Bessemer Group Inc. Acquires 36,359 Shares of Patrick Industries, Inc. $PATK

Key Points

• Bessemer Group Inc. increased its stake in Patrick Industries by 24.3% in the first quarter, buying 36,359 additional shares and bringing its total holdings to 186,271 shares worth about $20.69 million.
• Insider buying has also been notable, including director M. Scott Welch’s purchase of 10,050 shares and insider Jacob R. Petkovich’s purchase of 1,300 shares. Over the past three months, insiders bought 28,700 shares worth $2.53 million.
• Patrick Industries recently beat quarterly earnings and revenue estimates, reporting EPS of $1.10 versus the $1.08 consensus and revenue of $997.17 million. The company also paid a quarterly dividend of $0.47 per share, implying a 2.1% annualized yield.

Bessemer Group Inc. raised its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 24.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 186,271 shares of the construction company's stock after buying an additional 36,359 shares during the period. Bessemer Group Inc. owned about 0.56% of Patrick Industries worth $20,690,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of PATK. Illinois Municipal Retirement Fund lifted its stake in shares of Patrick Industries by 6.6% in the 1st quarter. Illinois Municipal Retirement Fund now owns 18,206 shares of the construction company's stock valued at $2,022,000 after acquiring an additional 1,122 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new position in Patrick Industries during the 1st quarter worth approximately $5,220,000. Fifth Third Bancorp increased its stake in Patrick Industries by 2,460.9% in the 1st quarter. Fifth Third Bancorp now owns 11,780 shares of the construction company's stock worth $1,308,000 after purchasing an additional 11,320 shares during the period. Hodges Capital Management Inc. purchased a new position in Patrick Industries in the 1st quarter worth approximately $1,955,000. Finally, Abel Hall LLC lifted its position in Patrick Industries by 37.2% in the first quarter. Abel Hall LLC now owns 2,767 shares of the construction company's stock valued at $307,000 after purchasing an additional 750 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

Insider Transactions at Patrick Industries

In other news, Director M Scott Welch purchased 10,050 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The shares were bought at an average cost of $88.23 per share, for a total transaction of $886,711.50. Following the completion of the transaction, the director directly owned 156,000 shares of the company's stock, valued at $13,763,880. This trade represents a 6.89% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jacob R. Petkovich purchased 1,300 shares of Patrick Industries stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased at an average cost of $95.57 per share, for a total transaction of $124,241.00. Following the completion of the purchase, the insider owned 46,290 shares of the company's stock, valued at $4,423,935.30. This trade represents a 2.89% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have purchased 28,700 shares of company stock worth $2,532,880. 3.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Benchmark decreased 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 note on Friday, May 1st. Raymond James Financial set a $108.00 price objective on shares of Patrick Industries in a research note on Friday, May 1st. Wall Street Zen cut Patrick Industries from a "buy" rating to a "hold" rating in a research note on Sunday, April 12th. Truist Financial lowered their price target on Patrick Industries from $126.00 to $113.00 and set a "buy" rating for the company in a research report on Wednesday, July 8th. Finally, Robert W. Baird set a $110.00 target price on Patrick Industries in a research note on Friday, May 1st. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $121.00.

Patrick Industries Trading Down 0.2%

Shares of PATK opened at $88.09 on Friday. Patrick Industries, Inc. has a 1-year low of $81.29 and a 1-year high of $148.50. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16. The firm's 50-day moving average price is $88.58 and its 200-day moving average price is $107.66. The firm has a market capitalization of $2.90 billion, a price-to-earnings ratio of 22.59 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $989.06 million. During the same period in the prior year, the firm earned $1.11 earnings per share. Patrick Industries's revenue was down .6% on a year-over-year basis. Sell-side analysts anticipate that Patrick Industries, Inc. will post 4.63 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th were issued a dividend of $0.47 per share. The ex-dividend date was Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.1%. Patrick Industries's dividend payout ratio is 48.21%.

About Patrick Industries

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.

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