Raymond James Financial Inc. Makes New Investment in Patrick Industries, Inc. (NASDAQ:PATK)

Raymond James Financial Inc. acquired a new position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 204,415 shares of the construction company's stock, valued at approximately $16,983,000. Raymond James Financial Inc. owned about 0.61% of Patrick Industries as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Copeland Capital Management LLC boosted its stake in shares of Patrick Industries by 536.5% during the 4th quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company's stock worth $29,976,000 after acquiring an additional 304,119 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Patrick Industries by 55.2% during the fourth 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. Brightline Capital Management LLC acquired a new position in Patrick Industries during the third quarter valued at approximately $14,806,000. Tributary Capital Management LLC raised its position in shares of Patrick Industries by 49.8% in the fourth quarter. Tributary Capital Management LLC now owns 306,796 shares of the construction company's stock valued at $25,489,000 after purchasing an additional 101,949 shares during the period. Finally, Argent Capital Management LLC raised its position in shares of Patrick Industries by 48.8% in the fourth quarter. Argent Capital Management LLC now owns 224,636 shares of the construction company's stock valued at $18,663,000 after purchasing an additional 73,632 shares during the period. Institutional investors own 93.29% of the company's stock.

Remove Ads

Patrick Industries Price Performance

Shares of PATK stock traded up $0.57 during mid-day trading on Friday, reaching $85.08. The company's stock had a trading volume of 760,692 shares, compared to its average volume of 315,839. The company has a market cap of $2.86 billion, a P/E ratio of 20.65, a PEG ratio of 1.41 and a beta of 2.37. The firm's 50-day moving average is $91.24 and its two-hundred day moving average is $89.75. 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 for the quarter, beating 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%. On average, research analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.88%. Patrick Industries's payout ratio is presently 38.83%.

Wall Street Analyst Weigh In

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

Insider Activity

In other Patrick Industries news, Director M Scott Welch acquired 10,000 shares of the business's stock in a transaction on Tuesday, March 11th. The stock was purchased at an average price of $86.22 per share, for a total transaction of $862,200.00. Following the transaction, the director now owns 136,000 shares in the company, valued at $11,725,920. This trade represents a 7.94 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the sale, the executive vice president now owns 18,044 shares in the company, valued at $1,543,303.32. The trade was a 13.78 % decrease in their position. The disclosure for this sale can be found here. 4.70% of the stock is owned by corporate insiders.

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.