Natixis Advisors LLC Raises Stock Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Key Points

• Natixis Advisors LLC increased its stake in Patrick Industries by 9.2% during the first quarter, acquiring more than 3,000 additional shares, bringing its total ownership to approximately $3 million.
• Patrick Industries reported a $1.50 EPS for the last quarter, surpassing analysts' expectations, with revenues also exceeding forecasts at $1.05 billion.
• The company recently declared a quarterly dividend of $0.40, resulting in an annualized dividend yield of 1.6% and a payout ratio of 43.36%.

Natixis Advisors LLC raised its stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 9.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 36,022 shares of the construction company's stock after purchasing an additional 3,025 shares during the quarter. Natixis Advisors LLC owned 0.11% of Patrick Industries worth $3,046,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of PATK. Dimensional Fund Advisors LP grew its stake in shares of Patrick Industries by 48.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock worth $154,823,000 after acquiring an additional 609,036 shares in the last quarter. Capital Research Global Investors purchased a new position in Patrick Industries during the fourth quarter worth about $38,275,000. Capital World Investors grew its position in Patrick Industries by 50.0% in the 4th quarter. Capital World Investors now owns 944,319 shares of the construction company's stock worth $78,454,000 after purchasing an additional 314,773 shares in the last quarter. Nuveen Asset Management LLC grew its position 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 purchasing an additional 287,739 shares in the last quarter. Finally, Invesco Ltd. increased its stake in Patrick Industries by 61.6% in the 4th quarter. Invesco Ltd. now owns 709,140 shares of the construction company's stock valued at $58,915,000 after buying an additional 270,266 shares during the last quarter. Institutional investors own 93.29% of the company's stock.

Patrick Industries Stock Performance

Patrick Industries stock traded down $0.76 during midday trading on Friday, reaching $100.37. The stock had a trading volume of 257,636 shares, compared to its average volume of 322,211. The firm has a market capitalization of $3.36 billion, a PE ratio of 27.20, a P/E/G ratio of 1.42 and a beta of 1.23. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11. The firm's 50-day moving average price is $95.16 and its 200 day moving average price is $89.64. Patrick Industries, Inc. has a 12 month low of $72.99 and a 12 month high of $103.99.

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

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Tuesday, May 27th. Patrick Industries's payout ratio is presently 43.36%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PATK shares. Roth Mkm reaffirmed a "buy" rating and issued a $100.00 target price (down from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. KeyCorp upped their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Raymond James Financial boosted their price target 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. Finally, Robert W. Baird raised their price objective on shares of Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a report on Friday, June 20th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $104.86.

Insider Transactions at Patrick Industries

In related news, Director Todd M. Cleveland bought 6,000 shares of Patrick Industries stock in a transaction on Thursday, May 15th. The stock was acquired at an average price of $85.80 per share, with a total value of $514,800.00. Following the acquisition, the director directly owned 125,286 shares of the company's stock, valued at $10,749,538.80. This represents a 5.03% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John A. Forbes sold 2,875 shares of Patrick Industries stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $91.62, for a total value of $263,407.50. Following the transaction, the director directly owned 52,591 shares of the company's stock, valued at $4,818,387.42. The trade was a 5.18% decrease in their position. The disclosure for this sale can be found here. Insiders have acquired a total of 14,071 shares of company stock valued at $1,205,964 in the last ninety days. Insiders own 4.40% of the company's stock.

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.