Alberta Investment Management Corp Invests $1.37 Million in 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 position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the 1st quarter, according to its most recent 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.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PATK. Vanguard Group Inc. grew its holdings in shares of Patrick Industries by 49.3% during the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock valued at $193,266,000 after acquiring an additional 768,102 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Patrick Industries by 48.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock valued at $154,823,000 after acquiring an additional 609,036 shares in the last quarter. Capital World Investors grew its holdings in shares of Patrick Industries by 50.0% during the 4th quarter. Capital World Investors now owns 944,319 shares of the construction company's stock valued at $78,454,000 after acquiring an additional 314,773 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Patrick Industries by 50.0% during the 4th quarter. Geode Capital Management LLC now owns 779,223 shares of the construction company's stock valued at $64,752,000 after acquiring an additional 259,783 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Patrick Industries by 61.6% during the 4th quarter. Invesco Ltd. now owns 709,140 shares of the construction company's stock valued at $58,915,000 after acquiring an additional 270,266 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Stock Performance

NASDAQ PATK traded up $2.39 during trading on Tuesday, reaching $102.74. The company's stock had a trading volume of 389,945 shares, compared to its average volume of 322,695. 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 market capitalization of $3.43 billion, a price-to-earnings ratio of 27.84, a price-to-earnings-growth ratio of 1.46 and a beta of 1.23. Patrick Industries, Inc. has a 12 month low of $72.99 and a 12 month high of $103.96. The firm has a 50 day moving average price of $94.26 and a 200 day moving average price of $89.49.

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

Patrick Industries Announces Dividend

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

Insider Buying and Selling

In other Patrick Industries news, Director John A. Forbes sold 2,875 shares of the company's stock in a transaction that occurred 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 transaction, the director directly owned 52,591 shares in the company, valued at approximately $4,818,387.42. This represents a 5.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Todd M. Cleveland purchased 6,000 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was acquired at an average price of $85.80 per share, with a total value of $514,800.00. Following the completion of the transaction, the director owned 125,286 shares in the company, valued at approximately $10,749,538.80. This trade represents a 5.03% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 14,071 shares of company stock valued at $1,205,964. 4.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PATK has been the subject of a number of recent research reports. Raymond James Financial upped their price objective on shares of Patrick Industries from $95.00 to $109.00 and gave the stock an "outperform" rating in a report on Friday. Wall Street Zen raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. KeyCorp increased their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research report on Friday. Roth Mkm reaffirmed a "buy" rating and set a $100.00 price objective (down previously from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Finally, BMO Capital Markets raised their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a report on Friday. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $101.25.

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.