HighTower Advisors LLC Increases Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

HighTower Advisors LLC grew its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 55.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,470 shares of the construction company’s stock after buying an additional 1,603 shares during the period. HighTower Advisors LLC’s holdings in Patrick Industries were worth $371,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PATK. Arizona State Retirement System grew its position in Patrick Industries by 51.3% in the fourth quarter. Arizona State Retirement System now owns 9,271 shares of the construction company’s stock worth $770,000 after acquiring an additional 3,143 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Patrick Industries by 27.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company’s stock worth $10,222,000 after purchasing an additional 26,558 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of 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 shares of 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 position in shares of 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 valued at $423,000 after purchasing an additional 1,721 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Insider Buying and Selling

In other Patrick Industries news, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction dated Tuesday, March 11th. The shares were 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 approximately $1,543,303.32. The trade was a 13.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director M Scott Welch acquired 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average price of $84.62 per share, with a total value of $211,550.00. Following the completion of the acquisition, the director now 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 disclosure for this purchase can be found here. 4.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have commented on PATK shares. Raymond James increased their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. KeyCorp increased their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 7th. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Benchmark raised 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. Finally, Truist Financial boosted their target price on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, February 10th. 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 MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $97.96.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK opened at $84.56 on Tuesday. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The company has a 50-day moving average price of $90.89 and a 200-day moving average price of $89.88. The company has a market cap of $2.85 billion, a price-to-earnings ratio of 20.52, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. Patrick Industries, Inc. has a 12 month low of $67.72 and a 12 month high of $98.90.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 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%. As a group, equities analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s dividend payout ratio is presently 38.83%.

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.