Geode Capital Management LLC lowered its stake in Patrick Industries, Inc. (NASDAQ: PATK – Get Rating) by 1.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 390,731 shares of the construction company stock after selling 6,467 shares during the period. Geode Capital Management LLC owned approximately 1.65% of Patrick Industries worth $ 31,528,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Royce & Associates LP lifted its stake in Patrick Industries by 3.3% in the fourth quarter. Royce & Associates LP now owns 296,370 shares of the construction company stock worth $ 23,914,000 after purchasing an additional 9,407 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Patrick Industries by 1.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 282,891 shares of the construction company stock worth $ 22,827,000 after purchasing an additional 4,124 shares during the last quarter. Epoch Investment Partners Inc. lifted its stake in Patrick Industries by 17.8% in the fourth quarter. Epoch Investment Partners Inc. now owns 183,867 shares of the construction company stock worth $ 14,836,000 after purchasing an additional 27,726 shares during the last quarter. Millennium Management LLC lifted its stake in Patrick Industries by 25.4% in the third quarter. Millennium Management LLC now owns 126,690 shares of the construction company stock worth $ 10,553,000 after purchasing an additional 25,695 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in Patrick Industries in the fourth quarter worth about $ 9,596,000. Institutional investors own 94.85% of the company stock.
Patrick Industries stock opened at $ 60.25 on Friday. The business has a fifty day moving average of $ 61.06 and a two-hundred day moving average of $ 68.38. The company has a quick ratio of 0.96, a current ratio of 2.37 and a debt-to-equity ratio of 1.86. The firm has a market cap of $ 1.39 billion, a P / E ratio of 4.97, a P / E / G ratio of 0.75 and a beta of 1.95. Patrick Industries, Inc. has a twelve month low of $ 54.02 and a twelve month high of $ 88.79.
Patrick Industries (NASDAQ: PATK – Get Rating) last posted its earnings results on Thursday, April 28th. The construction company reported $ 4.54 earnings per share for the quarter, topping analysts’ consensus estimates of $ 2.89 by $ 1.65. The company 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 revenue was up 57.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $ 1.80 earnings per share. Equities analysts expect that Patrick Industries, Inc. will post 12.82 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 13th. Stockholders of record on Tuesday, May 31st will be given a dividend of $ 0.33 per share. This represents a $ 1.32 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Friday, May 27th. Patrick Industries’s payout ratio is presently 10.88%.
In related news, Chairman Todd M. Cleveland sold 3,103 shares of the company stock in a transaction on Wednesday, May 11th. The stock was sold at an average price of $ 65.04, for a total value of $ 201,819.12. Following the transaction, the chairman now directly owns 212,414 shares of the company stock, valued at approximately $ 13,815,406.56. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Todd M. Cleveland sold 10,000 shares of the company 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 completion of the transaction, the chairman now directly owns 220,517 shares in the company, valued at $ 15,065,721.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,103 shares of company stock worth $ 1,556,669. Insiders own 6.10% of the company stock.
Several analysts have issued reports on PATK shares. Truist Financial decreased their price objective on shares of Patrick Industries to $ 75.00 in a research note on Thursday, May 26th. Bank of America initiated coverage on shares of Patrick Industries in a research note on Monday, April 4th. They set an “underperform” rating and a $ 60.00 price target for the company. Zacks Investment Research raised shares of Patrick Industries from a “hold” rating to a “strong-buy” rating and set a $ 78.00 price target for the company in a research note on Thursday, May 5th. StockNews.com downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, May 31st. Finally, MKM Partners initiated coverage on shares of Patrick Industries in a research note on Thursday, May 5th. They set a “buy” rating and a $ 93.00 price target for the company. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Patrick Industries has a consensus rating of “Buy” and an average price target of $ 83.33.
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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