Legal & General Group Plc Purchases 28,780 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Legal & General Group Plc increased its position in Patrick Industries, Inc. (NASDAQ:PATK) by 50.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 85,534 shares of the construction company’s stock after acquiring an additional 28,780 shares during the quarter. Legal & General Group Plc’s holdings in Patrick Industries were worth $7,106,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PATK. Kestra Investment Management LLC bought a new stake in Patrick Industries during the 4th quarter valued at $25,000. Quadrant Capital Group LLC lifted its holdings in Patrick Industries by 49.8% during the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock worth $27,000 after purchasing an additional 109 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in Patrick Industries by 49.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock valued at $29,000 after buying an additional 114 shares in the last quarter. Smartleaf Asset Management LLC increased its position in shares of Patrick Industries by 812.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after buying an additional 528 shares during the period. Finally, Quent Capital LLC bought a new position in shares of Patrick Industries in the fourth quarter valued at approximately $53,000. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Price Performance

PATK stock opened at $79.28 on Friday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The firm has a market cap of $2.66 billion, a P/E ratio of 19.24, a P/E/G ratio of 1.41 and a beta of 2.17. The firm’s fifty day moving average is $85.91 and its 200 day moving average is $88.35. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Research analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.02%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s payout ratio is 38.83%.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, Director M Scott Welch bought 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The shares were bought at an average cost of $86.22 per share, with a total value of $862,200.00. Following the completion of the purchase, the director now directly owns 136,000 shares of the company’s stock, valued at $11,725,920. This trade represents a 7.94 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Stacey L. Neu sold 2,885 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total value of $246,754.05. Following the transaction, the executive vice president now directly owns 18,044 shares of the company’s stock, valued at $1,543,303.32. The trade was a 13.78 % decrease in their position. The disclosure for this sale can be found here. 4.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have commented on PATK shares. Benchmark raised their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a report on Friday, February 7th. Truist Financial reduced their target price on Patrick Industries from $120.00 to $110.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Raymond James lifted their price target on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $96.00 price target (down previously from $100.00) on shares of Patrick Industries in a report on Friday, April 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.79.

Patrick Industries 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.