Snowden Capital Advisors LLC Increases Stock Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Snowden Capital Advisors LLC lifted its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 169.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,956 shares of the construction company’s stock after acquiring an additional 3,748 shares during the period. Snowden Capital Advisors LLC’s holdings in Patrick Industries were worth $495,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Arizona State Retirement System lifted its holdings in shares of Patrick Industries by 51.3% during the fourth quarter. Arizona State Retirement System now owns 9,271 shares of the construction company’s stock worth $770,000 after purchasing an additional 3,143 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Patrick Industries by 27.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company’s stock worth $10,222,000 after buying an additional 26,558 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Patrick Industries by 55.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock worth $45,592,000 after buying an additional 195,138 shares during the last quarter. Xponance Inc. raised its stake in shares of Patrick Industries by 13.8% during the 4th quarter. Xponance Inc. now owns 3,070 shares of the construction company’s stock worth $255,000 after buying an additional 372 shares during the last quarter. Finally, IFP Advisors Inc increased its position in Patrick Industries by 35.8% during the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company’s stock worth $87,000 after purchasing an additional 275 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Patrick Industries

In other Patrick Industries news, Director Todd M. Cleveland bought 6,000 shares of the stock in a transaction on Thursday, May 15th. The shares were purchased at an average price of $85.80 per share, with a total value of $514,800.00. Following the acquisition, the director now directly owns 125,286 shares of the company’s stock, valued at $10,749,538.80. This represents a 5.03% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director M Scott Welch bought 10,000 shares of the stock in a transaction on Tuesday, March 11th. The stock was acquired at an average cost of $86.22 per share, for a total transaction of $862,200.00. Following the acquisition, the director now directly owns 136,000 shares in the company, valued at approximately $11,725,920. The trade was a 7.94% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 23,500 shares of company stock valued at $2,026,000. Corporate insiders own 4.40% of the company’s stock.

Analyst Upgrades and Downgrades

PATK has been the subject of a number of recent research reports. Benchmark lifted their price objective on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Roth Mkm reiterated a “buy” rating and set a $100.00 target price (down previously from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Baird R W cut Patrick Industries from a “strong-buy” rating to a “hold” rating in a report on Friday, April 4th. KeyCorp decreased their price target on Patrick Industries from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Finally, Truist Financial cut their target price on Patrick Industries from $120.00 to $110.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Patrick Industries presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.29.

Patrick Industries Stock Up 2.0%

PATK opened at $89.51 on Wednesday. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90. The business has a 50-day moving average of $82.58 and a 200-day moving average of $86.86. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The company has a market capitalization of $2.99 billion, a PE ratio of 21.72, a price-to-earnings-growth ratio of 1.41 and a beta of 2.05.

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

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 9th. Investors of record on Tuesday, May 27th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date of this dividend is Tuesday, May 27th. Patrick Industries’s payout ratio is 38.37%.

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.