IFP Advisors Inc Increases Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

IFP Advisors Inc grew its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 35.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,044 shares of the construction company’s stock after acquiring an additional 275 shares during the period. IFP Advisors Inc’s holdings in Patrick Industries were worth $87,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in PATK. Kestra Investment Management LLC bought a new stake in shares of Patrick Industries in the fourth quarter worth about $25,000. Quent Capital LLC bought a new stake in shares of Patrick Industries in the fourth quarter worth about $53,000. Global Retirement Partners LLC increased its holdings 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 purchasing an additional 199 shares during the last quarter. GAMMA Investing LLC increased its holdings 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 worth $63,000 after purchasing an additional 290 shares during the last quarter. Finally, UMB Bank n.a. increased its holdings in shares of Patrick Industries by 35.1% in the fourth quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock worth $64,000 after purchasing an additional 199 shares during the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Trading Down 0.9 %

PATK opened at $86.66 on Thursday. The stock has a market cap of $2.92 billion, a price-to-earnings ratio of 21.03, a P/E/G ratio of 1.41 and a beta of 2.26. The stock’s 50 day moving average price is $90.68 and its 200-day moving average price is $89.84. Patrick Industries, Inc. has a one year low of $45.15 and a one year high of $98.60. 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) last released its earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates 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, equities analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a $0.40 dividend. 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 1.85%. Patrick Industries’s payout ratio is 38.83%.

Analyst Upgrades and Downgrades

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

About Patrick Industries

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.