Vestcor Inc Acquires New Shares in Patrick Industries, Inc. $PATK

Key Points

• Vestcor Inc. purchased a new position of 8,976 shares in Patrick Industries in Q3 (about $928,000), and institutional investors now own 93.29% of the stock with several funds (Swiss National Bank, Russell, Schroder, Legato) increasing their stakes.
• Patrick Industries beat quarterly expectations with EPS of $0.84 versus $0.74 estimated and revenue of $924.17M versus $858.62M, representing a 9.2% year‑over‑year revenue increase.
• Wall Street’s consensus is a "Moderate Buy" with an average price target of $135.13 versus recent trading near $114.27; the company pays a $0.47 quarterly dividend ($1.88 annualized, ~1.6% yield) while insiders were net sellers overall (CEO sold 25,000 shares, a director bought 10,000).

Vestcor Inc purchased a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 8,976 shares of the construction company's stock, valued at approximately $928,000.

Other institutional investors have also modified their holdings of the company. Swiss National Bank boosted its holdings in Patrick Industries by 1.1% in the third quarter. Swiss National Bank now owns 61,612 shares of the construction company's stock valued at $6,373,000 after purchasing an additional 700 shares during the period. Russell Investments Group Ltd. increased its stake in Patrick Industries by 72.9% in the third quarter. Russell Investments Group Ltd. now owns 41,223 shares of the construction company's stock valued at $4,264,000 after purchasing an additional 17,384 shares during the last quarter. Schroder Investment Management Group raised its stake in Patrick Industries by 7.2% during the 3rd quarter. Schroder Investment Management Group now owns 413,789 shares of the construction company's stock worth $42,798,000 after acquiring an additional 27,954 shares in the last quarter. Legato Capital Management LLC increased its position in shares of Patrick Industries by 74.7% during the third quarter. Legato Capital Management LLC now owns 19,934 shares of the construction company's stock worth $2,062,000 after purchasing an additional 8,525 shares in the last quarter. Finally, Bright Futures Wealth Management LLC. purchased a new stake in Patrick Industries in the third quarter valued at approximately $457,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Truist Financial set a $126.00 target price on shares of Patrick Industries in a report on Friday, January 9th. Wall Street Zen lowered shares of Patrick Industries from a "buy" rating to a "hold" rating in a research report on Sunday, March 8th. Roth Mkm restated a "buy" rating and issued a $157.00 price target on shares of Patrick Industries in a report on Monday, February 9th. Robert W. Baird set a $140.00 target price on shares of Patrick Industries in a report on Friday, February 6th. Finally, KeyCorp reiterated an "overweight" rating and set a $155.00 target price (up from $135.00) on shares of Patrick Industries in a report on Friday, February 6th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $135.13.

Patrick Industries Trading Up 1.0%

Shares of NASDAQ:PATK traded up $1.13 during trading on Friday, reaching $114.27. 63,952 shares of the stock were exchanged, compared to its average volume of 338,717. Patrick Industries, Inc. has a 12-month low of $72.99 and a 12-month high of $148.50. The firm's 50-day moving average price is $127.34 and its 200 day moving average price is $113.66. The firm has a market cap of $3.80 billion, a price-to-earnings ratio of 29.15 and a beta of 1.33. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued 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. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The business had revenue of $924.17 million for the quarter, compared to the consensus estimate of $858.62 million. During the same quarter last year, the firm posted $0.52 EPS. The business's revenue for the quarter was up 9.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Patrick Industries, Inc. will post 5.33 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. Stockholders of record on Monday, February 23rd were paid a dividend of $0.47 per share. The ex-dividend date 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 (DPR) is currently 48.08%.

Insider Activity

In other Patrick Industries news, CEO Andy L. Nemeth sold 25,000 shares of the company's stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $115.00, for a total value of $2,875,000.00. Following the transaction, the chief executive officer directly owned 301,641 shares of the company's stock, valued at $34,688,715. This represents a 7.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director M Scott Welch acquired 10,000 shares of Patrick Industries stock in a transaction on Thursday, March 12th. The shares were bought at an average price of $113.68 per share, for a total transaction of $1,136,800.00. Following the completion of the purchase, the director directly owned 146,000 shares in the company, valued at $16,597,280. The trade was a 7.35% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have bought 11,110 shares of company stock worth $1,289,895 and have sold 31,607 shares worth $3,823,904. Corporate insiders own 4.40% of the company's stock.

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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