Personal CFO Solutions LLC Makes New $280,000 Investment in Patrick Industries, Inc. $PATK

Personal CFO Solutions LLC bought a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 3,032 shares of the construction company’s stock, valued at approximately $280,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Strs Ohio acquired a new position in Patrick Industries in the 1st quarter worth about $42,000. Smartleaf Asset Management LLC increased its position in shares of Patrick Industries by 27.0% in the first quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company’s stock valued at $63,000 after buying an additional 160 shares in the last quarter. Covestor Ltd raised its stake in shares of Patrick Industries by 205.1% during the 1st quarter. Covestor Ltd now owns 961 shares of the construction company’s stock worth $81,000 after buying an additional 646 shares during the period. AlphaQuest LLC purchased a new position in shares of Patrick Industries during the 1st quarter valued at approximately $87,000. Finally, First Horizon Advisors Inc. grew its stake in Patrick Industries by 12.0% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,519 shares of the construction company’s stock valued at $140,000 after acquiring an additional 163 shares during the period. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Up 4.9%

PATK stock opened at $104.15 on Friday. The company has a current ratio of 1.96, a quick ratio of 0.75 and a debt-to-equity ratio of 1.11. The firm has a 50-day moving average of $102.24 and a two-hundred day moving average of $99.49. Patrick Industries, Inc. has a 12 month low of $72.99 and a 12 month high of $116.78. The company has a market cap of $3.47 billion, a price-to-earnings ratio of 28.22, a PEG ratio of 1.40 and a beta of 1.33.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.06. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The business had revenue of $975.63 million during the quarter, compared to analyst estimates of $900.35 million. During the same period in the prior year, the business earned $1.80 earnings per share. The business’s revenue was up 6.1% compared to the same quarter last year. As a group, analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be issued a dividend of $0.47 per share. The ex-dividend date is Monday, December 1st. This represents a $1.88 annualized dividend and a dividend yield of 1.8%. This is a boost from Patrick Industries’s previous quarterly dividend of $0.40. Patrick Industries’s payout ratio is presently 45.71%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Benchmark upped their price objective on shares of Patrick Industries from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Loop Capital began coverage on shares of Patrick Industries in a research report on Friday, October 31st. They set a “hold” rating and a $99.00 price target for the company. Roth Capital set a $115.00 price objective on Patrick Industries and gave the stock a “buy” rating in a report on Friday, October 31st. Raymond James Financial boosted their price objective on Patrick Industries from $95.00 to $109.00 and gave the stock an “outperform” rating in a research note on Friday, August 1st. Finally, KeyCorp raised their target price on Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, October 31st. Seven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $108.00.

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.