Wellington Management Group LLP Grows Stock Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Wellington Management Group LLP grew its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 391.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,027,708 shares of the construction company’s stock after buying an additional 1,615,412 shares during the period. Wellington Management Group LLP owned approximately 6.03% of Patrick Industries worth $168,462,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. O Shaughnessy Asset Management LLC grew its position in Patrick Industries by 18.6% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 48,558 shares of the construction company’s stock worth $4,034,000 after acquiring an additional 7,602 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in shares of Patrick Industries by 50.0% in the 4th quarter. CIBC Private Wealth Group LLC now owns 45,915 shares of the construction company’s stock valued at $3,833,000 after purchasing an additional 15,304 shares during the last quarter. Schroder Investment Management Group bought a new stake in shares of Patrick Industries in the 4th quarter valued at approximately $26,602,000. Orion Portfolio Solutions LLC raised its holdings in Patrick Industries by 7.3% during the 4th quarter. Orion Portfolio Solutions LLC now owns 5,279 shares of the construction company’s stock valued at $439,000 after buying an additional 360 shares during the period. Finally, Pictet Asset Management Holding SA raised its holdings in Patrick Industries by 50.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 3,649 shares of the construction company’s stock valued at $303,000 after buying an additional 1,216 shares during the period. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Trading Up 3.6 %

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’s fifty day moving average is $90.56 and its two-hundred day moving average is $89.84. The company has a market capitalization of $2.97 billion, a P/E ratio of 21.39, a PEG ratio of 1.41 and a beta of 2.37. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90.

Patrick Industries (NASDAQ:PATK) last announced its quarterly 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%. Analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 annualized dividend and a dividend yield of 1.82%. Patrick Industries’s payout ratio is presently 38.83%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PATK. KeyCorp boosted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Truist Financial raised their price objective on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, February 10th. Raymond James upped their target price on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research note 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. Finally, Benchmark upped their price objective on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $97.96.

Insider Activity

In related news, Director M Scott Welch acquired 2,500 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The shares were bought at an average price of $84.62 per share, with a total value of $211,550.00. Following the completion of the transaction, the director now directly owns 2,961 shares in the company, valued at $250,559.82. This trade represents a 542.30 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the business’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the transaction, the executive vice president now owns 18,044 shares of the company’s stock, valued at $1,543,303.32. This represents a 13.78 % decrease in their ownership of the stock. The disclosure for this sale 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.