Venturi Wealth Management LLC Makes New $86,000 Investment in Patrick Industries, Inc. (NASDAQ:PATK)

Venturi Wealth Management LLC bought a new stake in Patrick Industries, Inc. (NASDAQ:PATK) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,035 shares of the construction company’s stock, valued at approximately $86,000.

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

Wall Street Analyst Weigh In

PATK has been the subject of a number of analyst reports. StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Benchmark increased their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. KeyCorp boosted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Truist Financial raised their target price on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a report on Monday, February 10th. Finally, BMO Capital Markets upped their price objective on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Patrick Industries 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 stock’s 50-day moving average is $89.90 and its 200-day moving average is $89.42. Patrick Industries, Inc. has a 1-year low of $67.72 and a 1-year high of $98.90. 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 has a market cap of $3.03 billion, a P/E ratio of 21.89, a price-to-earnings-growth ratio of 1.41 and a beta of 2.26.

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, beating 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%. Equities research analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

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

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.