Vanguard Trims Patrick Industries Stake to 16.9%

TL;DR

**Vanguard still owns 16.9% of Patrick Industries, a slight dip but still a huge stake.**

AI Summary

The Vanguard Group, a major investment firm, filed an amended SC 13G/A on February 13, 2024, disclosing its ownership of 3,747,386 shares of Patrick Industries Inc. Common Stock as of December 29, 2023. This represents 16.9% of the company's outstanding shares, a slight decrease from its previous filing. This matters to investors because Vanguard remains a significant institutional holder, indicating continued confidence in Patrick Industries, but the minor reduction in stake could signal a rebalancing of their portfolio.

Why It Matters

Vanguard's continued significant ownership, even with a slight reduction, suggests institutional confidence in Patrick Industries, which can influence other investors' perceptions and the stock's stability.

Risk Assessment

Risk Level: low — The filing indicates a stable, significant institutional ownership, which generally reduces volatility and risk for the stock.

Analyst Insight

A smart investor would note Vanguard's continued substantial, though slightly reduced, stake as a sign of ongoing institutional interest. This information could be used to confirm existing investment theses or to further research Patrick Industries' fundamentals, especially if considering a long-term position.

Key Numbers

• 3,747,386 — Shares Beneficially Owned (Represents the total number of Patrick Industries Inc. Common Stock shares held by The Vanguard Group as of December 29, 2023.)
• 16.9% — Percentage of Class (Indicates the significant portion of Patrick Industries Inc. Common Stock owned by The Vanguard Group, highlighting their influence.)
• December 29, 2023 — Event Date (This is the specific date when the ownership level that triggered this filing was established, providing a clear snapshot in time.)

Key Players & Entities

• The Vanguard Group (company) — reporting person and major shareholder
• Patrick Industries Inc. (company) — subject company whose shares are being reported
• 3,747,386 (dollar_amount) — number of shares beneficially owned by Vanguard
• 16.9% (dollar_amount) — percentage of Patrick Industries' Common Stock owned by Vanguard
• December 29, 2023 (date) — date of the event requiring the filing
• February 13, 2024 (date) — date the SC 13G/A amendment was filed

Forward-Looking Statements

• Vanguard will maintain a significant, albeit potentially fluctuating, stake in Patrick Industries Inc. over the next year. (The Vanguard Group) — high confidence, target: 2025-02-13
• Patrick Industries Inc. will continue to be a component of various Vanguard index funds. (Patrick Industries Inc.) — high confidence, target: 2025-02-13

FAQ

Filing Documents

• tv01660-patrickindustriesinc.htm (SC 13G/A) — 11KB
• 0001104659-24-021674.txt ( ) — 13KB

(a) - Name of Issuer

Item 1(a) - Name of Issuer: Patrick Industries Inc

(b) - Address of Issuer's Principal Executive Offices

Item 1(b) - Address of Issuer's Principal Executive Offices: 107 West Franklin Street Elkhart, IN 46516-3214

(a) - Name of Person Filing

Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930

(b) – Address of Principal Business Office or, if none, residence

Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355

(c) – Citizenship

Item 2(c) – Citizenship: Pennsylvania

(d) - Title of Class of Securities

Item 2(d) - Title of Class of Securities: Common Stock

(e) - CUSIP Number

Item 2(e) - CUSIP Number 703343103

- Type of Filing

Item 3 - Type of Filing: This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).

- Ownership

Item 4 - Ownership: (a) Amount Beneficially Owned: (b) Percent of Class: (c) Number of shares as to which such person has: (i) sole power to vote or direct to vote: (ii) shared power to vote or direct to vote: (iii) sole power to dispose of or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: Comments: The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.

- Ownership of Five Percent or Less of a Class

Item 5 - Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following

- Ownership of More Than Five Percent on Behalf of Another Person

Item 6 - Ownership of More Than Five Percent on Behalf of Another Person: The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%. Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company: Not applicable

- Identification and Classification of Members of Group

Item 8 - Identification and Classification of Members of Group: Not applicable

- Notice of Dissolution of Group

Item 9 - Notice of Dissolution of Group: Not applicable

- Certification

Item 10 - Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 13, 2024 By /s/ Ashley Grim Name: Ashley Grim Title: Head of Global Fund Administration