Centaurus Financial Inc. bought a new position in Patrick Industries, Inc. (NASDAQ:PATK – Free Report) during the second quarter, Holdings Channel.com reports. The fund bought 53,056 shares of the construction company’s stock, valued at approximately $4,763,000.
A number of other institutional investors have also modified their holdings of PATK. Persistent Asset Partners Ltd purchased a new stake in shares of Patrick Industries in the second quarter valued at approximately $25,000. Advisory Services Network LLC bought a new position in Patrick Industries in the third quarter worth approximately $25,000. Torren Management LLC purchased a new position in Patrick Industries during the 4th quarter worth $26,000. Allworth Financial LP increased its holdings in Patrick Industries by 181.2% during the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock worth $34,000 after purchasing an additional 203 shares during the period. Finally, Farther Finance Advisors LLC raised its position in Patrick Industries by 200.9% during the 4th quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock valued at $37,000 after purchasing an additional 229 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several equities research analysts have weighed in on PATK shares. Robert W. Baird set a $110.00 target price on Patrick Industries in a report on Friday, May 1st. KeyCorp cut their price target on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 22nd. Roth Capital set a $114.00 price objective on Patrick Industries in a report on Friday, July 31st. Truist Financial set a $108.00 price objective on Patrick Industries and gave the company a “buy” rating in a report on Monday, August 10th. Finally, Weiss Ratings lowered shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, June 29th. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $113.12.
Patrick Industries Stock Performance
Shares of NASDAQ:PATK opened at $83.09 on Friday. The company has a market capitalization of $2.67 billion, a price-to-earnings ratio of 19.69 and a beta of 1.11. Patrick Industries, Inc. has a 52 week low of $81.29 and a 52 week high of $148.50. The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25. The firm has a 50 day moving average of $86.23 and a 200 day moving average of $99.86.
Patrick Industries (NASDAQ:PATK – Get Free Report) last announced its earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.05. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%.The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $994.95 million. During the same quarter last year, the firm earned $1.50 EPS. The business’s revenue for the quarter was down .6% on a year-over-year basis. On average, sell-side analysts predict that Patrick Industries, Inc. will post 4.26 earnings per share for the current fiscal year.
Patrick Industries Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 24th will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Monday, August 24th. Patrick Industries’s dividend payout ratio is 44.55%.
Patrick Industries Company Profile
Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.
Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.
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