SCHEDULE 13G/A: FMR LLC and Abigail P. Johnson Disclose 9.0% Stake in Patrick Industries Inc.
Beneficial Ownership Report
FMR LLC and Abigail P. Johnson have filed an amended Schedule 13G, reporting a 9.0% beneficial ownership stake in Patrick Industries Inc. as of December 31, 2024.
Summary
- FMR LLC and Abigail P. Johnson jointly reported beneficial ownership of 3,029,934.98 shares of Patrick Industries Inc. common stock.
- This ownership represents 9.0% of the total outstanding common stock of Patrick Industries Inc.
- The filing is an Amendment No. 4 to a Schedule 13G, indicating an update to a previously reported beneficial ownership position.
- FMR LLC holds sole voting power over 3,025,096.85 shares and sole dispositive power over 3,029,934.98 shares.
- Abigail P. Johnson holds sole dispositive power over 3,029,934.98 shares.
- The shares are certified to have been acquired and held in the ordinary course of business, without the purpose or effect of changing or influencing the control of the issuer.
Sentiment
Score: 7
Explanation: The disclosure of a significant 9.0% stake by a major institutional investor like FMR LLC and its CEO is generally viewed positively, indicating confidence in the company. The statement that shares are held in the ordinary course of business further reinforces a non-activist, long-term investment perspective.
Positives
- A significant institutional investor, FMR LLC, and its Chief Executive Officer, Abigail P. Johnson, maintain a substantial 9.0% stake in Patrick Industries Inc., which can be interpreted as a vote of confidence in the company's long-term prospects.
- The filing explicitly states that the shares are held in the ordinary course of business, suggesting a passive, long-term investment strategy rather than an activist intent.
Future Outlook
NA
Management Comments
- "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 and are not held 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."
Industry Context
This filing indicates a significant institutional investment in Patrick Industries Inc., a company whose CUSIP (703343103) typically relates to manufacturing or distribution for the recreational vehicle and marine industries. Such a substantial stake by a major asset manager like FMR LLC suggests a positive long-term view on the company's prospects within its industry, potentially signaling stability or growth potential.
Stakeholder Impact
- Shareholders: The disclosure of a significant institutional stake may increase investor confidence and potentially attract other institutional investors, positively influencing share price stability or appreciation.
Key Dates
| Date | Description |
|---|---|
| 2023-01-03 | Effective date of Power of Attorney for Stephanie J. Brown on behalf of FMR LLC. |
| 2023-01-10 | Date of Schedule 13G filing by FMR LLC where the Power of Attorney (Exhibit 24) was incorporated by reference. |
| 2023-01-26 | Effective date of Power of Attorney for Stephanie J. Brown on behalf of Abigail P. Johnson. |
| 2023-01-31 | Date of Schedule 13G filing by FMR LLC where Abigail P. Johnson's Power of Attorney (Exhibit 24) was incorporated by reference. |
| 2024-12-31 | Date of event which requires filing of this statement (reporting period end date). |
| 2025-01-07 | Date of filing of this Schedule 13G Amendment No. 4. |
Keywords
Patrick Industries Inc., FMR LLC, Abigail P. Johnson, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Equity Stake, 703343103
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