Loomis Sayles & Co. L P Purchases 158,652 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Loomis Sayles & Co. L P grew its position in Patrick Industries, Inc. (NASDAQ:PATK) by 45.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 505,506 shares of the construction company’s stock after acquiring an additional 158,652 shares during the period. Loomis Sayles & Co. L P’s holdings in Patrick Industries were worth $41,997,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Arizona State Retirement System grew its holdings in Patrick Industries by 51.3% during the fourth quarter. Arizona State Retirement System now owns 9,271 shares of the construction company’s stock worth $770,000 after purchasing an additional 3,143 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Patrick Industries by 27.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company’s stock valued at $10,222,000 after buying an additional 26,558 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Patrick Industries by 55.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock worth $45,592,000 after acquiring an additional 195,138 shares during the period. IFP Advisors Inc raised its stake in Patrick Industries by 35.8% in the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company’s stock valued at $87,000 after acquiring an additional 275 shares during the period. Finally, Mutual of America Capital Management LLC lifted its holdings in Patrick Industries by 51.1% during the 4th quarter. Mutual of America Capital Management LLC now owns 5,090 shares of the construction company’s stock valued at $423,000 after purchasing an additional 1,721 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Trading Down 0.6 %

Shares of PATK stock opened at $86.90 on Friday. The stock has a market cap of $2.92 billion, a P/E ratio of 21.09, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. Patrick Industries, Inc. has a 1 year low of $67.72 and a 1 year high of $98.90. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The stock has a 50 day simple moving average of $91.23 and a 200 day simple moving average of $89.84.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share 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%. On average, research analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms have commented on PATK. Benchmark upped their price objective 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. KeyCorp increased their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 7th. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. 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 report on Monday, February 10th. Finally, Raymond James lifted their price target on Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Patrick Industries has a consensus rating of “Moderate Buy” and a consensus price target of $97.96.

Insider Activity

In other news, Director M Scott Welch acquired 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average cost of $84.62 per share, with a total value 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 $250,559.82. The trade was a 542.30 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the company’s stock in a transaction 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 sale, the executive vice president now 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 disclosure for this sale can be found here. Corporate insiders own 4.70% of the company’s stock.

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.