Allspring Global Investments Holdings LLC Trims Position in Patrick Industries, Inc. $PATK

Allspring Global Investments Holdings LLC lowered its position in Patrick Industries, Inc. (NASDAQ:PATK) by 7.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 70,546 shares of the construction company’s stock after selling 6,058 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.21% of Patrick Industries worth $6,723,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. James Investment Research Inc. grew its stake in shares of Patrick Industries by 0.8% in the 1st quarter. James Investment Research Inc. now owns 15,654 shares of the construction company’s stock valued at $1,324,000 after buying an additional 125 shares during the period. Smartleaf Asset Management LLC lifted its holdings in Patrick Industries by 27.0% in the first quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company’s stock valued at $63,000 after acquiring an additional 160 shares during the last quarter. Hancock Whitney Corp grew its position in Patrick Industries by 7.7% in the first quarter. Hancock Whitney Corp now owns 2,703 shares of the construction company’s stock worth $229,000 after acquiring an additional 194 shares during the period. KLP Kapitalforvaltning AS increased its stake in Patrick Industries by 3.0% during the second quarter. KLP Kapitalforvaltning AS now owns 6,799 shares of the construction company’s stock worth $627,000 after acquiring an additional 200 shares during the last quarter. Finally, First Horizon Advisors Inc. raised its position in Patrick Industries by 17.5% in the first quarter. First Horizon Advisors Inc. now owns 1,356 shares of the construction company’s stock valued at $115,000 after purchasing an additional 202 shares during the period. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Stock Down 1.4%

Shares of NASDAQ:PATK opened at $97.63 on Monday. Patrick Industries, Inc. has a fifty-two week low of $72.99 and a fifty-two week high of $116.78. The firm’s 50 day moving average price is $107.24 and its 200 day moving average price is $95.54. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of 26.46, a price-to-earnings-growth ratio of 1.39 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period last year, the firm earned $2.16 earnings per share. Patrick Industries’s quarterly revenue was up 3.0% on a year-over-year basis. As a group, equities research analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Stockholders of record on Monday, August 25th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Monday, August 25th. Patrick Industries’s dividend payout ratio is presently 43.36%.

Insider Buying and Selling at Patrick Industries

In related news, insider Jeff Rodino sold 22,389 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $110.32, for a total transaction of $2,469,954.48. Following the completion of the sale, the insider directly owned 206,492 shares of the company’s stock, valued at $22,780,197.44. This trade represents a 9.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael A. Kitson sold 4,572 shares of the firm’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $112.67, for a total transaction of $515,127.24. Following the completion of the sale, the director owned 11,850 shares of the company’s stock, valued at $1,335,139.50. This trade represents a 27.84% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 73,413 shares of company stock valued at $8,112,016. 4.70% of the stock is currently owned by insiders.

Analyst Ratings Changes

PATK has been the subject of a number of research analyst reports. BMO Capital Markets increased their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Patrick Industries in a research note on Wednesday, October 8th. Benchmark lifted their price target on shares of Patrick Industries from $102.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 1st. KeyCorp upped their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Finally, Truist Financial set a $114.00 price objective on shares of Patrick Industries and gave the stock a “buy” rating in a research report on Wednesday. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $106.14.

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.