Natixis Advisors LLC Boosts Position in Patrick Industries, Inc. (NASDAQ:PATK)

Natixis Advisors LLC lifted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 85.1% during the 4th quarter, Holdings Channel reports. The fund owned 32,997 shares of the construction company’s stock after buying an additional 15,170 shares during the quarter. Natixis Advisors LLC’s holdings in Patrick Industries were worth $2,741,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. State Street Corp raised its holdings in Patrick Industries by 3.5% in the 3rd quarter. State Street Corp now owns 816,031 shares of the construction company’s stock valued at $116,178,000 after buying an additional 27,669 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Patrick Industries by 55.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock valued at $45,592,000 after buying an additional 195,138 shares during the period. Geode Capital Management LLC raised its holdings in Patrick Industries by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company’s stock valued at $73,968,000 after buying an additional 20,694 shares during the period. Wellington Management Group LLP raised its holdings in Patrick Industries by 2.5% in the 3rd quarter. Wellington Management Group LLP now owns 412,296 shares of the construction company’s stock valued at $58,699,000 after buying an additional 9,917 shares during the period. Finally, Copeland Capital Management LLC raised its holdings in Patrick Industries by 536.5% in the 4th quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company’s stock valued at $29,976,000 after buying an additional 304,119 shares during the period. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Performance

Shares of Patrick Industries stock opened at $85.08 on Monday. Patrick Industries, Inc. has a one year low of $67.72 and a one year high of $98.90. The company has a market cap of $2.86 billion, a PE ratio of 20.65, a P/E/G ratio of 1.41 and a beta of 2.37. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The business has a 50-day simple moving average of $91.27 and a 200-day simple moving average of $89.82.

Patrick Industries (NASDAQ:PATK) last announced 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 return on equity of 13.25% and a net margin of 3.72%. On average, equities research analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s dividend payout ratio (DPR) is 38.83%.

Insider Activity at Patrick Industries

In related news, EVP Stacey L. Neu sold 2,885 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the completion of the transaction, the executive vice president now directly owns 18,044 shares of the company’s stock, valued at $1,543,303.32. This represents a 13.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director M Scott Welch purchased 2,500 shares of the stock in a transaction that occurred on Thursday, March 13th. The stock was acquired at an average cost of $84.62 per share, with a total value of $211,550.00. Following the completion of the acquisition, the director now directly owns 2,961 shares of the company’s stock, valued at $250,559.82. This represents a 542.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Raymond James boosted their price objective on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Benchmark lifted their target price on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Friday, February 7th. StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. KeyCorp lifted their target price on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Finally, Truist Financial lifted their target price on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $97.96.

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.