Avantax Advisory Services Inc. Has $764,000 Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

Avantax Advisory Services Inc. boosted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 84.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 9,199 shares of the construction company’s stock after buying an additional 4,209 shares during the period. Avantax Advisory Services Inc.’s holdings in Patrick Industries were worth $764,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of PATK. Copeland Capital Management LLC raised its holdings in 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 buying an additional 304,119 shares during the period. Raymond James Financial Inc. bought a new position in shares of Patrick Industries during the 4th quarter worth approximately $16,983,000. Charles Schwab Investment Management Inc. grew its stake in shares of Patrick Industries by 55.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock worth $45,592,000 after acquiring an additional 195,138 shares in the last quarter. Brightline Capital Management LLC bought a new position in shares of Patrick Industries during the 3rd quarter worth approximately $14,806,000. Finally, Tributary Capital Management LLC grew its stake in shares of Patrick Industries by 49.8% during the 4th quarter. Tributary Capital Management LLC now owns 306,796 shares of the construction company’s stock worth $25,489,000 after acquiring an additional 101,949 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the sale, the executive vice president now owns 18,044 shares of the company’s stock, valued at approximately $1,543,303.32. This trade represents a 13.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director M Scott Welch bought 10,000 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were purchased at an average cost of $86.22 per share, with a total value of $862,200.00. Following the acquisition, the director now directly owns 136,000 shares of the company’s stock, valued at approximately $11,725,920. This represents a 7.94 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 4.70% of the company’s stock.

Patrick Industries Trading Down 1.0 %

PATK stock opened at $84.51 on Friday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The company has a fifty day moving average price of $91.24 and a two-hundred day moving average price of $89.75. Patrick Industries, Inc. has a one year low of $67.72 and a one year high of $98.90. The stock has a market cap of $2.84 billion, a price-to-earnings ratio of 20.51, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, topping 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%. Equities analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders 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 dividend on an annualized basis and a yield of 1.89%. Patrick Industries’s dividend payout ratio (DPR) is 38.83%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PATK shares. KeyCorp raised their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Benchmark raised their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Raymond James raised their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Finally, Truist Financial raised their target price on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, February 10th. 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $97.96.

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.