Stifel Financial Corp Has $2.78 Million Stock Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Stifel Financial Corp boosted its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 271.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,508 shares of the construction company's stock after acquiring an additional 24,493 shares during the period. Stifel Financial Corp owned approximately 0.10% of Patrick Industries worth $2,784,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PATK. Tidal Investments LLC bought a new position in shares of Patrick Industries during the third quarter worth about $271,000. Principal Financial Group Inc. raised its holdings in shares of Patrick Industries by 2.1% in the third quarter. Principal Financial Group Inc. now owns 111,952 shares of the construction company's stock valued at $15,939,000 after purchasing an additional 2,275 shares during the last quarter. GAMMA Investing LLC lifted its position 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 worth $63,000 after purchasing an additional 290 shares in the last quarter. Park Avenue Securities LLC bought a new position in Patrick Industries in the fourth quarter valued at $217,000. Finally, Argent Capital Management LLC increased its stake in Patrick Industries by 48.8% in the 4th quarter. Argent Capital Management LLC now owns 224,636 shares of the construction company's stock valued at $18,663,000 after buying an additional 73,632 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Price Performance

PATK stock traded down $0.45 during midday trading on Wednesday, reaching $81.31. The company had a trading volume of 284,344 shares, compared to its average volume of 352,607. Patrick Industries, Inc. has a 1-year low of $67.72 and a 1-year high of $98.90. The stock has a 50 day moving average price of $82.75 and a 200-day moving average price of $87.02. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of 19.74, a price-to-earnings-growth ratio of 1.41 and a beta of 2.05.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.98 by $0.13. The company had revenue of $1 billion during the quarter, compared to the consensus estimate of $959.46 million. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. The firm's quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.79 EPS. Equities research analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PATK. Robert W. Baird lowered their price target on Patrick Industries from $96.00 to $84.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. Truist Financial decreased their price target on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. StockNews.com upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Baird R W lowered Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Finally, Raymond James reduced their price target on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, Patrick Industries currently has an average rating of "Moderate Buy" and a consensus target price of $96.29.

Insider Activity

In related news, Director M Scott Welch bought 2,500 shares of the firm's stock in a transaction on Thursday, March 13th. The shares were purchased at an average price of $84.62 per share, with a total value of $211,550.00. Following the completion of the purchase, the director now owns 2,961 shares in the company, valued at $250,559.82. This represents a 542.30 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total value of $246,754.05. Following the completion of the transaction, the executive vice president now owns 18,044 shares of the company's stock, valued at $1,543,303.32. The trade was a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.70% of the company's stock.

Patrick Industries 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.