Prudential Financial Inc. Boosts Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Prudential Financial Inc. raised its holdings in Patrick Industries, Inc. (NASDAQ:PATK – Get Rating) by 40.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 32,341 shares of the construction company’s stock after acquiring an additional 9,365 shares during the period. Prudential Financial Inc.’s holdings in Patrick Industries were worth $1,423,000 as of its most recent filing with the SEC.

Several other hedge funds also recently added to or reduced their stakes in PATK. Wilen Investment Management CORP. boosted its stake in shares of Patrick Industries by 36.2% during the 2nd quarter. Wilen Investment Management CORP. now owns 1,129 shares of the construction company’s stock worth $58,000 after acquiring an additional 300 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of Patrick Industries during the 2nd quarter worth about $71,000. Counterpoint Mutual Funds LLC purchased a new stake in shares of Patrick Industries during the 2nd quarter worth about $96,000. Captrust Financial Advisors boosted its stake in shares of Patrick Industries by 80.2% during the 1st quarter. Captrust Financial Advisors now owns 1,656 shares of the construction company’s stock worth $100,000 after acquiring an additional 737 shares in the last quarter. Finally, US Bancorp DE boosted its stake in shares of Patrick Industries by 18.6% during the 1st quarter. US Bancorp DE now owns 2,024 shares of the construction company’s stock worth $122,000 after acquiring an additional 317 shares in the last quarter. 89.53% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Patrick Industries

In related news, Director Todd M. Cleveland sold 7,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, January 24th. The shares were sold at an average price of $67.83, for a total value of $474,810.00. Following the completion of the sale, the director now owns 140,916 shares in the company, valued at approximately $9,558,332.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Todd M. Cleveland sold 10,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, January 31st. The shares were sold at an average price of $71.09, for a total value of $710,900.00. Following the completion of the sale, the director now owns 121,737 shares in the company, valued at approximately $8,654,283.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd M. Cleveland sold 7,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, January 24th. The shares were sold at an average price of $67.83, for a total transaction of $474,810.00. Following the completion of the sale, the director now owns 140,916 shares of the company’s stock, valued at approximately $9,558,332.28. The disclosure for this sale can be found here. Insiders sold 37,000 shares of company stock worth $2,589,710 in the last 90 days. Insiders own 6.10% of the company’s stock.

Patrick Industries Stock Up 1.1 %

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PATK stock opened at $74.42 on Friday. The company has a market cap of $1.69 billion, a price-to-earnings ratio of 5.18, a PEG ratio of 2.76 and a beta of 1.90. The company has a current ratio of 2.54, a quick ratio of 0.86 and a debt-to-equity ratio of 1.41. Patrick Industries, Inc. has a 12 month low of $41.75 and a 12 month high of $77.96. The firm has a 50-day moving average of $64.55 and a two-hundred day moving average of $56.21.

Patrick Industries (NASDAQ:PATK – Get Rating) last announced its quarterly earnings results on Thursday, February 9th. The construction company reported $1.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.11. The business had revenue of $952.00 million during the quarter, compared to the consensus estimate of $935.39 million. Patrick Industries had a net margin of 6.87% and a return on equity of 42.22%. The business’s revenue was down 17.0% compared to the same quarter last year. During the same quarter last year, the firm earned $2.55 EPS. As a group, analysts forecast that Patrick Industries, Inc. will post 13.48 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 6th. Stockholders of record on Tuesday, February 21st will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, February 17th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.42%. Patrick Industries’s dividend payout ratio is currently 12.52%.

Analyst Upgrades and Downgrades

PATK has been the topic of several recent analyst reports. TheStreet raised shares of Patrick Industries from a “c+” rating to a “b-” rating in a research note on Thursday. Truist Financial increased their target price on shares of Patrick Industries from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Robert W. Baird raised their price target on shares of Patrick Industries from $74.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $70.67.

Patrick Industries Company Profile

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Patrick Industries, Inc engages in the manufacture of components products and distribution of building products for industrial markets. It operates through the following segments: Manufacturing and Distribution. The Manufacturing segment includes laminated products what are utilized to produce furniture, shelving, walls, countertops, cabinet products, cabinet doors, fiberglass bat fixtures, hardwood furniture, vinyl printing, solid surface, granite, quartz countertop fabrication, RV painting, fabricated aluminum products, fiberglass and plastic components, softwoods lumber, custom cabinetry, polymer-based flooring, electrical systems components, and other products.