Nuveen Asset Management LLC Purchases 287,739 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Nuveen Asset Management LLC increased its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 495.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 345,815 shares of the construction company’s stock after acquiring an additional 287,739 shares during the period. Nuveen Asset Management LLC owned about 1.03% of Patrick Industries worth $28,730,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Kestra Investment Management LLC bought a new stake in Patrick Industries during the 4th quarter worth approximately $25,000. Covestor Ltd grew its holdings in Patrick Industries by 10,400.0% during the 4th quarter. Covestor Ltd now owns 315 shares of the construction company’s stock worth $26,000 after acquiring an additional 312 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in 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 last quarter. Nomura Asset Management Co. Ltd. grew its holdings in Patrick Industries by 49.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock worth $29,000 after acquiring an additional 114 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in Patrick Industries by 812.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock worth $49,000 after acquiring an additional 528 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Stock Down 2.6%

NASDAQ:PATK opened at $87.17 on Thursday. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90. 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 firm has a market capitalization of $2.91 billion, a P/E ratio of 21.16, a P/E/G ratio of 1.41 and a beta of 2.05. The stock’s fifty day simple moving average is $82.61 and its 200-day simple moving average is $86.87.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.13. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $959.46 million. During the same quarter last year, the firm earned $1.79 EPS. Patrick Industries’s quarterly revenue was up 7.5% compared to the same quarter last year. Equities research analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 9th. Investors of record on Tuesday, May 27th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.84%. The ex-dividend date is Tuesday, May 27th. Patrick Industries’s payout ratio is 38.37%.

Insider Buying and Selling

In other Patrick Industries news, Director M Scott Welch bought 2,500 shares of Patrick Industries stock in a transaction on Thursday, March 13th. The shares were purchased at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the acquisition, the director now owns 2,961 shares in the company, valued at approximately $250,559.82. The trade was a 542.30% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the transaction, the executive vice president now owns 18,044 shares in the company, valued at approximately $1,543,303.32. This represents a 13.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have bought 23,500 shares of company stock valued at $2,026,000 in the last 90 days. 4.40% of the stock is owned by insiders.

Analysts Set New Price Targets

PATK has been the topic of a number of research analyst reports. KeyCorp decreased their price objective on shares of Patrick Industries from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Truist Financial decreased their price objective on Patrick Industries from $120.00 to $110.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. StockNews.com upgraded Patrick Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, April 30th. Roth Mkm reiterated a “buy” rating and issued a $100.00 price objective (down from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Finally, Raymond James decreased their price objective on Patrick Industries from $103.00 to $95.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $96.29.

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.