Universal Beteiligungs und Servicegesellschaft mbH Purchases New Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH has acquired a new stake in Patrick Industries, Inc., purchasing 3,365 shares valued at approximately $285,000 during the 1st quarter.
• Several investment firms have significantly increased their stakes in Patrick Industries, with Covestor Ltd boosting its holdings by 10,400.0% in the fourth quarter.
• Analysts have raised their price targets for Patrick Industries, with Benchmark setting a new target of $110.00 and maintaining a "buy" rating.

Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 3,365 shares of the construction company's stock, valued at approximately $285,000.

Other hedge funds have also made changes to their positions in the company. Commonwealth Equity Services LLC raised its holdings in Patrick Industries by 26.9% in the 4th quarter. Commonwealth Equity Services LLC now owns 3,602 shares of the construction company's stock worth $299,000 after acquiring an additional 763 shares during the period. LPL Financial LLC grew its position in shares of Patrick Industries by 95.9% in the fourth quarter. LPL Financial LLC now owns 15,942 shares of the construction company's stock valued at $1,325,000 after purchasing an additional 7,806 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Patrick Industries by 49.3% in the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock worth $193,266,000 after purchasing an additional 768,102 shares during the period. Norges Bank acquired a new position in shares of Patrick Industries during the 4th quarter worth about $7,478,000. Finally, Pictet Asset Management Holding SA lifted its position in shares of Patrick Industries by 50.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 3,649 shares of the construction company's stock worth $303,000 after purchasing an additional 1,216 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Insider Activity

In other news, Director John A. Forbes sold 2,875 shares of the business's stock in a transaction that occurred on Friday, June 13th. The stock was 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Todd M. Cleveland purchased 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were acquired at an average price of $82.75 per share, for a total transaction of $82,750.00. Following the completion of the transaction, the director owned 133,286 shares in the company, valued at $11,029,416.50. The trade was a 0.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 14,071 shares of company stock worth $1,205,964. 4.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PATK has been the topic of a number of research analyst reports. BMO Capital Markets raised their target price on Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a report on Friday, August 1st. 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. Robert W. Baird boosted their target price on shares of Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, June 20th. KeyCorp upped their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $104.86.

Patrick Industries Price Performance

Shares of Patrick Industries stock traded up $1.27 during trading on Friday, hitting $102.40. 90,611 shares of the company's stock traded hands, compared to its average volume of 355,760. Patrick Industries, Inc. has a twelve month low of $72.99 and a twelve month high of $103.99. 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 company has a market cap of $3.42 billion, a PE ratio of 27.68, a PEG ratio of 1.45 and a beta of 1.23. The firm's fifty day moving average price is $94.87 and its 200 day moving average price is $89.64.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.09. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%. The company's revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the company posted $2.16 EPS. Analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

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