Swiss National Bank Purchases 21,237 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Swiss National Bank lifted its position in Patrick Industries, Inc. (NASDAQ:PATK) by 51.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,812 shares of the construction company’s stock after buying an additional 21,237 shares during the period. Swiss National Bank’s holdings in Patrick Industries were worth $5,218,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Avantax Advisory Services Inc. grew its stake in Patrick Industries by 84.3% in the fourth quarter. Avantax Advisory Services Inc. now owns 9,199 shares of the construction company’s stock valued at $764,000 after acquiring an additional 4,209 shares during the period. Forge First Asset Management Inc. bought a new position in shares of Patrick Industries during the 4th quarter valued at about $632,000. HighTower Advisors LLC grew its position in shares of Patrick Industries by 55.9% in the 4th quarter. HighTower Advisors LLC now owns 4,470 shares of the construction company’s stock valued at $371,000 after purchasing an additional 1,603 shares during the period. Essex Investment Management Co. LLC increased its stake in Patrick Industries by 34.4% during the 4th quarter. Essex Investment Management Co. LLC now owns 48,432 shares of the construction company’s stock worth $4,024,000 after purchasing an additional 12,389 shares in the last quarter. Finally, Kendall Capital Management raised its holdings in Patrick Industries by 26.1% during the 4th quarter. Kendall Capital Management now owns 2,977 shares of the construction company’s stock worth $247,000 after buying an additional 617 shares during the period. Institutional investors and hedge funds own 93.29% of the company’s stock.

Analyst Ratings Changes

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

Patrick Industries Trading Up 2.8 %

Shares of Patrick Industries stock opened at $87.46 on Tuesday. 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 business’s 50 day moving average is $91.35 and its 200-day moving average is $89.85. The stock has a market cap of $2.94 billion, a P/E ratio of 21.23, a P/E/G ratio of 1.41 and a beta of 2.37.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. Equities research analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share 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 dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s payout ratio is currently 38.83%.

Insiders Place Their Bets

In related news, Director M Scott Welch purchased 2,500 shares of the stock in a transaction on Thursday, March 13th. The shares were purchased at an average cost of $84.62 per share, with a total value of $211,550.00. Following the acquisition, the director now directly owns 2,961 shares in the company, valued at $250,559.82. The trade was a 542.30 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the business’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 sale, the executive vice president now owns 18,044 shares of the company’s stock, valued at approximately $1,543,303.32. This represents a 13.78 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 4.70% of the company’s stock.

Patrick Industries 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.