Bessemer Group Inc. Purchases 145,863 Shares of Patrick Industries, Inc. $PATK

Key Points

• Bessemer Group Inc. massively increased its stake in Patrick Industries, buying 145,863 shares in the fourth quarter and lifting its holdings to 149,912 shares worth about $16.3 million.
• Several other institutional investors also boosted positions, and 93.29% of Patrick Industries stock is owned by institutions, signaling strong professional ownership interest.
• Patrick Industries reported quarterly earnings of $1.10 per share, slightly above estimates, and announced a $0.47 quarterly dividend payable on June 8, for a 2.1% annualized yield.

Bessemer Group Inc. increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 3,602.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 149,912 shares of the construction company's stock after buying an additional 145,863 shares during the quarter. Bessemer Group Inc. owned 0.45% of Patrick Industries worth $16,255,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of PATK. SG Americas Securities LLC grew its stake in Patrick Industries by 12,134.2% in the fourth quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company's stock valued at $28,123,000 after purchasing an additional 257,245 shares in the last quarter. Balyasny Asset Management L.P. bought a new position in Patrick Industries in the second quarter valued at approximately $9,800,000. Copeland Capital Management LLC grew its stake in Patrick Industries by 23.4% in the fourth quarter. Copeland Capital Management LLC now owns 478,999 shares of the construction company's stock valued at $51,938,000 after purchasing an additional 90,691 shares in the last quarter. Watchtower Advisors LP grew its stake in Patrick Industries by 50.0% in the third quarter. Watchtower Advisors LP now owns 150,000 shares of the construction company's stock valued at $15,514,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Strs Ohio grew its stake in Patrick Industries by 4,000.0% in the fourth quarter. Strs Ohio now owns 41,000 shares of the construction company's stock valued at $4,446,000 after purchasing an additional 40,000 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on PATK. Zacks Research downgraded Patrick Industries from a "hold" rating to a "strong sell" rating in a research note on Tuesday, May 5th. Wall Street Zen downgraded Patrick Industries from a "buy" rating to a "hold" rating in a research note on Sunday, April 12th. Raymond James Financial set a $108.00 price target on Patrick Industries in a research note on Friday, May 1st. Robert W. Baird set a $110.00 price target on Patrick Industries in a research note on Friday, May 1st. Finally, Benchmark decreased their price target on Patrick Industries from $150.00 to $135.00 and set a "buy" rating for the company in a research note on Friday, May 1st. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Patrick Industries presently has a consensus rating of "Moderate Buy" and a consensus target price of $122.63.

Patrick Industries Stock Performance

Shares of NASDAQ PATK opened at $91.19 on Friday. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 12 month low of $82.24 and a 12 month high of $148.50. The stock has a 50 day moving average of $106.51 and a 200-day moving average of $113.58. The company has a market capitalization of $3.00 billion, a P/E ratio of 23.38 and a beta of 1.12.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.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 previous year, the company posted $1.11 EPS. The firm's revenue for the quarter was down .6% compared to the same quarter last year. As a group, equities research analysts predict that Patrick Industries, Inc. will post 4.94 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Tuesday, May 26th. Patrick Industries's payout ratio is currently 48.21%.

Insider Activity at Patrick Industries

In other Patrick Industries news, Director M Scott Welch bought 10,050 shares of Patrick Industries stock in a transaction dated Tuesday, May 5th. The stock was bought at an average cost of $88.23 per share, for a total transaction of $886,711.50. Following the purchase, the director owned 156,000 shares of the company's stock, valued at $13,763,880. The trade was a 6.89% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Matthew S. Filer purchased 1,000 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The shares were purchased at an average cost of $85.50 per share, with a total value of $85,500.00. Following the completion of the acquisition, the chief financial officer owned 21,614 shares in the company, valued at $1,847,997. The trade was a 4.85% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased a total of 37,310 shares of company stock worth $3,541,295 in the last three months. 3.80% of the stock is owned by company insiders.

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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