Patrick Industries, Inc. (NASDAQ:PATK) Shares Bought by LPL Financial LLC

LPL Financial LLC raised its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 95.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,942 shares of the construction company's stock after purchasing an additional 7,806 shares during the quarter. LPL Financial LLC's holdings in Patrick Industries were worth $1,325,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PATK. Kestra Investment Management LLC purchased a new stake in Patrick Industries in the fourth quarter valued at $25,000. Smartleaf Asset Management LLC grew its stake in shares of Patrick Industries by 812.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock valued at $49,000 after buying an additional 528 shares in the last quarter. Quent Capital LLC acquired a new stake in shares of Patrick Industries in the fourth quarter valued at $53,000. Global Retirement Partners LLC grew its stake in shares of Patrick Industries by 44.8% in the fourth quarter. Global Retirement Partners LLC now owns 643 shares of the construction company's stock valued at $53,000 after buying an additional 199 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Patrick Industries by 61.2% in the fourth quarter. GAMMA Investing LLC now owns 764 shares of the construction company's stock valued at $63,000 after buying an additional 290 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.

Insider Activity

In other news, Director M Scott Welch bought 2,500 shares of Patrick Industries stock in a transaction dated Thursday, March 13th. The stock was acquired at an average cost of $84.62 per share, with a total value of $211,550.00. Following the acquisition, the director now owns 2,961 shares of the company's stock, valued at approximately $250,559.82. This trade represents a 542.30 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the business's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total value of $246,754.05. Following the completion of the sale, the executive vice president now directly owns 18,044 shares of the company's stock, valued at $1,543,303.32. The trade was a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.70% of the company's stock.

Patrick Industries Stock Up 2.8 %

Shares of NASDAQ:PATK traded up $2.21 on Wednesday, hitting $81.92. 40,634 shares of the company's stock were exchanged, compared to its average volume of 337,782. The firm's 50-day moving average is $85.31 and its 200 day moving average is $88.09. The company has a market capitalization of $2.75 billion, a PE ratio of 19.88, a P/E/G ratio of 1.41 and a beta of 2.17. Patrick Industries, Inc. has a 1-year low of $67.72 and a 1-year high of $98.90. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33.

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 (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Sell-side analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders 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 annualized dividend and a dividend yield of 1.95%. Patrick Industries's dividend payout ratio is currently 38.83%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PATK. Robert W. Baird reaffirmed a "neutral" rating and issued a $96.00 price objective (down from $100.00) on shares of Patrick Industries in a research note on Friday, April 4th. Truist Financial dropped their price objective on Patrick Industries from $120.00 to $110.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Benchmark lifted their price objective on Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research note on Friday, February 7th. KeyCorp lowered their target price on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Finally, Baird R W cut Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $96.79.

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.