Janney Montgomery Scott LLC Purchases 1,600 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Janney Montgomery Scott LLC increased its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 9.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,285 shares of the construction company’s stock after buying an additional 1,600 shares during the quarter. Janney Montgomery Scott LLC owned 0.09% of Patrick Industries worth $2,304,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. GAMMA Investing LLC purchased a new stake in Patrick Industries during the 4th quarter valued at about $35,000. Xponance Inc. acquired a new position in Patrick Industries in the 4th quarter worth about $203,000. Heritage Wealth Management LLC acquired a new position in Patrick Industries in the 4th quarter worth about $238,000. Everence Capital Management Inc. acquired a new position in Patrick Industries in the 4th quarter worth about $243,000. Finally, BTC Capital Management Inc. acquired a new position in shares of Patrick Industries during the first quarter valued at approximately $303,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on PATK shares. Truist Financial reissued a “buy” rating and set a $130.00 target price on shares of Patrick Industries in a report on Friday, April 12th. BMO Capital Markets increased their price objective on Patrick Industries from $120.00 to $125.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. Roth Mkm reiterated a “buy” rating and issued a $126.00 price objective (up from $120.00) on shares of Patrick Industries in a research report on Monday, May 6th. Finally, StockNews.com lowered Patrick Industries from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $106.71.

Patrick Industries Stock Up 2.4 %

Shares of NASDAQ PATK opened at $116.25 on Friday. The stock has a market cap of $2.60 billion, a P/E ratio of 17.22, a PEG ratio of 0.85 and a beta of 1.65. The company has a current ratio of 2.38, a quick ratio of 0.96 and a debt-to-equity ratio of 1.32. Patrick Industries, Inc. has a 12-month low of $70.15 and a 12-month high of $123.58. The business’s fifty day simple moving average is $110.13 and its 200-day simple moving average is $108.59.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, May 2nd. The construction company reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.47. Patrick Industries had a return on equity of 14.90% and a net margin of 4.22%. The company had revenue of $933.50 million for the quarter, compared to analysts’ expectations of $829.22 million. During the same period last year, the firm earned $1.35 earnings per share. Patrick Industries’s quarterly revenue was up 3.7% on a year-over-year basis. As a group, equities analysts predict that Patrick Industries, Inc. will post 8.07 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date of this dividend was Monday, June 3rd. Patrick Industries’s dividend payout ratio is presently 32.59%.

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.