Raymond James & Associates Sells 6,954 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Raymond James & Associates reduced its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 27.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 18,290 shares of the construction company’s stock after selling 6,954 shares during the quarter. Raymond James & Associates owned approximately 0.08% of Patrick Industries worth $1,835,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. SG Americas Securities LLC purchased a new stake in Patrick Industries in the fourth quarter worth about $448,000. Ziegler Capital Management LLC increased its holdings in Patrick Industries by 3.6% in the 4th quarter. Ziegler Capital Management LLC now owns 11,374 shares of the construction company’s stock worth $1,141,000 after acquiring an additional 392 shares in the last quarter. Deutsche Bank AG raised its stake in Patrick Industries by 13.8% during the 3rd quarter. Deutsche Bank AG now owns 10,590 shares of the construction company’s stock worth $795,000 after acquiring an additional 1,281 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in Patrick Industries by 21.8% during the third quarter. The Manufacturers Life Insurance Company now owns 10,501 shares of the construction company’s stock valued at $788,000 after purchasing an additional 1,882 shares in the last quarter. Finally, Schroder Investment Management Group bought a new position in shares of Patrick Industries in the third quarter worth approximately $681,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Patrick Industries

In other news, insider Kip B. Ellis sold 7,462 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $121.99, for a total value of $910,289.38. Following the completion of the sale, the insider now owns 101,316 shares in the company, valued at approximately $12,359,538.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Andy L. Nemeth sold 10,000 shares of Patrick Industries stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $115.00, for a total transaction of $1,150,000.00. Following the completion of the sale, the chief executive officer now owns 289,619 shares in the company, valued at approximately $33,306,185. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Kip B. Ellis sold 7,462 shares of Patrick Industries stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $121.99, for a total transaction of $910,289.38. Following the sale, the insider now owns 101,316 shares of the company’s stock, valued at approximately $12,359,538.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,873 shares of company stock worth $5,681,957. 4.70% of the stock is currently owned by insiders.

Analyst Ratings Changes

PATK has been the topic of several recent analyst reports. Truist Financial restated a “buy” rating and set a $130.00 price objective on shares of Patrick Industries in a research report on Friday, April 12th. StockNews.com downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. Roth Mkm raised their target price on shares of Patrick Industries from $101.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Finally, KeyCorp raised their target price on shares of Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, February 9th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned 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 $103.00.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK opened at $104.20 on Thursday. Patrick Industries, Inc. has a 52 week low of $63.57 and a 52 week high of $123.58. The stock has a market capitalization of $2.33 billion, a P/E ratio of 16.01 and a beta of 1.72. The firm has a fifty day simple moving average of $113.28 and a two-hundred day simple moving average of $96.61. The company has a quick ratio of 0.73, a current ratio of 2.38 and a debt-to-equity ratio of 0.97.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 8th. The construction company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.10. The firm had revenue of $781.20 million during the quarter, compared to analyst estimates of $780.97 million. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The business’s revenue was down 17.9% on a year-over-year basis. During the same quarter last year, the business earned $1.82 EPS. On average, analysts expect that Patrick Industries, Inc. will post 7.84 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 4th. Stockholders of record on Tuesday, February 20th were issued a $0.55 dividend. The ex-dividend date of this dividend was Friday, February 16th. This represents a $2.20 annualized dividend and a dividend yield of 2.11%. Patrick Industries’s dividend payout ratio (DPR) is presently 33.79%.

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.