Allspring Global Investments Holdings LLC Has $3.86 Million Position in Patrick Industries, Inc. $PATK

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 41.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 34,132 shares of the construction company’s stock after selling 24,455 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Patrick Industries were worth $3,857,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of PATK. Mackenzie Financial Corp grew its stake in Patrick Industries by 4.0% in the fourth quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company’s stock valued at $231,000 after purchasing an additional 80 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Patrick Industries by 4.1% in the 4th quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company’s stock valued at $245,000 after buying an additional 88 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Patrick Industries by 4.1% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company’s stock valued at $269,000 after buying an additional 98 shares during the last quarter. Oregon Public Employees Retirement Fund grew its stake in shares of Patrick Industries by 1.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,576 shares of the construction company’s stock valued at $821,000 after buying an additional 100 shares in the last quarter. Finally, California State Teachers Retirement System increased its holdings in Patrick Industries by 0.5% during the second quarter. California State Teachers Retirement System now owns 29,535 shares of the construction company’s stock worth $2,725,000 after buying an additional 154 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Trading Down 1.1%

Shares of Patrick Industries stock opened at $84.50 on Friday. The company has a quick ratio of 1.04, a current ratio of 2.71 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 12-month low of $81.29 and a 12-month high of $148.50. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of 21.67 and a beta of 1.11. The firm’s 50-day moving average price is $87.76 and its two-hundred day moving average price is $106.81.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.08 by $0.02. The company had revenue of $997.17 million during the quarter, compared to analysts’ expectations of $989.06 million. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The business’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.11 EPS. On average, analysts forecast that Patrick Industries, Inc. will post 4.63 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Tuesday, May 26th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Tuesday, May 26th. Patrick Industries’s dividend payout ratio is currently 48.21%.

Insiders Place Their Bets

In other Patrick Industries news, CEO Andy L. Nemeth acquired 10,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, May 5th. The shares were bought at an average price of $88.00 per share, with a total value of $880,000.00. Following the completion of the purchase, the chief executive officer directly owned 287,745 shares in the company, valued at $25,321,560. This trade represents a 3.60% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Matthew S. Filer acquired 1,000 shares of the stock in a transaction dated Tuesday, May 5th. The shares were bought at an average price of $85.50 per share, with a total value of $85,500.00. Following the completion of the transaction, the chief financial officer directly owned 21,614 shares of the company’s stock, valued at $1,847,997. The trade was a 4.85% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 28,700 shares of company stock worth $2,532,880 over the last 90 days. Insiders own 3.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PATK. Zacks Research lowered shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Roth Capital set a $128.00 price target on Patrick Industries in a research report on Tuesday, May 5th. Raymond James Financial set a $108.00 price objective on Patrick Industries in a research note on Friday, May 1st. Wall Street Zen cut Patrick Industries from a “buy” rating to a “hold” rating in a research report on Sunday, April 12th. Finally, Weiss Ratings downgraded Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, June 29th. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $119.75.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.