Alberta Investment Management Corp Purchases Shares of 16,142 Patrick Industries, Inc. (NASDAQ:PATK)

Key Points

• Alberta Investment Management Corp has acquired a new position in Patrick Industries, Inc. worth approximately $1.37 million, indicating growing institutional interest in the construction company.
• Patrick Industries reported quarterly earnings of $1.50 EPS, surpassing analyst expectations and showing a 3% revenue increase compared to the previous year.
• The company has declared a quarterly dividend of $0.40 per share, providing shareholders with an annualized yield of 1.6% and a payout ratio of 43.36%.

Alberta Investment Management Corp acquired a new stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 16,142 shares of the construction company's stock, valued at approximately $1,365,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Covestor Ltd increased its holdings in Patrick Industries by 10,400.0% during the 4th quarter. Covestor Ltd now owns 315 shares of the construction company's stock worth $26,000 after purchasing an additional 312 shares during the period. Quadrant Capital Group LLC boosted its stake in Patrick Industries by 49.8% during the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock worth $27,000 after purchasing an additional 109 shares during the period. Private Trust Co. NA increased its position in Patrick Industries by 432.4% in the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock valued at $50,000 after acquiring an additional 480 shares during the period. Investment Management Corp VA ADV acquired a new position in shares of Patrick Industries in the fourth quarter valued at approximately $52,000. Finally, Public Employees Retirement System of Ohio raised its position in Patrick Industries by 50.0% during the 4th quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company's stock worth $68,000 after buying an additional 273 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PATK has been the topic of a number of research analyst reports. Benchmark boosted their price objective on shares of Patrick Industries from $102.00 to $110.00 and gave the stock a "buy" rating in a report on Friday, August 1st. BMO Capital Markets raised their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. KeyCorp upped their target price on Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Wall Street Zen raised Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Finally, Roth Mkm reiterated a "buy" rating and issued a $100.00 price objective (down from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Three investment analysts have rated the stock with a hold rating and six have given 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 price target of $104.86.

Insider Buying and Selling

In other news, Director John A. Forbes sold 2,875 shares of the business's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $91.62, for a total value of $263,407.50. Following the completion of the sale, the director directly owned 52,591 shares in the company, valued at approximately $4,818,387.42. The trade was a 5.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Todd M. Cleveland bought 1,000 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The stock was purchased at an average price of $82.75 per share, for a total transaction of $82,750.00. Following the acquisition, the director directly owned 133,286 shares in the company, valued at approximately $11,029,416.50. This trade represents a 0.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 14,071 shares of company stock valued at $1,205,964 over the last three months. 4.40% of the stock is owned by insiders.

Patrick Industries Stock Performance

Shares of PATK traded down $1.75 during mid-day trading on Thursday, reaching $100.75. 90,032 shares of the company's stock traded hands, compared to its average volume of 357,074. Patrick Industries, Inc. has a 12 month low of $72.99 and a 12 month high of $103.99. The stock has a market capitalization of $3.37 billion, a P/E ratio of 27.30, a price-to-earnings-growth ratio of 1.49 and a beta of 1.23. The business's 50-day moving average price is $94.57 and its 200-day moving average price is $89.58. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.75 and a current ratio of 1.96.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.09. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%. The company's quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.16 EPS. Equities analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Tuesday, May 27th. Patrick Industries's dividend payout ratio is 43.36%.

About Patrick Industries

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.