47,000 Shares in Patrick Industries, Inc. $PATK Acquired by Harel Insurance Investments & Financial Services Ltd.

Key Points

• Harel Insurance Investments & Financial Services bought 47,000 shares of Patrick Industries in the first quarter, a stake valued at about $5.22 million and representing roughly 0.14% of the company.
• Patrick Industries recently reported quarterly EPS of $1.10, topping estimates, while revenue came in at $997.17 million, slightly above expectations but down 0.6% year over year.
• The company paid a $0.47 quarterly dividend and maintains a 2.2% yield; meanwhile, analysts currently rate the stock a Moderate Buy with an average price target of $121.

Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 47,000 shares of the construction company's stock, valued at approximately $5,220,000. Harel Insurance Investments & Financial Services Ltd. owned about 0.14% of Patrick Industries as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. SG Americas Securities LLC increased its holdings in shares of Patrick Industries by 12,134.2% during the fourth quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company's stock worth $28,123,000 after buying an additional 257,245 shares in the last quarter. Bessemer Group Inc. boosted its holdings in shares of Patrick Industries by 3,602.4% during the 4th quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company's stock valued at $16,255,000 after acquiring an additional 145,863 shares in the last quarter. Copeland Capital Management LLC grew its position in Patrick Industries by 23.4% during the 4th quarter. Copeland Capital Management LLC now owns 478,999 shares of the construction company's stock worth $51,938,000 after acquiring an additional 90,691 shares during the last quarter. HighRoad Wealth Advisors LLC acquired a new position in Patrick Industries in the 4th quarter worth about $1,551,000. Finally, Nicholas Investment Partners LP acquired a new position in Patrick Industries in the 4th quarter worth about $5,201,000. 93.29% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Charles R. Roeder bought 5,750 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The shares were bought at an average price of $87.83 per share, for a total transaction of $505,022.50. Following the transaction, the insider directly owned 42,147 shares of the company's stock, valued at approximately $3,701,771.01. The trade was a 15.80% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Blake Augsburger bought 400 shares of Patrick Industries stock in a transaction dated Tuesday, May 5th. The stock was purchased at an average price of $85.19 per share, with a total value of $34,076.00. Following the completion of the purchase, the director owned 2,125 shares in the company, valued at $181,028.75. This trade represents a 23.19% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 28,700 shares of company stock worth $2,532,880 over the last ninety days. 3.80% of the stock is owned by company insiders.

Patrick Industries Stock Up 0.4%

Patrick Industries stock opened at $84.60 on Thursday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 2.71. Patrick Industries, Inc. has a 52-week low of $81.29 and a 52-week high of $148.50. The firm has a 50 day moving average price of $88.86 and a two-hundred day moving average price of $107.97. The firm has a market cap of $2.78 billion, a price-to-earnings ratio of 21.69 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, beating analysts' consensus estimates of $1.08 by $0.02. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The company had revenue of $997.17 million for the quarter, compared to analyst estimates of $989.06 million. During the same period in the prior year, the firm posted $1.11 EPS. The company's quarterly revenue was down .6% on a year-over-year basis. Equities analysts predict that Patrick Industries, Inc. will post 4.63 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Tuesday, May 26th. Patrick Industries's payout ratio is presently 48.21%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PATK. KeyCorp reduced their price target on Patrick Industries from $140.00 to $125.00 and set an "overweight" rating on the stock in a report on Friday, May 1st. Benchmark cut their target price on shares of Patrick Industries from $150.00 to $135.00 and set a "buy" rating on the stock in a research report on Friday, May 1st. Zacks Research lowered shares of Patrick Industries from a "hold" rating to a "strong sell" rating in a report on Tuesday, May 5th. Roth Capital set a $128.00 price target on shares of Patrick Industries in a research report on Tuesday, May 5th. Finally, Weiss Ratings downgraded shares of Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, June 29th. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $121.00.

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.

Want to see what other hedge funds are holding PATK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patrick Industries, Inc. (NASDAQ:PATK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.