Allspring Global Investments Holdings LLC Purchases 26,558 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Allspring Global Investments Holdings LLC lifted its position in Patrick Industries, Inc. (NASDAQ:PATK) by 27.3% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 123,972 shares of the construction company’s stock after buying an additional 26,558 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Patrick Industries were worth $10,222,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in PATK. Copeland Capital Management LLC grew its stake in shares of Patrick Industries by 536.5% in the 4th quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company’s stock valued at $29,976,000 after buying an additional 304,119 shares in the last quarter. Fiera Capital Corp bought a new stake in shares of Patrick Industries in the 3rd quarter valued at approximately $27,888,000. Argent Capital Management LLC grew its stake in shares of Patrick Industries by 758.4% in the 3rd quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock valued at $21,498,000 after buying an additional 133,413 shares in the last quarter. Brightline Capital Management LLC bought a new stake in shares of Patrick Industries in the 3rd quarter valued at approximately $14,806,000. Finally, Tributary Capital Management LLC boosted its position in Patrick Industries by 49.8% during the fourth quarter. Tributary Capital Management LLC now owns 306,796 shares of the construction company’s stock worth $25,489,000 after purchasing an additional 101,949 shares during the period. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Trading Down 0.7 %

NASDAQ:PATK opened at $95.08 on Wednesday. The stock has a market capitalization of $3.19 billion, a PE ratio of 23.08, a price-to-earnings-growth ratio of 1.42 and a beta of 2.26. The business’s 50-day simple moving average is $89.74 and its 200-day simple moving average is $89.15. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.97. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Sell-side analysts expect that Patrick Industries, Inc. will post 5.38 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.68%. The ex-dividend date is Tuesday, February 18th. Patrick Industries’s dividend payout ratio (DPR) is 38.83%.

Insiders Place Their Bets

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $93.76, for a total value of $1,406,400.00. Following the transaction, the chief executive officer now directly owns 364,678 shares of the company’s stock, valued at $34,192,209.28. This represents a 3.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 4.70% of the company’s stock.

Wall Street Analysts Forecast Growth

PATK has been the subject of a number of research analyst reports. KeyCorp upped their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Benchmark upped their target price on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Truist Financial upped their target price on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, February 10th. Finally, BMO Capital Markets upped their target price on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $97.96.

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.