Patrick Industries, Inc. (NASDAQ:PATK) Shares Bought by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. raised its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 84.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,199 shares of the construction company's stock after purchasing an additional 4,209 shares during the period. Avantax Advisory Services Inc.'s holdings in Patrick Industries were worth $764,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Arizona State Retirement System grew its stake in Patrick Industries by 51.3% during the 4th quarter. Arizona State Retirement System now owns 9,271 shares of the construction company's stock worth $770,000 after buying an additional 3,143 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Patrick Industries by 27.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company's stock worth $10,222,000 after acquiring an additional 26,558 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Patrick Industries by 55.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company's stock valued at $45,592,000 after purchasing an additional 195,138 shares during the last quarter. IFP Advisors Inc boosted its stake in Patrick Industries by 35.8% in the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company's stock worth $87,000 after purchasing an additional 275 shares in the last quarter. Finally, Mutual of America Capital Management LLC grew its position in Patrick Industries by 51.1% during the 4th quarter. Mutual of America Capital Management LLC now owns 5,090 shares of the construction company's stock worth $423,000 after purchasing an additional 1,721 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.

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Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director M Scott Welch purchased 2,500 shares of the stock in a transaction dated Thursday, March 13th. The stock was purchased at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the purchase, the director now directly owns 2,961 shares of the company's stock, valued at approximately $250,559.82. The trade was a 542.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.70% of the stock is owned by corporate insiders.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK traded up $2.38 during trading on Monday, hitting $87.46. 190,386 shares of the stock traded hands, compared to its average volume of 315,757. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The company has a fifty day moving average price of $91.27 and a two-hundred day moving average price of $89.82. Patrick Industries, Inc. has a 52-week low of $67.72 and a 52-week high of $98.90. The company has a market cap of $2.94 billion, a price-to-earnings ratio of 21.23, a P/E/G ratio of 1.41 and a beta of 2.37.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, beating analysts' consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. As a group, equities analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 1.83%. Patrick Industries's dividend payout ratio is currently 38.83%.

Wall Street Analyst Weigh In

PATK has been the subject of several research reports. StockNews.com downgraded shares of Patrick Industries from a "hold" rating to a "sell" rating in a research note on Thursday, January 16th. Raymond James lifted their price target on Patrick Industries from $99.00 to $103.00 and gave the stock an "outperform" rating in a research report on Friday, February 7th. Truist Financial increased their price objective on Patrick Industries from $115.00 to $120.00 and gave the company a "buy" rating in a report on Monday, February 10th. Benchmark lifted their target price on Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Finally, KeyCorp upped their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $97.96.

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.