Patrick Industries, Inc. (NASDAQ:PATK) Shares Sold by Raymond James & Associates

Raymond James & Associates lessened its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 27.5% during the 4th quarter, Holdings Channel reports. The firm owned 18,290 shares of the construction company’s stock after selling 6,954 shares during the period. Raymond James & Associates’ holdings in Patrick Industries were worth $1,835,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Tower Research Capital LLC TRC lifted its position in shares of Patrick Industries by 129.6% during the first quarter. Tower Research Capital LLC TRC now owns 489 shares of the construction company’s stock worth $34,000 after purchasing an additional 276 shares in the last quarter. Carmel Capital Partners LLC acquired a new stake in shares of Patrick Industries during the third quarter worth about $44,000. Gyon Technologies Capital Management LP acquired a new stake in shares of Patrick Industries during the fourth quarter worth about $48,000. Harel Insurance Investments & Financial Services Ltd. lifted its position in shares of Patrick Industries by 21.6% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,340 shares of the construction company’s stock worth $102,000 after purchasing an additional 238 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Patrick Industries during the second quarter worth about $71,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Insiders Place Their Bets

In other Patrick Industries news, insider Kip B. Ellis sold 18,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $115.00, for a total transaction of $2,070,000.00. Following the sale, the insider now owns 108,778 shares of the company’s stock, valued at $12,509,470. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Kip B. Ellis sold 7,462 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $121.99, for a total transaction of $910,289.38. Following the transaction, the insider now directly owns 101,316 shares in the company, valued at $12,359,538.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Kip B. Ellis sold 18,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $115.00, for a total transaction of $2,070,000.00. Following the transaction, the insider now owns 108,778 shares in the company, valued at $12,509,470. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 48,873 shares of company stock valued at $5,681,957. 4.70% of the stock is owned by corporate insiders.

Patrick Industries Stock Down 0.6 %

PATK stock opened at $104.20 on Thursday. The company has a current ratio of 2.38, a quick ratio of 0.73 and a debt-to-equity ratio of 0.97. Patrick Industries, Inc. has a twelve month low of $63.57 and a twelve month high of $123.58. The company’s 50 day moving average is $113.28 and its two-hundred day moving average is $96.61. The stock has a market cap of $2.33 billion, a P/E ratio of 16.01 and a beta of 1.72.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 8th. The construction company reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.10. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The company had revenue of $781.20 million for the quarter, compared to analysts’ expectations of $780.97 million. During the same quarter last year, the company earned $1.82 earnings per share. The firm’s revenue for the quarter was down 17.9% on a year-over-year basis. Research analysts expect that Patrick Industries, Inc. will post 7.84 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th were issued a dividend of $0.55 per share. The ex-dividend date was Friday, February 16th. This represents a $2.20 dividend on an annualized basis and a yield of 2.11%. Patrick Industries’s payout ratio is currently 33.79%.

Wall Street Analysts Forecast Growth

PATK has been the topic of several analyst reports. Roth Mkm raised their target price on shares of Patrick Industries from $101.00 to $120.00 and gave the company a “buy” rating in a report on Friday, February 9th. KeyCorp raised their target price on shares of Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, February 9th. Truist Financial reaffirmed a “buy” rating and issued a $130.00 target price on shares of Patrick Industries in a report on Friday, April 12th. Finally, StockNews.com cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $103.00.

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.