Nuveen LLC Invests $33.74 Million in Patrick Industries, Inc. $PATK

Key Points

• Nuveen LLC has acquired a new stake in Patrick Industries, Inc., purchasing 398,949 shares valued at approximately $33.74 million, representing a 1.19% ownership in the company.
• Patrick Industries reported strong quarterly earnings, with an EPS of $1.50, exceeding analyst expectations of $1.41, and a revenue of $1.05 billion.
• The company declared a quarterly dividend of $0.40, with a dividend yield of 1.4% and a payout ratio of 43.36%.

Nuveen LLC bought a new position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 398,949 shares of the construction company's stock, valued at approximately $33,735,000. Nuveen LLC owned about 1.19% of Patrick Industries at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Private Trust Co. NA grew its stake in shares of Patrick Industries by 432.4% in the first 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. Investment Management Corp VA ADV purchased a new stake in shares of Patrick Industries during the fourth quarter valued at $52,000. Public Employees Retirement System of Ohio boosted its position in shares of Patrick Industries by 50.0% during the fourth quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company's stock valued at $68,000 after buying an additional 273 shares during the last quarter. Covestor Ltd boosted its position in shares of Patrick Industries by 205.1% during the first quarter. Covestor Ltd now owns 961 shares of the construction company's stock valued at $81,000 after buying an additional 646 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its position in shares of Patrick Industries by 17.5% during the first quarter. First Horizon Advisors Inc. now owns 1,356 shares of the construction company's stock valued at $115,000 after buying an additional 202 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Trading Up 1.9%

Shares of Patrick Industries stock traded up $2.14 on Tuesday, reaching $112.36. The company had a trading volume of 197,305 shares, compared to its average volume of 362,697. The firm's 50-day moving average price is $97.82 and its two-hundred day moving average price is $90.18. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $114.26. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.96 and a quick ratio of 0.75. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of 30.45, a P/E/G ratio of 1.59 and a beta of 1.23.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.41 by $0.09. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The company had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter in the previous year, the business earned $2.16 EPS. Patrick Industries's revenue was up 3.0% compared to the same quarter last year. As a group, research analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 8th. Investors of record on Monday, August 25th will be issued a dividend of $0.40 per share. The ex-dividend date is Monday, August 25th. This represents a $1.60 dividend on an annualized basis and a yield of 1.4%. Patrick Industries's payout ratio is presently 43.36%.

Analyst Ratings Changes

PATK has been the topic of several recent analyst reports. Wall Street Zen raised Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Benchmark increased their price objective on Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Truist Financial increased their target price on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. KeyCorp raised their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, Robert W. Baird raised their price objective on Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a research note on Friday, June 20th. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Patrick Industries presently has an average rating of "Moderate Buy" and a consensus price target of $104.86.

Insider Activity at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $110.68, for a total transaction of $2,767,000.00. Following the completion of the sale, the chief executive officer directly owned 328,641 shares of the company's stock, valued at $36,373,985.88. The trade was a 7.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kip B. Ellis sold 21,452 shares of Patrick Industries stock in a transaction on 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 approximately $13,792,943.79. This trade represents a 14.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 3,071 shares of company stock worth $253,714 and have sold 71,716 shares worth $7,860,297. 4.40% of the stock is owned by insiders.

About Patrick Industries

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.