Northwestern Mutual Wealth Management Co. Acquires 67,377 Shares of Patrick Industries, Inc. $PATK

Key Points

• Northwestern Mutual Wealth Management dramatically increased its stake in Patrick Industries during the fourth quarter, buying 67,377 additional shares and bringing its total holdings to 67,410 shares worth about $7.3 million.
• Patrick Industries reported better-than-expected quarterly results, with EPS of $1.10 beating estimates and revenue of $997.17 million also topping forecasts, though revenue was slightly lower year over year.
• The company also announced a quarterly dividend of $0.47 per share, and insider activity showed CEO Andy L. Nemeth bought 10,000 shares while analysts maintained a generally positive but mixed outlook with a consensus Moderate Buy rating.

Northwestern Mutual Wealth Management Co. lifted its holdings in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 204,172.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 67,410 shares of the construction company's stock after purchasing an additional 67,377 shares during the quarter. Northwestern Mutual Wealth Management Co. owned 0.20% of Patrick Industries worth $7,309,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PATK. SG Americas Securities LLC raised its position in 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 worth $28,123,000 after acquiring an additional 257,245 shares in the last quarter. Bessemer Group Inc. raised its position in Patrick Industries by 3,602.4% during the fourth quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company's stock worth $16,255,000 after acquiring an additional 145,863 shares in the last quarter. Balyasny Asset Management L.P. bought a new stake in Patrick Industries during the second quarter worth $9,800,000. Copeland Capital Management LLC raised its position in Patrick Industries by 23.4% during the fourth quarter. Copeland Capital Management LLC now owns 478,999 shares of the construction company's stock worth $51,938,000 after acquiring an additional 90,691 shares in the last quarter. Finally, Watchtower Advisors LP raised its position in Patrick Industries by 50.0% during the third quarter. Watchtower Advisors LP now owns 150,000 shares of the construction company's stock worth $15,514,000 after acquiring an additional 50,000 shares in the last quarter. 93.29% of the stock is owned by institutional investors.

Patrick Industries Price Performance

Shares of PATK opened at $90.87 on Friday. The firm has a market capitalization of $2.99 billion, a PE ratio of 23.30 and a beta of 1.12. The company's 50-day moving average is $103.88 and its 200-day moving average is $113.14. Patrick Industries, Inc. has a fifty-two week low of $82.24 and a fifty-two week high of $148.50. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.02. The company had revenue of $997.17 million for the quarter, compared to analyst estimates of $989.06 million. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The company's revenue was down .6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.11 earnings per share. Equities analysts forecast that Patrick Industries, Inc. will post 4.94 EPS for the current year.

Patrick Industries Dividend Announcement

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

Insider Buying and Selling

In related news, CEO Andy L. Nemeth acquired 10,000 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were bought at an average cost of $88.00 per share, with a total value of $880,000.00. Following the completion of the transaction, the chief executive officer directly owned 287,745 shares of the company's stock, valued at $25,321,560. This trade represents a 3.60% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Hugo E. Gonzalez sold 13,514 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $113.10, for a total transaction of $1,528,433.40. Following the completion of the transaction, the chief operating officer directly owned 33,864 shares in the company, valued at $3,830,018.40. The trade was a 28.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders purchased 37,410 shares of company stock valued at $3,550,239. 3.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have issued reports on PATK shares. Wall Street Zen lowered shares of Patrick Industries from a "buy" rating to a "hold" rating in a research report on Sunday, April 12th. BMO Capital Markets reaffirmed an "outperform" rating and set a $150.00 price target (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. Weiss Ratings lowered shares of Patrick Industries from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, May 7th. Robert W. Baird set a $110.00 price target on shares of Patrick Industries in a research report on Friday, May 1st. Finally, KeyCorp dropped their price target on shares of Patrick Industries from $140.00 to $125.00 and set an "overweight" rating on the stock in a research report on Friday, May 1st. Six analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $122.63.

About Patrick Industries

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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