Cibc World Markets Corp Purchases New Shares in Patrick Industries, Inc. (NASDAQ:PATK)

Cibc World Markets Corp acquired a new position in Patrick Industries, Inc. (NASDAQ:PATK) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 3,032 shares of the construction company’s stock, valued at approximately $252,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in PATK. Charles Schwab Investment Management Inc. boosted its holdings in Patrick Industries by 5.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 353,633 shares of the construction company’s stock valued at $50,347,000 after acquiring an additional 17,747 shares during the last quarter. Citigroup Inc. boosted its stake in shares of Patrick Industries by 66.7% in the 3rd quarter. Citigroup Inc. now owns 34,618 shares of the construction company’s stock valued at $4,929,000 after purchasing an additional 13,851 shares during the last quarter. Hancock Whitney Corp acquired a new stake in shares of Patrick Industries during the 3rd quarter worth approximately $220,000. Advantage Alpha Capital Partners LP bought a new stake in shares of Patrick Industries during the third quarter worth approximately $2,545,000. Finally, BNP Paribas Financial Markets lifted its holdings in Patrick Industries by 23.9% in the third quarter. BNP Paribas Financial Markets now owns 11,273 shares of the construction company’s stock valued at $1,605,000 after buying an additional 2,175 shares during the period. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Trading Down 0.4 %

NASDAQ PATK opened at $87.14 on Wednesday. Patrick Industries, Inc. has a one year low of $67.72 and a one year high of $98.90. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The firm has a market cap of $2.93 billion, a P/E ratio of 21.15, a P/E/G ratio of 1.41 and a beta of 2.37. The stock’s 50-day moving average is $91.38 and its 200-day moving average is $89.88.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, topping 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%. Sell-side analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s dividend payout ratio is presently 38.83%.

Analyst Upgrades and Downgrades

A number of research firms have commented on PATK. Benchmark lifted their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Friday, February 7th. KeyCorp lifted their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Truist Financial boosted their target price on Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, February 10th. Finally, Raymond James increased their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $97.96.

Insiders Place Their Bets

In other news, Director M Scott Welch purchased 10,000 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were purchased at an average cost of $86.22 per share, with a total value of $862,200.00. Following the completion of the transaction, the director now owns 136,000 shares of the company’s stock, valued at $11,725,920. The trade was a 7.94 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The shares were 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 owns 18,044 shares of the company’s stock, valued at $1,543,303.32. This trade represents a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.70% 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.