Venturi Wealth Management LLC Makes New Investment in Patrick Industries, Inc. (NASDAQ:PATK)

Venturi Wealth Management LLC acquired a new position in Patrick Industries, Inc. (NASDAQ:PATK) in the 4th quarter, HoldingsChannel reports. The firm acquired 1,035 shares of the construction company’s stock, valued at approximately $86,000.

Several other hedge funds also recently modified their holdings of the stock. Quent Capital LLC purchased a new stake in shares of Patrick Industries in the fourth quarter valued at about $53,000. GAMMA Investing LLC grew its position in Patrick Industries by 61.2% in the 4th quarter. GAMMA Investing LLC now owns 764 shares of the construction company’s stock worth $63,000 after purchasing an additional 290 shares in the last quarter. UMB Bank n.a. increased its stake in Patrick Industries by 35.1% in the 4th quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock valued at $64,000 after buying an additional 199 shares during the last quarter. First Horizon Advisors Inc. lifted its position in shares of Patrick Industries by 21.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock worth $112,000 after buying an additional 139 shares in the last quarter. Finally, Eukles Asset Management boosted its stake in shares of Patrick Industries by 40.0% in the 4th quarter. Eukles Asset Management now owns 1,378 shares of the construction company’s stock worth $114,000 after buying an additional 394 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PATK shares. KeyCorp lifted their target price on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. BMO Capital Markets boosted their target price on shares of Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research note on Friday, November 1st. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Truist Financial increased their price objective on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a report on Monday, February 10th. Finally, Raymond James boosted their target price on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” 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 company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $97.96.

Patrick Industries Stock Performance

NASDAQ:PATK opened at $90.18 on Monday. The business’s fifty day moving average is $89.90 and its 200 day moving average is $89.42. The firm has a market cap of $3.03 billion, a price-to-earnings ratio of 21.89, a PEG ratio of 1.41 and a beta of 2.26. 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, Inc. has a 52-week low of $67.72 and a 52-week high of $98.90.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (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%. Research analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Tuesday, February 18th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.77%. The ex-dividend date is Tuesday, February 18th. Patrick Industries’s payout ratio is 38.83%.

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.