CIBC Private Wealth Group LLC Boosts Stock Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

CIBC Private Wealth Group LLC increased its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 50.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 45,915 shares of the construction company’s stock after buying an additional 15,304 shares during the period. CIBC Private Wealth Group LLC’s holdings in Patrick Industries were worth $3,833,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Kestra Investment Management LLC bought a new position in shares of Patrick Industries in the fourth quarter worth $25,000. Nomura Asset Management Co. Ltd. increased its holdings in shares of Patrick Industries by 49.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock worth $29,000 after purchasing an additional 114 shares during the period. Smartleaf Asset Management LLC raised its position in shares of Patrick Industries by 812.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock worth $49,000 after buying an additional 528 shares in the last quarter. Quent Capital LLC bought a new stake in Patrick Industries during the fourth quarter valued at $53,000. Finally, Global Retirement Partners LLC grew its position in Patrick Industries by 44.8% during the fourth quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock worth $53,000 after buying an additional 199 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $88.15 on Thursday. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The stock has a market cap of $2.97 billion, a PE ratio of 21.39, a PEG ratio of 1.41 and a beta of 2.37. The company’s fifty day moving average is $90.56 and its 200 day moving average is $89.84. 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 anticipate 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. Stockholders of record on Tuesday, February 18th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.82%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s dividend payout ratio is 38.83%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other Patrick Industries news, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the completion of the sale, the executive vice president now owns 18,044 shares in the company, valued at approximately $1,543,303.32. This trade represents a 13.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director M Scott Welch bought 2,500 shares of Patrick Industries stock in a transaction dated Thursday, March 13th. The shares were acquired at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the purchase, the director now directly owns 2,961 shares of the company’s stock, valued at approximately $250,559.82. This trade represents a 542.30 % increase in their position. The disclosure for this purchase can be found here. 4.70% of the stock is owned by insiders.

Patrick Industries Company 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.