and Selling

In related news, CEO Andy L. Nemeth sold 30,000 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $90.00, for a total value of $2,700,000.00. Following the completion of the transaction, the chief executive officer now directly owns 379,678 shares of the company’s stock, valued at $34,171,020. This trade represents a 7.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 4.70% of the stock is owned by company insiders.

Patrick Industries Trading Down 0.7 %

Shares of Patrick Industries stock opened at $95.08 on Wednesday. The company’s fifty day simple moving average is $89.74 and its 200-day simple moving average is $89.15. The company has a market cap of $3.19 billion, a price-to-earnings ratio of 23.08, a PEG ratio of 1.42 and a beta of 2.26. The company has a current ratio of 2.33, a quick ratio of 0.97 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 1 year low of $67.72 and a 1 year high of $98.90.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, topping 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%. As a group, sell-side analysts expect that Patrick Industries, Inc. will post 5.38 EPS for the current year.

Patrick Industries Dividend Announcement

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

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.