Patrick Industries, Inc. (NASDAQ:PATK) Shares Purchased by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC grew its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 26.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,602 shares of the construction company’s stock after buying an additional 763 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Patrick Industries were worth $299,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Kestra Investment Management LLC acquired a new position in shares of Patrick Industries during the 4th quarter valued at $25,000. Smartleaf Asset Management LLC raised its position in 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 purchasing an additional 528 shares during the period. Quent Capital LLC acquired a new position in shares of Patrick Industries during the fourth quarter worth about $53,000. Global Retirement Partners LLC boosted its position 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 worth $53,000 after buying an additional 199 shares during the period. 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. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Trading Down 1.3 %

NASDAQ PATK opened at $77.56 on Tuesday. The company has a market capitalization of $2.60 billion, a price-to-earnings ratio of 18.82, a price-to-earnings-growth ratio of 1.41 and a beta of 2.17. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. Patrick Industries, Inc. has a 12 month low of $67.72 and a 12 month high of $98.90. The company’s fifty day moving average price is $89.54 and its two-hundred day moving average price is $89.49.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, topping the consensus estimate 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, research analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 annualized dividend and a dividend yield of 2.06%. Patrick Industries’s payout ratio is 38.83%.

Insider Activity

In other news, EVP Stacey L. Neu sold 2,885 shares of the firm’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 transaction, the executive vice president now directly owns 18,044 shares in the company, valued at approximately $1,543,303.32. This trade represents a 13.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director M Scott Welch acquired 10,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were acquired at an average cost of $86.22 per share, with a total value of $862,200.00. Following the transaction, the director now owns 136,000 shares in the company, valued at approximately $11,725,920. The trade was a 7.94 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 4.70% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Raymond James boosted 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. KeyCorp boosted their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Benchmark upped their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, February 7th. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $96.00 price objective (down from $100.00) on shares of Patrick Industries in a research report on Friday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $99.29.

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.