American Century Companies Inc. Acquires 317,864 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

American Century Companies Inc. lifted its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 159.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 516,767 shares of the construction company’s stock after acquiring an additional 317,864 shares during the period. American Century Companies Inc.’s holdings in Patrick Industries were worth $42,933,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Patrick Industries by 49.8% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,173 shares of the construction company’s stock worth $596,000 after purchasing an additional 2,385 shares during the period. Maryland State Retirement & Pension System lifted its holdings in shares of Patrick Industries by 48.9% in the fourth quarter. Maryland State Retirement & Pension System now owns 11,261 shares of the construction company’s stock worth $936,000 after buying an additional 3,696 shares in the last quarter. Xponance Inc. boosted its position in shares of Patrick Industries by 13.8% in the fourth quarter. Xponance Inc. now owns 3,070 shares of the construction company’s stock valued at $255,000 after acquiring an additional 372 shares during the period. 1ST Source Bank grew its stake in Patrick Industries by 48.3% during the fourth quarter. 1ST Source Bank now owns 131,650 shares of the construction company’s stock valued at $10,938,000 after acquiring an additional 42,883 shares in the last quarter. Finally, Cibc World Markets Corp bought a new stake in Patrick Industries during the 4th quarter worth approximately $252,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PATK has been the topic of several research analyst reports. KeyCorp upped their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Raymond James raised their price target on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Benchmark boosted their price objective on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Truist Financial raised their target price on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, February 10th. Finally, StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $97.96.

Patrick Industries Trading Down 0.6 %

PATK stock opened at $86.90 on Friday. The company has a market capitalization of $2.92 billion, a PE ratio of 21.09, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. 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, Inc. has a one year low of $67.72 and a one year high of $98.90. The company’s 50 day moving average price is $91.23 and its two-hundred day moving average price is $89.84.

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

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 annualized dividend and a yield of 1.84%. Patrick Industries’s payout ratio is 38.83%.

Insiders Place Their Bets

In related news, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director M Scott Welch purchased 10,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were purchased at an average price of $86.22 per share, with a total value of $862,200.00. Following the completion of the acquisition, the director now directly owns 136,000 shares in the company, valued at $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. Insiders own 4.70% of the company’s stock.

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.