Point72 Asset Management L.P. Acquires Shares of 122,419 Patrick Industries, Inc. (NASDAQ:PATK)

Point72 Asset Management L.P. bought a new position in Patrick Industries, Inc. (NASDAQ:PATK) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 122,419 shares of the construction company’s stock, valued at approximately $10,171,000. Point72 Asset Management L.P. owned approximately 0.36% of Patrick Industries at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of PATK. Vanguard Group Inc. boosted its stake in Patrick Industries by 49.3% in the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company’s stock worth $193,266,000 after purchasing an additional 768,102 shares in the last quarter. Wellington Management Group LLP raised its holdings in Patrick Industries by 391.8% in the fourth quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company’s stock worth $168,462,000 after buying an additional 1,615,412 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Patrick Industries by 48.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company’s stock worth $154,823,000 after buying an additional 609,036 shares in the last quarter. Capital World Investors grew its holdings in shares of Patrick Industries by 50.0% during the fourth quarter. Capital World Investors now owns 944,319 shares of the construction company’s stock valued at $78,454,000 after buying an additional 314,773 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Patrick Industries by 50.0% during the fourth quarter. Geode Capital Management LLC now owns 779,223 shares of the construction company’s stock valued at $64,752,000 after acquiring an additional 259,783 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director M Scott Welch bought 2,500 shares of the firm’s stock in a transaction on Thursday, March 13th. The shares were bought at an average price of $84.62 per share, for a total transaction of $211,550.00. Following the purchase, the director now owns 2,961 shares in the company, valued at approximately $250,559.82. The trade was a 542.30% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the transaction, the executive vice president now 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 disclosure for this sale can be found here. Insiders own 4.40% of the company’s stock.

Patrick Industries Trading Up 1.8%

Shares of NASDAQ:PATK opened at $88.53 on Monday. The stock’s 50-day simple moving average is $82.41 and its two-hundred day simple moving average is $86.77. The stock has a market capitalization of $2.96 billion, a price-to-earnings ratio of 21.49, a PEG ratio of 1.41 and a beta of 2.05. Patrick Industries, Inc. has a 52-week low of $67.72 and a 52-week high of $98.90. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.13. The company had revenue of $1 billion for the quarter, compared to the consensus estimate of $959.46 million. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. The firm’s revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.79 earnings per share. Analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.81%. Patrick Industries’s payout ratio is 38.37%.

Analyst Ratings Changes

Several analysts have commented on the company. StockNews.com upgraded Patrick Industries from a “sell” rating to a “hold” rating in a research note on Wednesday, April 30th. Robert W. Baird dropped their price objective on Patrick Industries from $96.00 to $84.00 and set a “neutral” rating on the stock in a research report on Friday, May 2nd. Truist Financial reduced their price objective on Patrick Industries from $120.00 to $110.00 and set a “buy” rating for the company in a report on Monday, April 14th. Benchmark upped their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Finally, Baird R W lowered shares of Patrick Industries from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 4th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Patrick Industries has a consensus rating of “Moderate Buy” and a consensus price target of $96.29.

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.