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

Allspring Global Investments Holdings LLC lowered its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 38.2% in the first quarter, Holdings Channel reports. The institutional investor owned 76,604 shares of the construction company’s stock after selling 47,368 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Patrick Industries were worth $6,520,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in PATK. Wellington Management Group LLP boosted its stake in Patrick Industries by 391.8% during the 4th quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company’s stock valued at $168,462,000 after acquiring an additional 1,615,412 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Patrick Industries by 49.3% in the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company’s stock valued at $193,266,000 after purchasing an additional 768,102 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Patrick Industries by 48.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company’s stock worth $154,823,000 after purchasing an additional 609,036 shares during the last quarter. Capital Research Global Investors acquired a new position in Patrick Industries in the fourth quarter worth about $38,275,000. Finally, Schroder Investment Management Group bought a new stake in Patrick Industries in the fourth quarter valued at about $26,602,000. Institutional investors own 93.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Truist Financial increased their target price on Patrick Industries from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, June 3rd. Wall Street Zen upgraded Patrick Industries from a “sell” rating to a “hold” rating in a research note on Wednesday, April 30th. KeyCorp reduced their price target on shares of Patrick Industries from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Robert W. Baird boosted their price objective on shares of Patrick Industries from $84.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, June 20th. Finally, Roth Mkm reiterated a “buy” rating and set a $100.00 price objective (down previously from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.42.

Patrick Industries Stock Down 0.7%

Patrick Industries stock opened at $98.44 on Friday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.04 and a current ratio of 2.41. Patrick Industries, Inc. has a one year low of $69.86 and a one year high of $100.30. The company has a 50-day simple moving average of $87.96 and a 200-day simple moving average of $87.28. The firm has a market capitalization of $3.29 billion, a P/E ratio of 23.61, a P/E/G ratio of 1.42 and a beta of 1.22.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, topping the consensus estimate of $0.98 by $0.13. Patrick Industries had a net margin of 3.74% and a return on equity of 12.90%. The firm had revenue of $1 billion during the quarter, compared to analysts’ expectations of $959.46 million. During the same quarter in the prior year, the firm earned $1.79 EPS. Patrick Industries’s quarterly revenue was up 7.5% on a year-over-year basis. As a group, equities analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 annualized dividend and a dividend yield of 1.63%. Patrick Industries’s dividend payout ratio is presently 38.37%.

Insider Buying and Selling

In other Patrick Industries news, Director Todd M. Cleveland bought 6,000 shares of the business’s stock in a transaction on Thursday, May 15th. The shares were purchased at an average price of $85.80 per share, with a total value of $514,800.00. Following the purchase, the director directly owned 125,286 shares of the company’s stock, valued at approximately $10,749,538.80. The trade was a 5.03% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John A. Forbes sold 2,875 shares of the business’s stock in a transaction on Friday, June 13th. The stock was sold at an average price of $91.62, for a total value of $263,407.50. Following the transaction, the director owned 52,591 shares of the company’s stock, valued at $4,818,387.42. This trade represents a 5.18% decrease in their position. The disclosure for this sale can be found here. Insiders purchased a total of 14,071 shares of company stock valued at $1,205,964 over the last three months. Corporate insiders own 4.40% of the company’s stock.

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.