Xponance Inc. Buys 372 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Xponance Inc. boosted its position in Patrick Industries, Inc. (NASDAQ:PATK) by 13.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,070 shares of the construction company’s stock after buying an additional 372 shares during the period. Xponance Inc.’s holdings in Patrick Industries were worth $255,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PATK. Arizona State Retirement System lifted its stake 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 lifted its position in Patrick Industries by 27.3% in 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. boosted its stake in Patrick Industries by 55.2% during 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 purchasing an additional 195,138 shares during the last quarter. IFP Advisors Inc boosted its stake in Patrick Industries by 35.8% during the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company’s stock valued at $87,000 after purchasing an additional 275 shares during the last quarter. Finally, Mutual of America Capital Management LLC increased its holdings in Patrick Industries by 51.1% during the 4th quarter. Mutual of America Capital Management LLC now owns 5,090 shares of the construction company’s stock worth $423,000 after purchasing an additional 1,721 shares in the last quarter. 93.29% of the stock is owned by institutional investors.

Patrick Industries Stock Down 3.5 %

PATK opened at $83.90 on Friday. Patrick Industries, Inc. has a twelve month low of $67.72 and a twelve month high of $98.90. The company’s 50-day moving average price is $91.05 and its two-hundred day moving average price is $89.84. The stock has a market cap of $2.82 billion, a price-to-earnings ratio of 20.36, a PEG 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.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. As a group, equities analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently disclosed 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 annualized dividend and a yield of 1.91%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s dividend payout ratio (DPR) is currently 38.83%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on PATK shares. 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. Truist Financial lifted their price objective on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, February 10th. Benchmark increased their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a report on Friday, February 7th. StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Finally, KeyCorp increased their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. One 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’s stock. According to MarketBeat.com, Patrick Industries currently has a consensus rating of “Moderate Buy” and an average price target of $97.96.

Insider Activity at Patrick Industries

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