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

Avantax Advisory Services Inc. boosted its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 84.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,199 shares of the construction company’s stock after purchasing an additional 4,209 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Patrick Industries were worth $764,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Kestra Investment Management LLC acquired a new position in Patrick Industries in the fourth quarter valued at about $25,000. Smartleaf Asset Management LLC raised its stake 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 in the last quarter. Quent Capital LLC acquired a new position in Patrick Industries in the fourth quarter valued at about $53,000. Global Retirement Partners LLC raised its stake in 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 raised its stake in 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 in the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Insider Transactions at Patrick Industries

In related news, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the transaction, the executive vice president now owns 18,044 shares of the company’s stock, valued at $1,543,303.32. This trade represents a 13.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director M Scott Welch purchased 2,500 shares of the business’s stock in a transaction on Thursday, March 13th. The shares were purchased at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the transaction, the director now directly owns 2,961 shares of the company’s stock, valued at approximately $250,559.82. The trade was a 542.30 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 4.70% of the company’s stock.

Patrick Industries Stock Performance

NASDAQ:PATK opened at $84.51 on Friday. The stock has a market cap of $2.84 billion, a P/E ratio of 20.51, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The stock’s 50-day moving average is $91.24 and its 200-day moving average is $89.75. Patrick Industries, Inc. has a 1-year low of $67.72 and a 1-year high of $98.90.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Equities research analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders 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 annualized dividend and a yield of 1.89%. Patrick Industries’s payout ratio is 38.83%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on PATK shares. StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. KeyCorp lifted their target price 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 target price on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Raymond James lifted their target price on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Finally, Truist Financial lifted their target price on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research 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.com, Patrick Industries has a consensus rating of “Moderate Buy” and a consensus price target of $97.96.

Patrick Industries Company 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.