Corient Private Wealth LLC Increases Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Corient Private Wealth LLC boosted its position in Patrick Industries, Inc. (NASDAQ:PATK) by 35.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,506 shares of the construction company’s stock after purchasing an additional 661 shares during the period. Corient Private Wealth LLC’s holdings in Patrick Industries were worth $208,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Kestra Investment Management LLC acquired a new position in shares of Patrick Industries during the 4th quarter worth $25,000. Smartleaf Asset Management LLC increased its holdings in Patrick Industries by 812.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after acquiring an additional 528 shares in the last quarter. Quent Capital LLC acquired a new position in Patrick Industries during the fourth quarter worth about $53,000. Global Retirement Partners LLC lifted 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 valued at $53,000 after purchasing an additional 199 shares in the last quarter. Finally, GAMMA Investing LLC grew its position 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 purchasing an additional 290 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director M Scott Welch purchased 2,500 shares of the company’s stock in a transaction on Thursday, March 13th. The stock was bought at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the purchase, the director now directly owns 2,961 shares of the company’s stock, valued at $250,559.82. The trade was a 542.30 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries 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 completion of the transaction, the executive vice president now directly owns 18,044 shares in the company, valued at $1,543,303.32. This represents a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.70% of the company’s stock.

Patrick Industries Stock Up 0.7 %

PATK opened at $85.11 on Wednesday. Patrick Industries, Inc. has a 12 month low of $67.72 and a 12 month high of $98.90. The business has a 50-day moving average of $90.69 and a two-hundred day moving average of $89.85. 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 stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of 20.66, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (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%. On average, research analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were issued a dividend of $0.40 per share. 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 1.88%. Patrick Industries’s payout ratio is 38.83%.

Analyst Ratings Changes

Several brokerages recently issued reports on PATK. Raymond James lifted their price objective 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 upped their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Benchmark lifted their price objective on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Finally, Truist Financial lifted their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, February 10th. 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 company. According to data from MarketBeat, the stock 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.