Allspring Global Investments Holdings LLC Has $7.80 Million Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Allspring Global Investments Holdings LLC reduced its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 33.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 71,858 shares of the construction company’s stock after selling 35,971 shares during the period. Allspring Global Investments Holdings LLC owned about 0.32% of Patrick Industries worth $7,800,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Patrick Industries by 12.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,800 shares of the construction company’s stock worth $381,000 after buying an additional 407 shares during the last quarter. GAMMA Investing LLC bought a new stake in Patrick Industries during the 4th quarter worth $35,000. Yousif Capital Management LLC grew its position in Patrick Industries by 8.0% during the 4th quarter. Yousif Capital Management LLC now owns 11,208 shares of the construction company’s stock worth $1,125,000 after acquiring an additional 829 shares during the last quarter. Heritage Wealth Management LLC acquired a new stake in shares of Patrick Industries during the fourth quarter valued at about $238,000. Finally, Dimensional Fund Advisors LP boosted its position in Patrick Industries by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company’s stock worth $144,828,000 after buying an additional 21,735 shares during the period. 93.29% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the sale, the chief operating officer now owns 23,759 shares of the company’s stock, valued at $3,091,283.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.70% of the stock is owned by company insiders.

Patrick Industries Trading Up 0.5 %

NASDAQ PATK opened at $129.22 on Friday. The stock has a market capitalization of $2.89 billion, a P/E ratio of 19.14, a P/E/G ratio of 1.01 and a beta of 1.65. The business has a 50 day simple moving average of $119.77 and a 200 day simple moving average of $114.39. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.29 and a quick ratio of 0.94. Patrick Industries, Inc. has a one year low of $70.15 and a one year high of $136.00.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.11. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $972.06 million. During the same period in the prior year, the firm earned $1.94 earnings per share. Patrick Industries’s revenue was up 10.8% on a year-over-year basis. Research analysts expect that Patrick Industries, Inc. will post 7.32 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 9th. Investors of record on Monday, August 26th will be given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date is Monday, August 26th. Patrick Industries’s payout ratio is 32.59%.

Analyst Ratings Changes

Several research firms have recently issued reports on PATK. BMO Capital Markets raised their price target on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Benchmark assumed coverage on Patrick Industries in a research report on Thursday. They set a “buy” rating and a $145.00 price objective for the company. KeyCorp lifted their price objective on Patrick Industries from $125.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. DA Davidson increased their target price on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Finally, Truist Financial boosted their price target on shares of Patrick Industries from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $133.29.

About Patrick Industries

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.