Copeland Capital Management LLC Raises Position in Patrick Industries, Inc. $PATK

Key Points

• Copeland Capital Management LLC increased its holdings in Patrick Industries, Inc. by 16.8% during the 2nd quarter, owning 1.23% of the company, amounting to approximately $37.86 million.
• Wall Street analysts have raised their target prices for Patrick Industries, with several firms giving the stock an "outperform" rating and a consensus price target of $104.86.
• The company recently declared a quarterly dividend of $0.40 per share, translating to an annual yield of 1.5%.

Copeland Capital Management LLC raised its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 16.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 410,343 shares of the construction company's stock after buying an additional 58,987 shares during the period. Copeland Capital Management LLC owned about 1.23% of Patrick Industries worth $37,862,000 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. Strs Ohio purchased a new position in shares of Patrick Industries in the first quarter worth about $42,000. Private Trust Co. NA grew its position in Patrick Industries by 432.4% during the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock worth $50,000 after acquiring an additional 480 shares during the last quarter. Smartleaf Asset Management LLC grew its position in Patrick Industries by 27.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company's stock worth $63,000 after acquiring an additional 160 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in Patrick Industries by 50.0% in the 4th quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company's stock worth $68,000 after purchasing an additional 273 shares during the period. Finally, Covestor Ltd lifted its position in Patrick Industries by 205.1% in the first quarter. Covestor Ltd now owns 961 shares of the construction company's stock valued at $81,000 after purchasing an additional 646 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PATK has been the topic of several recent analyst reports. Raymond James Financial raised their target price on shares of Patrick Industries from $95.00 to $109.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Robert W. Baird boosted their price objective on shares of Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, June 20th. BMO Capital Markets upped their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. KeyCorp increased their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Benchmark boosted their price target on Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a report on Friday, August 1st. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Patrick Industries has a consensus rating of "Moderate Buy" and a consensus target price of $104.86.

Patrick Industries Price Performance

Shares of NASDAQ PATK opened at $104.19 on Friday. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $116.78. The stock has a market capitalization of $3.47 billion, a P/E ratio of 28.24, a P/E/G ratio of 1.46 and a beta of 1.34. The company's 50-day moving average is $107.56 and its 200 day moving average is $94.36. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.96 and a quick ratio of 0.75.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.09. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The business had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $1.03 billion. During the same period in the previous year, the firm posted $2.16 EPS. The business's revenue was up 3.0% on a year-over-year basis. On average, sell-side analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Monday, August 25th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Monday, August 25th. Patrick Industries's dividend payout ratio is presently 43.36%.

Insider Transactions at Patrick Industries

In other news, insider Kip B. Ellis sold 21,452 shares of the company's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $110.01, for a total value of $2,359,934.52. Following the sale, the insider directly owned 125,379 shares of the company's stock, valued at $13,792,943.79. This represents a 14.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael A. Kitson sold 4,572 shares of Patrick Industries stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $112.67, for a total transaction of $515,127.24. Following the transaction, the director directly owned 11,850 shares of the company's stock, valued at approximately $1,335,139.50. This trade represents a 27.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 73,413 shares of company stock worth $8,112,016 in the last ninety days. 4.40% of the stock is owned by company insiders.

Patrick Industries Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.