Copeland Capital Management LLC trimmed its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 2.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 351,356 shares of the construction company's stock after selling 9,448 shares during the quarter. Copeland Capital Management LLC owned about 1.05% of Patrick Industries worth $29,711,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Global Retirement Partners LLC grew its holdings in shares of Patrick Industries by 44.8% in the fourth quarter. Global Retirement Partners LLC now owns 643 shares of the construction company's stock valued at $53,000 after purchasing an additional 199 shares during the period. Handelsbanken Fonder AB increased its holdings in shares of Patrick Industries by 50.0% during the 4th quarter. Handelsbanken Fonder AB now owns 4,361 shares of the construction company's stock worth $362,000 after buying an additional 1,453 shares during the last quarter. IFP Advisors Inc raised its position in shares of Patrick Industries by 35.8% during the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company's stock valued at $87,000 after buying an additional 275 shares during the period. Bank of New York Mellon Corp raised its position in shares of Patrick Industries by 27.7% during the 4th quarter. Bank of New York Mellon Corp now owns 329,617 shares of the construction company's stock valued at $27,385,000 after buying an additional 71,493 shares during the period. Finally, Amalgamated Bank lifted its holdings in Patrick Industries by 50.2% in the fourth quarter. Amalgamated Bank now owns 9,872 shares of the construction company's stock valued at $820,000 after acquiring an additional 3,299 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
PATK has been the subject of several recent analyst reports. KeyCorp cut their target price on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Raymond James Financial lowered their target price on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Wall Street Zen raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Baird R W downgraded shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Finally, Roth Mkm restated a "buy" rating and set a $100.00 price target (down from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $96.42.
Check Out Our Latest Stock Report on PATK
Patrick Industries Stock Up 3.3%
Shares of NASDAQ:PATK traded up $3.03 during trading on Tuesday, hitting $95.30. The company's stock had a trading volume of 661,952 shares, compared to its average volume of 352,564. Patrick Industries, Inc. has a fifty-two week low of $69.86 and a fifty-two week high of $98.90. The business has a 50 day moving average price of $86.48 and a two-hundred day moving average price of $86.99. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.04 and a current ratio of 2.41. The company has a market capitalization of $3.19 billion, a PE ratio of 22.85, a P/E/G ratio of 1.33 and a beta of 2.00.
Patrick Industries (NASDAQ:PATK - Get Free Report) last released its earnings results on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, topping the consensus estimate of $0.98 by $0.13. The firm had revenue of $1 billion during the quarter, compared to analysts' expectations of $959.46 million. Patrick Industries had a return on equity of 12.90% and a net margin of 3.74%. Patrick Industries's revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.79 EPS. As a group, research analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.
Patrick Industries Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.60 annualized dividend and a dividend yield of 1.68%. Patrick Industries's dividend payout ratio (DPR) is currently 38.37%.
Insiders Place Their Bets
In other Patrick Industries news, Director John A. Forbes sold 2,875 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $91.62, for a total value of $263,407.50. Following the sale, the director directly owned 52,591 shares in the company, valued at $4,818,387.42. This trade represents a 5.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Todd M. Cleveland acquired 6,000 shares of the company's stock in a transaction dated Thursday, May 15th. The stock was acquired at an average price of $85.80 per share, for a total transaction of $514,800.00. Following the acquisition, the director owned 125,286 shares in the company, valued at approximately $10,749,538.80. The trade was a 5.03% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 14,071 shares of company stock valued at $1,205,964. Insiders own 4.70% of the company's stock.
Patrick Industries Profile
(
Free Report)
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.
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