Allspring Global Investments Holdings LLC Has $10.64 Million Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Allspring Global Investments Holdings LLC boosted its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 2.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 106,006 shares of the construction company’s stock after buying an additional 2,741 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.48% of Patrick Industries worth $10,638,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Tower Research Capital LLC TRC lifted its holdings in shares of Patrick Industries by 129.6% in the first quarter. Tower Research Capital LLC TRC now owns 489 shares of the construction company’s stock worth $34,000 after acquiring an additional 276 shares during the last quarter. Carmel Capital Partners LLC bought a new position in shares of Patrick Industries in the third quarter worth about $44,000. Gyon Technologies Capital Management LP bought a new position in shares of Patrick Industries in the fourth quarter worth about $48,000. Quantbot Technologies LP bought a new position in shares of Patrick Industries in the second quarter worth about $71,000. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Patrick Industries by 12.1% in the third quarter. Public Employees Retirement System of Ohio now owns 1,800 shares of the construction company’s stock worth $79,000 after acquiring an additional 195 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Patrick Industries

In other news, Director Michael A. Kitson sold 3,290 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $110.87, for a total transaction of $364,762.30. Following the completion of the sale, the director now owns 8,553 shares of the company’s stock, valued at approximately $948,271.11. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Michael A. Kitson sold 3,290 shares of Patrick Industries stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $110.87, for a total value of $364,762.30. Following the completion of the sale, the director now owns 8,553 shares of the company’s stock, valued at approximately $948,271.11. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Andy L. Nemeth sold 10,000 shares of Patrick Industries stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $115.00, for a total transaction of $1,150,000.00. Following the completion of the sale, the chief executive officer now directly owns 289,619 shares of the company’s stock, valued at approximately $33,306,185. The disclosure for this sale can be found here. Insiders sold a total of 48,873 shares of company stock valued at $5,681,957 in the last quarter. 4.70% of the stock is currently owned by company insiders.

Patrick Industries Stock Performance

NASDAQ:PATK opened at $104.88 on Wednesday. The company has a market capitalization of $2.35 billion, a PE ratio of 16.11 and a beta of 1.72. The company has a 50 day simple moving average of $113.27 and a two-hundred day simple moving average of $96.56. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.73 and a current ratio of 2.38. Patrick Industries, Inc. has a fifty-two week low of $63.57 and a fifty-two week high of $123.58.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, February 8th. The construction company reported $1.49 EPS for the quarter, topping the consensus estimate of $1.39 by $0.10. The company had revenue of $781.20 million during the quarter, compared to the consensus estimate of $780.97 million. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The company’s quarterly revenue was down 17.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.82 EPS. Research analysts anticipate that Patrick Industries, Inc. will post 7.84 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 4th. Stockholders of record on Tuesday, February 20th were given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 2.10%. The ex-dividend date was Friday, February 16th. Patrick Industries’s dividend payout ratio (DPR) is 33.79%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Roth Mkm raised their price objective on shares of Patrick Industries from $101.00 to $120.00 and gave the company a “buy” rating in a report on Friday, February 9th. StockNews.com lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. Truist Financial reiterated a “buy” rating and issued a $130.00 price objective on shares of Patrick Industries in a report on Friday, April 12th. Finally, KeyCorp raised their price objective on shares of Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, February 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Patrick Industries has a consensus rating of “Moderate Buy” and a consensus price target of $103.00.

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.