Patrick Industries, Inc. (NASDAQ:PATK) Shares Acquired by Natixis Advisors LLC

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 grew its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 9.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 36,022 shares of the construction company's stock after buying 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 SEC.

Several other large investors have also recently added to or reduced their stakes in PATK. GSA Capital Partners LLP acquired a new position in shares of Patrick Industries during the 1st quarter worth $650,000. Bryce Point Capital LLC acquired a new position in Patrick Industries during the first quarter worth about $872,000. LPL Financial LLC grew its position in Patrick Industries by 23.2% during the first quarter. LPL Financial LLC now owns 19,640 shares of the construction company's stock worth $1,661,000 after buying an additional 3,698 shares during the period. Assetmark Inc. increased its holdings in Patrick Industries by 15.1% in the first quarter. Assetmark Inc. now owns 11,309 shares of the construction company's stock valued at $956,000 after buying an additional 1,483 shares in the last quarter. Finally, Avantax Advisory Services Inc. lifted its position in shares of Patrick Industries by 12.5% during the 1st quarter. Avantax Advisory Services Inc. now owns 10,349 shares of the construction company's stock valued at $875,000 after acquiring an additional 1,150 shares during the period. 93.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PATK. Benchmark upped their price target on Patrick Industries from $102.00 to $110.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Raymond James Financial lifted their price target on Patrick Industries from $95.00 to $109.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. BMO Capital Markets increased 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. Finally, Roth Mkm restated a "buy" rating and set a $100.00 target price (down from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $104.86.

Insiders Place Their Bets

In related news, Director John A. Forbes sold 2,875 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $91.62, for a total transaction of $263,407.50. Following the transaction, the director directly owned 52,591 shares in the company, valued at approximately $4,818,387.42. This represents a 5.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Todd M. Cleveland purchased 6,000 shares of the 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 in the company, valued at $10,749,538.80. This trade represents a 5.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 14,071 shares of company stock worth $1,205,964. Corporate insiders own 4.40% of the company's stock.

Patrick Industries Price Performance

Shares of PATK traded down $0.76 during trading hours on Friday, reaching $100.37. 257,636 shares of the company traded hands, compared to its average volume of 356,897. The stock has a market capitalization of $3.36 billion, a PE ratio of 27.20, a price-to-earnings-growth ratio of 1.45 and a beta of 1.23. The stock has a fifty day simple moving average of $94.87 and a 200 day simple moving average of $89.64. Patrick Industries, Inc. has a fifty-two week low of $72.99 and a fifty-two week high of $103.99. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly 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 company had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $1.03 billion. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The firm's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period last year, the company earned $2.16 EPS. As a group, research analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

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

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.