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

Raymond James Financial Inc. purchased a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 204,415 shares of the construction company's stock, valued at approximately $16,983,000. Raymond James Financial Inc. owned 0.61% of Patrick Industries at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PATK. Vanguard Group Inc. lifted its stake in shares of Patrick Industries by 49.3% in the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock worth $193,266,000 after acquiring an additional 768,102 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Patrick Industries by 391.8% during the 4th quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company's stock valued at $168,462,000 after buying an additional 1,615,412 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Patrick Industries by 50.0% during the fourth quarter. Geode Capital Management LLC now owns 779,223 shares of the construction company's stock worth $64,752,000 after buying an additional 259,783 shares in the last quarter. Invesco Ltd. increased its stake in shares of Patrick Industries by 61.6% in the fourth quarter. Invesco Ltd. now owns 709,140 shares of the construction company's stock worth $58,915,000 after buying an additional 270,266 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Patrick Industries by 55.2% in 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 acquiring an additional 195,138 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Stock Performance

PATK stock traded up $1.68 during mid-day trading on Thursday, reaching $79.64. The company had a trading volume of 537,280 shares, compared to its average volume of 385,408. The stock's 50-day simple moving average is $84.96 and its two-hundred day simple moving average is $88.02. The stock has a market capitalization of $2.67 billion, a P/E ratio of 19.33, a P/E/G ratio of 1.41 and a beta of 2.17. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a one year low of $67.72 and a one year high of $98.90.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) 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%. Research analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries's payout ratio is currently 38.83%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. StockNews.com lowered shares of Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. Raymond James upped their price objective on Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a research note on Friday, February 7th. Benchmark lifted their target price on Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Truist Financial dropped their price target on Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, KeyCorp decreased their price objective on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $96.79.

Insiders Place Their Bets

In related news, Director M Scott Welch purchased 2,500 shares of the company's stock in a transaction on Thursday, March 13th. The shares were bought at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the transaction, the director now owns 2,961 shares of the company's stock, valued at $250,559.82. This represents a 542.30 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were 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 trade represents a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.70% of the stock is currently owned by insiders.

Patrick Industries Company 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.