Cibc World Markets Corp Invests $252,000 in Patrick Industries, Inc. (NASDAQ:PATK)

Cibc World Markets Corp bought a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 3,032 shares of the construction company’s stock, valued at approximately $252,000.

Several other hedge funds have also added to or reduced their stakes in the company. Arizona State Retirement System raised its position in shares of Patrick Industries by 51.3% in the fourth quarter. Arizona State Retirement System now owns 9,271 shares of the construction company’s stock valued at $770,000 after buying an additional 3,143 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Patrick Industries by 27.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company’s stock valued at $10,222,000 after acquiring an additional 26,558 shares in the last quarter. Charles Schwab Investment Management Inc. increased 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 worth $45,592,000 after purchasing an additional 195,138 shares in the last quarter. IFP Advisors Inc increased its position in Patrick Industries by 35.8% in the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company’s stock valued at $87,000 after acquiring an additional 275 shares during the period. Finally, Mutual of America Capital Management LLC increased its holdings in Patrick Industries by 51.1% in the fourth quarter. Mutual of America Capital Management LLC now owns 5,090 shares of the construction company’s stock valued at $423,000 after purchasing an additional 1,721 shares during the period. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Price Performance

Patrick Industries stock opened at $87.14 on Wednesday. The stock has a market cap of $2.93 billion, a P/E ratio of 21.15, a P/E/G ratio of 1.41 and a beta of 2.37. 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 company’s 50 day moving average price is $91.38 and its two-hundred day moving average price is $89.88. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (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 analysts predict that Patrick Industries, Inc. will post 5.33 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 3rd. Investors of record on Tuesday, February 18th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 1.84%. Patrick Industries’s dividend payout ratio (DPR) is 38.83%.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other news, Director M Scott Welch purchased 2,500 shares of the business’s stock in a transaction on Thursday, March 13th. The stock was 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 approximately $250,559.82. This trade represents a 542.30 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction 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 sale, the executive vice president now owns 18,044 shares in the company, valued at $1,543,303.32. This trade represents a 13.78 % decrease in their position. The disclosure for this sale can be found here. 4.70% of the stock is owned by corporate insiders.

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.