Schroder Investment Management Group Purchases 27,954 Shares of Patrick Industries, Inc. $PATK

Key Points

• Schroder Investment Management Group increased its position by 7.2%, buying 27,954 shares and now owns 413,789 shares (about 1.24%) of Patrick Industries, valued at roughly $42.8 million, while institutional investors hold about 93.29% of the stock.
• Patrick Industries beat expectations with $0.84 EPS vs. $0.74 estimated and $924.17M revenue vs. $858.62M estimated (revenue +9.2% YoY), and the company declared a quarterly dividend of $0.47 (annualized $1.88, ~1.6% yield).
• Insider activity mixed: EVP Stacey Amundson sold 3,903 shares at $145.61 and CAO Matthew Filer bought 1,000 shares at $139.91; over the past 90 days insiders sold 31,607 shares versus buying 1,110, and insiders own 4.40% of the company.

Schroder Investment Management Group increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 7.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 413,789 shares of the construction company's stock after buying an additional 27,954 shares during the period. Schroder Investment Management Group owned about 1.24% of Patrick Industries worth $42,798,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Salomon & Ludwin LLC bought a new position in Patrick Industries during the 3rd quarter worth about $25,000. Cornerstone Planning Group LLC bought a new stake in shares of Patrick Industries in the 3rd quarter valued at about $31,000. Parkside Financial Bank & Trust raised its holdings in shares of Patrick Industries by 87.5% in the 3rd quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company's stock valued at $49,000 after purchasing an additional 223 shares in the last quarter. Strs Ohio purchased a new stake in shares of Patrick Industries in the 1st quarter worth approximately $42,000. Finally, Quent Capital LLC purchased a new stake in shares of Patrick Industries in the 3rd quarter worth approximately $66,000. 93.29% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Stacey L. Amundson sold 3,903 shares of the firm's stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $145.61, for a total value of $568,315.83. Following the completion of the sale, the executive vice president owned 12,819 shares of the company's stock, valued at $1,866,574.59. This trade represents a 23.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Matthew S. Filer bought 1,000 shares of the company's stock in a transaction that occurred on Friday, February 6th. The shares were acquired at an average price of $139.91 per share, for a total transaction of $139,910.00. Following the completion of the purchase, the chief accounting officer owned 20,614 shares in the company, valued at $2,884,104.74. The trade was a 5.10% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have bought 1,110 shares of company stock worth $153,095 and have sold 31,607 shares worth $3,823,904. Insiders own 4.40% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Wall Street Zen lowered shares of Patrick Industries from a "buy" rating to a "hold" rating in a report on Sunday. Truist Financial set a $126.00 target price on Patrick Industries in a report on Friday, January 9th. Weiss Ratings raised Patrick Industries from a "hold (c)" rating to a "buy (b-)" rating in a research report on Monday, February 23rd. Benchmark reiterated a "buy" rating on shares of Patrick Industries in a report on Friday, February 6th. Finally, Robert W. Baird set a $140.00 price target on Patrick Industries in a research report on Friday, February 6th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Patrick Industries currently has a consensus rating of "Moderate Buy" and an average price target of $135.13.

Patrick Industries Stock Down 0.6%

Shares of Patrick Industries stock opened at $115.05 on Thursday. 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 company has a market cap of $3.82 billion, a P/E ratio of 29.42 and a beta of 1.33. The firm's 50 day moving average price is $127.25 and its 200-day moving average price is $113.66. Patrick Industries, Inc. has a 52-week low of $72.99 and a 52-week high of $148.50.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, beating analysts' consensus estimates of $0.74 by $0.10. The company had revenue of $924.17 million during the quarter, compared to analysts' expectations of $858.62 million. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. Patrick Industries's revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.52 earnings per share. On average, sell-side analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 9th. Stockholders of record on Monday, February 23rd were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, February 23rd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.6%. Patrick Industries's dividend payout ratio is presently 48.08%.

Patrick Industries Profile

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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