Copeland Capital Management LLC Buys 84,508 Shares of Patrick Industries, Inc. $PATK

Key Points

• Copeland Capital Management increased its stake in Patrick Industries by 17.6% in the first quarter, buying 84,508 shares and bringing its total holding to 563,507 shares worth about $62.6 million.
• Patrick Industries reported solid quarterly results, with earnings per share of $1.10 topping estimates and revenue of $997.17 million also coming in above expectations, though revenue was slightly below last year.
• Analyst sentiment remains mixed but generally positive, with six Buy ratings, two Hold ratings, and one Sell rating, and a consensus price target of $121 despite recent rating cuts from some firms.

Copeland Capital Management LLC boosted its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 17.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 563,507 shares of the construction company's stock after buying an additional 84,508 shares during the period. Patrick Industries makes up 1.4% of Copeland Capital Management LLC's holdings, making the stock its 22nd biggest holding. Copeland Capital Management LLC owned about 1.70% of Patrick Industries worth $62,589,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of PATK. SG Americas Securities LLC lifted its position 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 valued at $28,123,000 after purchasing an additional 257,245 shares in the last quarter. Bessemer Group Inc. increased its stake in Patrick Industries by 3,602.4% in the 4th quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company's stock valued at $16,255,000 after buying an additional 145,863 shares during the last quarter. HighRoad Wealth Advisors LLC bought a new position in shares of Patrick Industries during the 4th quarter worth approximately $1,551,000. WCG Wealth Advisors LLC bought a new position in shares of Patrick Industries during the 4th quarter worth approximately $1,641,000. Finally, Nicholas Investment Partners LP bought a new position in shares of Patrick Industries in the fourth quarter valued at approximately $5,201,000. Institutional investors own 93.29% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Patrick Industries from a "buy" rating to a "hold" rating in a research note on Sunday, April 12th. Roth Capital set a $128.00 price objective on Patrick Industries in a report on Tuesday, May 5th. Benchmark cut 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. Raymond James Financial set a $108.00 price objective on Patrick Industries in a research note on Friday, May 1st. Finally, Zacks Research lowered shares of Patrick Industries from a "hold" rating to a "strong sell" rating in a research report on Tuesday, May 5th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Patrick Industries has an average rating of "Moderate Buy" and a consensus target price of $121.00.

Patrick Industries Trading Down 0.2%

Shares of PATK stock opened at $88.09 on Friday. The company has a quick ratio of 1.04, a current ratio of 2.71 and a debt-to-equity ratio of 1.16. The business has a 50-day moving average price of $88.58 and a two-hundred day moving average price of $107.66. Patrick Industries, Inc. has a 12-month low of $81.29 and a 12-month high of $148.50. The firm has a market cap of $2.90 billion, a P/E ratio of 22.59 and a beta of 1.11.

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

Patrick Industries Dividend Announcement

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

Insider Transactions at Patrick Industries

In other news, Director M Scott Welch acquired 10,050 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were acquired at an average cost of $88.23 per share, with a total value of $886,711.50. Following the transaction, the director owned 156,000 shares in the company, valued at $13,763,880. The trade was a 6.89% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Blake Augsburger bought 400 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were acquired at an average price of $85.19 per share, for a total transaction of $34,076.00. Following the acquisition, the director owned 2,125 shares in the company, valued at approximately $181,028.75. This represents a 23.19% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have purchased 28,700 shares of company stock valued at $2,532,880. Insiders own 3.80% of the company's stock.

Patrick Industries 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.

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