Copeland Capital Management LLC decreased its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 2.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 351,356 shares of the construction company's stock after selling 9,448 shares during the period. Copeland Capital Management LLC owned approximately 1.05% of Patrick Industries worth $29,711,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Arizona State Retirement System raised its stake in Patrick Industries by 51.3% in the 4th quarter. Arizona State Retirement System now owns 9,271 shares of the construction company's stock worth $770,000 after acquiring an additional 3,143 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Patrick Industries by 55.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company's stock worth $45,592,000 after acquiring an additional 195,138 shares during the last quarter. Nuveen Asset Management LLC raised its stake in Patrick Industries by 495.5% in the 4th quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company's stock worth $28,730,000 after acquiring an additional 287,739 shares during the last quarter. Xponance Inc. raised its stake in Patrick Industries by 13.8% in the 4th quarter. Xponance Inc. now owns 3,070 shares of the construction company's stock worth $255,000 after acquiring an additional 372 shares during the last quarter. Finally, IFP Advisors Inc raised its stake in Patrick Industries by 35.8% in the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company's stock worth $87,000 after acquiring an additional 275 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have weighed in on PATK. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Truist Financial lifted their price objective on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Robert W. Baird lifted their price objective on Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a research note on Friday, June 20th. KeyCorp reduced their price objective 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. Finally, Roth Mkm reiterated a "buy" rating and set a $100.00 price objective (down previously from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $96.42.
Check Out Our Latest Report on PATK
Insider Buying and Selling
In other news, Director John A. Forbes sold 2,875 shares of the business's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $91.62, for a total transaction of $263,407.50. Following the transaction, the director now directly owns 52,591 shares in the company, valued at $4,818,387.42. The trade was a 5.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Todd M. Cleveland bought 6,000 shares of the stock in a transaction dated Thursday, May 15th. The shares were bought at an average price of $85.80 per share, for a total transaction of $514,800.00. Following the completion of the acquisition, the director now owns 125,286 shares in the company, valued at approximately $10,749,538.80. The trade was a 5.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have bought 14,071 shares of company stock worth $1,205,964. Insiders own 4.40% of the company's stock.
Patrick Industries Price Performance
Shares of Patrick Industries stock traded up $1.05 on Friday, hitting $92.43. The company's stock had a trading volume of 298,038 shares, compared to its average volume of 351,465. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.04 and a current ratio of 2.41. Patrick Industries, Inc. has a 1 year low of $69.86 and a 1 year high of $98.90. The firm has a fifty day moving average price of $86.19 and a 200-day moving average price of $87.00. The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of 22.16, a price-to-earnings-growth ratio of 1.33 and a beta of 1.22.
Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.13. Patrick Industries had a return on equity of 12.90% and a net margin of 3.74%. The company had revenue of $1 billion for the quarter, compared to analysts' expectations of $959.46 million. During the same period in the previous year, the firm posted $1.79 EPS. Patrick Industries's revenue was up 7.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.
Patrick Industries Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Tuesday, May 27th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.73%. The ex-dividend date was Tuesday, May 27th. Patrick Industries's payout ratio is 38.37%.
Patrick Industries Company Profile
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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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