HighRoad Wealth Advisors LLC Makes New Investment in Patrick Industries, Inc. $PATK

Key Points

• HighRoad Wealth Advisors initiated a new position in Patrick Industries in Q4, buying 14,300 shares (~$1.55M), which represents about 1.5% of the firm's holdings and is its 9th largest position, while institutional investors own roughly 93.29% of the stock.
• Patrick Industries beat expectations for the quarter — EPS $0.84 vs. $0.74 est. and revenue $924.17M (+9.2% YoY) — with ROE of 13.28% and a net margin of 3.42%.
• Analyst sentiment is mostly positive (seven Buys, two Holds) with a consensus target of $131.13; the company has a market cap of ~$3.54B, a P/E around 27.35, and an annualized dividend yield of about 1.8%.

HighRoad Wealth Advisors LLC acquired a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 14,300 shares of the construction company's stock, valued at approximately $1,551,000. Patrick Industries accounts for about 1.5% of HighRoad Wealth Advisors LLC's holdings, making the stock its 9th biggest holding.

Other large investors have also recently made changes to their positions in the company. Advisory Services Network LLC purchased a new stake in shares of Patrick Industries during the third quarter valued at $25,000. Salomon & Ludwin LLC purchased a new stake in shares of Patrick Industries during the third quarter valued at $25,000. Cornerstone Planning Group LLC purchased a new stake in shares of Patrick Industries during the third quarter valued at $31,000. Farther Finance Advisors LLC raised its holdings in shares of Patrick Industries by 200.9% in the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company's stock valued at $37,000 after acquiring an additional 229 shares in the last quarter. Finally, Parkside Financial Bank & Trust raised its holdings in shares of Patrick Industries by 87.5% in the third quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company's stock valued at $49,000 after acquiring an additional 223 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Price Performance

Shares of NASDAQ PATK opened at $106.93 on Monday. The business's 50 day moving average price is $120.18 and its 200 day moving average price is $114.14. The firm has a market cap of $3.54 billion, a P/E ratio of 27.35 and a beta of 1.35. Patrick Industries, Inc. has a 52 week low of $75.26 and a 52 week high of $148.50. The company has a quick ratio of 0.80, a current ratio of 2.51 and a debt-to-equity ratio of 1.08.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, beating analysts' consensus estimates of $0.74 by $0.10. The firm had revenue of $924.17 million for the quarter, compared to analyst estimates of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.Patrick Industries's revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.52 earnings per share. On average, sell-side analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 9th. Investors of record on Monday, February 23rd were given a $0.47 dividend. The ex-dividend date was Monday, February 23rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.8%. Patrick Industries's dividend payout ratio is currently 48.08%.

Insider Transactions at Patrick Industries

In other news, CAO Matthew S. Filer bought 1,000 shares of the company's stock in a transaction that occurred on Friday, February 6th. The shares were purchased at an average price of $139.91 per share, for a total transaction of $139,910.00. Following the completion of the transaction, the chief accounting officer directly owned 20,614 shares in the company, valued at approximately $2,884,104.74. This represents a 5.10% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Stacey L. Amundson sold 3,903 shares of the company's stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $145.61, for a total value of $568,315.83. Following the completion of the sale, the executive vice president owned 12,819 shares in the company, valued at approximately $1,866,574.59. This represents a 23.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have bought 11,110 shares of company stock valued at $1,289,895 and have sold 20,121 shares valued at $2,477,337. Corporate insiders own 3.80% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on PATK shares. Weiss Ratings upgraded Patrick Industries from a "hold (c)" rating to a "buy (b-)" rating in a report on Monday, February 23rd. Roth Mkm reiterated a "buy" rating and issued a $140.00 target price (down from $157.00) on shares of Patrick Industries in a report on Thursday. BMO Capital Markets reiterated an "outperform" rating and issued a $155.00 target price on shares of Patrick Industries in a report on Friday, February 6th. Benchmark restated a "buy" rating on shares of Patrick Industries in a research note on Friday, February 6th. Finally, Truist Financial set a $126.00 price target on Patrick Industries in a research note on Friday, January 9th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Patrick Industries presently has an average rating of "Moderate Buy" and a consensus target price of $131.13.

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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