American Century Companies Inc. Has $42.93 Million Stock Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

American Century Companies Inc. increased its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 159.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 516,767 shares of the construction company’s stock after purchasing an additional 317,864 shares during the period. American Century Companies Inc. owned approximately 1.54% of Patrick Industries worth $42,933,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of 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 valued at $596,000 after buying an additional 2,385 shares during the period. Maryland State Retirement & Pension System grew its stake in 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 valued at $936,000 after acquiring an additional 3,696 shares during the period. Xponance Inc. increased its holdings in shares of Patrick Industries by 13.8% during 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 in the last quarter. 1ST Source Bank raised its position in shares of Patrick Industries by 48.3% during the fourth quarter. 1ST Source Bank now owns 131,650 shares of the construction company’s stock worth $10,938,000 after purchasing an additional 42,883 shares during the period. Finally, Cibc World Markets Corp bought a new position in shares of Patrick Industries in the 4th quarter worth $252,000. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Stock Performance

Shares of Patrick Industries stock opened at $86.90 on Friday. The business’s fifty day simple moving average is $91.23 and its 200 day simple moving average is $89.84. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 12 month low of $67.72 and a 12 month high of $98.90. The firm has a market capitalization 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 (NASDAQ:PATK) last released 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 return on equity of 13.25% and a net margin of 3.72%. As a group, analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts have commented on PATK shares. Benchmark boosted their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, February 7th. StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. KeyCorp boosted their price objective on 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 target price on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Finally, Truist Financial upped their price target on Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, February 10th. 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 company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $97.96.

Insider Activity

In other news, Director M Scott Welch acquired 10,000 shares of Patrick Industries stock in a transaction on Tuesday, March 11th. The stock was acquired at an average cost of $86.22 per share, with a total value of $862,200.00. Following the completion of the acquisition, the director now owns 136,000 shares in the company, valued at approximately $11,725,920. This trade represents a 7.94 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of the firm’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 completion of the sale, the executive vice president now directly 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.

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.