Patrick Industries, Inc. $PATK Shares Purchased by Schroder Investment Management Group

Schroder Investment Management Group lifted its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 7.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 413,789 shares of the construction company’s stock after acquiring an additional 27,954 shares during the period. Schroder Investment Management Group’s holdings in Patrick Industries were worth $42,798,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Salomon & Ludwin LLC purchased a new stake in Patrick Industries during the 3rd quarter worth approximately $25,000. Cornerstone Planning Group LLC purchased a new position in shares of Patrick Industries in the third quarter worth $31,000. Strs Ohio acquired a new stake in shares of Patrick Industries during the first quarter worth $42,000. Parkside Financial Bank & Trust lifted its stake in shares of Patrick Industries by 87.5% during the third quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company’s stock worth $49,000 after buying an additional 223 shares during the period. Finally, Quent Capital LLC purchased a new stake in shares of Patrick Industries during the third quarter valued at $66,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Down 0.6%

NASDAQ:PATK opened at $115.05 on Thursday. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.51 and a quick ratio of 0.80. The company’s fifty day moving average price is $127.25 and its 200-day moving average price is $113.66. Patrick Industries, Inc. has a 1-year low of $72.99 and a 1-year high of $148.50. The firm has a market capitalization of $3.82 billion, a P/E ratio of 29.42 and a beta of 1.33.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The company had revenue of $924.17 million during the quarter, compared to the consensus estimate of $858.62 million. During the same period in the previous year, the firm posted $0.52 earnings per share. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. As a group, equities research analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 9th. Stockholders of record on Monday, February 23rd were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Monday, February 23rd. Patrick Industries’s payout ratio is 48.08%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PATK. Weiss Ratings raised Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Truist Financial set a $126.00 price target on Patrick Industries in a research report on Friday, January 9th. Robert W. Baird set a $140.00 price target on Patrick Industries in a research note on Friday, February 6th. Benchmark reissued a “buy” rating on shares of Patrick Industries in a report on Friday, February 6th. Finally, KeyCorp restated an “overweight” rating and issued a $155.00 price objective (up from $135.00) on shares of Patrick Industries in a research note on Friday, February 6th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Patrick Industries currently has a consensus rating of “Moderate Buy” and an average target price of $135.13.

Insider Buying and Selling

In related news, Director John A. Forbes sold 2,704 shares of Patrick Industries stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $140.75, for a total transaction of $380,588.00. Following the completion of the transaction, the director directly owned 49,272 shares in the company, valued at approximately $6,935,034. This trade represents a 5.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Matthew S. Filer purchased 1,000 shares of the firm’s stock in a transaction on Friday, February 6th. The stock was bought at an average cost of $139.91 per share, with a total value of $139,910.00. Following the completion of the acquisition, the chief accounting officer directly owned 20,614 shares of the company’s stock, valued at $2,884,104.74. This trade represents a 5.10% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders acquired 1,110 shares of company stock worth $153,095 and sold 31,607 shares worth $3,823,904. 4.40% of the stock is currently owned by company insiders.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.