CIBC Private Wealth Group LLC Buys 15,304 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

CIBC Private Wealth Group LLC raised its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 50.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund 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 owned about 0.14% of Patrick Industries worth $3,833,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Kestra Investment Management LLC acquired a new stake in Patrick Industries during the 4th quarter valued at approximately $25,000. Nomura Asset Management Co. Ltd. boosted its stake in shares of Patrick Industries by 49.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock valued at $29,000 after purchasing an additional 114 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of Patrick Industries by 812.3% during 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 during the period. Quent Capital LLC bought a new position in Patrick Industries during the fourth quarter worth $53,000. Finally, Global Retirement Partners LLC raised its stake 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 during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Wall Street Analyst Weigh In

PATK has been the subject of a number of recent analyst reports. Raymond James increased 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. Truist Financial lifted their target price on Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, February 10th. StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Benchmark lifted their price objective 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. Finally, KeyCorp boosted their target price 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. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $97.96.

Patrick Industries Stock Performance

NASDAQ PATK opened at $88.15 on Thursday. The company has a market cap of $2.97 billion, a P/E ratio of 21.39, a PEG ratio of 1.41 and a beta of 2.37. The company has a fifty day simple moving average of $90.56 and a 200 day simple moving average of $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.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. Sell-side 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 announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.82%. Patrick Industries’s dividend payout ratio is presently 38.83%.

Insider Activity at Patrick Industries

In related news, Director M Scott Welch acquired 2,500 shares of the company’s stock in a transaction on 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 purchase, the director now owns 2,961 shares in the company, valued at approximately $250,559.82. The trade was a 542.30 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 transaction of $246,754.05. Following the completion of the sale, the executive vice president now owns 18,044 shares of the company’s stock, valued at approximately $1,543,303.32. The trade was a 13.78 % decrease in their position. The disclosure for this sale can be found here. 4.70% of the stock is owned by insiders.

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.