Allianz Asset Management GmbH acquired a new position in Patrick Industries, Inc. (NASDAQ: PATK – Get Rating) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 4,201 shares of the construction company stock, valued at approximately $ 339,000.
Other large investors have also made changes to their positions in the company. UMB Bank NA MO bought a new position in shares of Patrick Industries during the 4th quarter worth approximately $ 28,000. First Horizon Advisors Inc. boosted its holdings in shares of Patrick Industries by 462.3% during the 4th quarter. First Horizon Advisors Inc. now owns 731 shares of the construction company stock worth $ 58,000 after buying an additional 601 shares in the last quarter. Wilen Investment Management CORP. bought a new position in shares of Patrick Industries during the 3rd quarter worth approximately $ 69,000. Wolverine Asset Management LLC bought a new position in shares of Patrick Industries during the 3rd quarter worth approximately $ 130,000. Finally, HighTower Advisors LLC boosted its holdings in shares of Patrick Industries by 14.7% during the 4th quarter. HighTower Advisors LLC now owns 3,513 shares of the construction company stock worth $ 285,000 after buying an additional 450 shares in the last quarter. 94.85% of the stock is currently owned by institutional investors.
In other news, Chairman Todd M. Cleveland sold 5,000 shares of the firm’s stock in a transaction on Friday, May 6th. The stock was sold at an average price of $ 66.68, for a total transaction of $ 333,400.00. Following the completion of the sale, the chairman now directly owns 215,517 shares of the company stock, valued at approximately $ 14,370,673.56. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Todd M. Cleveland sold 10,000 shares of the firm’s stock in a transaction on Wednesday, May 4th. The shares were sold at an average price of $ 68.32, for a total value of $ 683,200.00. Following the sale, the chairman now directly owns 220,517 shares of the company stock, valued at $ 15,065,721.44. The disclosure for this sale can be found here. Insiders sold a total of 23,103 shares of company stock valued at $ 1,556,669 over the last three months. 6.10% of the stock is currently owned by insiders.
A number of equities analysts have issued reports on the company. StockNews.com cut Patrick Industries from a “buy” rating to a “hold” rating in a report on Tuesday, May 31st. MKM Partners assumed coverage on Patrick Industries in a research report on Thursday, May 5th. They set a “buy” rating and a $ 93.00 target price on the stock. Bank of America assumed coverage on Patrick Industries in a research report on Monday, April 4th. They set an “underperform” rating and a $ 60.00 target price on the stock. Zacks Investment Research raised Patrick Industries from a “hold” rating to a “strong-buy” rating and set a $ 78.00 target price on the stock in a research report on Thursday, May 5th. Finally, Truist Financial lowered their target price on Patrick Industries to $ 75.00 in a research report on Thursday, May 26th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $ 83.33.
NASDAQ PATK opened at $ 58.87 on Friday. The firm has a market capitalization of $ 1.35 billion, a P / E ratio of 4.85, a PEG ratio of 0.76 and a beta of 1.95. The business has a fifty day simple moving average of $ 61.28 and a 200 day simple moving average of $ 68.88. Patrick Industries, Inc. has a 12 month low of $ 54.02 and a 12 month high of $ 88.79. The company has a current ratio of 2.37, a quick ratio of 0.96 and a debt-to-equity ratio of 1.86.
Patrick Industries (NASDAQ: PATK – Get Rating) last released its quarterly earnings results on Thursday, April 28th. The construction company reported $ 4.54 EPS for the quarter, beating analysts’ consensus estimates of $ 2.89 by $ 1.65. The business had revenue of $ 1.34 billion during the quarter, compared to analyst estimates of $ 1.18 billion. Patrick Industries had a return on equity of 39.75% and a net margin of 6.35%. Patrick Industries’s quarterly revenue was up 57.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $ 1.80 EPS. As a group, sell-side analysts predict that Patrick Industries, Inc. will post 12.82 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, June 13th. Investors of record on Tuesday, May 31st will be given a $ 0.33 dividend. This represents a $ 1.32 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date is Friday, May 27th. Patrick Industries’s payout ratio is currently 10.88%.
Patrick Industries Profile: (Get Rating)
Patrick Industries, Inc manufactures and distributes components, building products, and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, China, and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, wall, countertop, and cabinet product; cabinet door, fiberglass bath fixture, and tile system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum product; fiberglass and plastic components; RV painting; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinet; polymer-based flooring product; dash panels; and other products.
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