Patrick Industries, Inc. $PATK Shares Bought by Copeland Capital Management LLC

Key Points

• Copeland Capital Management increased its stake in Patrick Industries by 23.4% to 478,999 shares (an additional 90,691 shares), representing about $51.94 million and 1.44% ownership at quarter-end.
• Company insiders bought stock recently, notably Director M. Scott Welch acquiring 10,000 shares at $113.68 (raising his holdings to 146,000 shares) and CAO Matthew Filer buying 1,000 shares at $139.91.
• Patrick Industries beat quarterly expectations with EPS of $0.84 (vs. $0.74 est.) and revenue of $924.17M (up 9.2% YoY), and analysts hold a consensus “Moderate Buy” with an average target price of $130.50.

Copeland Capital Management LLC grew its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 23.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 478,999 shares of the construction company's stock after purchasing an additional 90,691 shares during the quarter. Copeland Capital Management LLC owned 1.44% of Patrick Industries worth $51,938,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Advisory Services Network LLC acquired a new position in shares of Patrick Industries in the third quarter worth about $25,000. Salomon & Ludwin LLC acquired a new position in shares of Patrick Industries in the third quarter worth about $25,000. Cornerstone Planning Group LLC acquired a new position in shares of Patrick Industries in the third quarter worth about $31,000. Farther Finance Advisors LLC lifted its stake 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 worth $37,000 after acquiring an additional 229 shares in the last quarter. Finally, Parkside Financial Bank & Trust lifted its stake 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 worth $49,000 after acquiring an additional 223 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on PATK shares. Benchmark reiterated a "buy" rating on shares of Patrick Industries in a research note on Friday, February 6th. KeyCorp cut their price target on Patrick Industries from $155.00 to $140.00 and set an "overweight" rating on the stock in a research note on Thursday, April 9th. Wall Street Zen cut Patrick Industries from a "buy" rating to a "hold" rating in a research note on Sunday, April 12th. Weiss Ratings upgraded Patrick Industries from a "hold (c)" rating to a "buy (b-)" rating in a research note on Monday, February 23rd. Finally, Robert W. Baird set a $140.00 price target on Patrick Industries in a research note on Friday, February 6th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Patrick Industries presently has a consensus rating of "Moderate Buy" and an average target price of $130.50.

Insider Transactions at Patrick Industries

In other news, CAO Matthew S. Filer acquired 1,000 shares of the stock in a transaction that occurred on Friday, February 6th. The stock was purchased at an average cost of $139.91 per share, with a total value of $139,910.00. Following the completion of the acquisition, the chief accounting officer directly owned 20,614 shares in the company, valued at $2,884,104.74. This represents a 5.10% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director M Scott Welch acquired 10,000 shares of the stock in a transaction that occurred on Thursday, March 12th. The stock was purchased at an average cost of $113.68 per share, with a total value of $1,136,800.00. Following the completion of the acquisition, the director owned 146,000 shares of the company's stock, valued at $16,597,280. The trade was a 7.35% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders purchased 11,110 shares of company stock valued at $1,289,895 and sold 20,121 shares valued at $2,477,337. Corporate insiders own 3.80% of the company's stock.

Patrick Industries Stock Down 1.3%

Shares of Patrick Industries stock opened at $100.10 on Friday. The company has a quick ratio of 0.80, a current ratio of 2.51 and a debt-to-equity ratio of 1.08. The firm has a market cap of $3.31 billion, a P/E ratio of 25.60 and a beta of 1.35. Patrick Industries, Inc. has a fifty-two week low of $75.26 and a fifty-two week high of $148.50. The business has a 50-day moving average price of $116.93 and a 200 day moving average price of $113.95.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.10. The firm had revenue of $924.17 million during 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 quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.52 earnings per share. On average, sell-side analysts forecast that Patrick Industries, Inc. will post 5.39 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 9th. Investors of record on Monday, February 23rd were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Monday, February 23rd. Patrick Industries's payout ratio is currently 48.08%.

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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