Legal & General Group Plc Buys 28,780 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Legal & General Group Plc grew its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 50.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 85,534 shares of the construction company’s stock after acquiring an additional 28,780 shares during the quarter. Legal & General Group Plc owned about 0.25% of Patrick Industries worth $7,106,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PATK. Kestra Investment Management LLC bought a new stake in Patrick Industries during the fourth quarter worth about $25,000. Quadrant Capital Group LLC lifted its holdings in shares of Patrick Industries by 49.8% during the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock worth $27,000 after acquiring an additional 109 shares during the period. Nomura Asset Management Co. Ltd. increased its stake in Patrick Industries by 49.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock valued at $29,000 after acquiring an additional 114 shares during the last quarter. Smartleaf Asset Management LLC raised its position in Patrick Industries by 812.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after purchasing an additional 528 shares in the last quarter. Finally, Quent Capital LLC acquired a new stake in shares of Patrick Industries in the 4th quarter valued at $53,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. KeyCorp reduced their price objective on Patrick Industries from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday. Benchmark upped their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Raymond James raised their price objective on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Baird R W lowered Patrick Industries from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 4th. Finally, Robert W. Baird restated a “neutral” rating and set a $96.00 target price (down previously from $100.00) on shares of Patrick Industries in a research report on Friday, April 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Patrick Industries currently has a consensus rating of “Moderate Buy” and an average target price of $96.79.

Patrick Industries Trading Up 0.1 %

NASDAQ PATK opened at $79.28 on Friday. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90. The business has a 50 day moving average price of $85.91 and a 200-day moving average price of $88.35. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The company has a market cap of $2.66 billion, a price-to-earnings ratio of 19.24, a P/E/G ratio of 1.41 and a beta of 2.17.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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, equities analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were issued a $0.40 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.02%. Patrick Industries’s dividend payout ratio is presently 38.83%.

Insider Buying and Selling

In other news, Director M Scott Welch bought 10,000 shares of the stock in a transaction dated Tuesday, March 11th. The stock was bought at an average price of $86.22 per share, for a total transaction of $862,200.00. Following the completion of the acquisition, the director now directly owns 136,000 shares in the company, valued at approximately $11,725,920. This trade represents a 7.94 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of the company’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the sale, the executive vice president now directly owns 18,044 shares of the company’s stock, valued at $1,543,303.32. The trade was a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.70% of the stock is currently owned by corporate insiders.

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.