Vestcor Inc Invests $928,000 in Patrick Industries, Inc. $PATK

Vestcor Inc bought a new stake in Patrick Industries, Inc. (NASDAQ:PATK) in the third quarter, HoldingsChannel.com reports. The fund bought 8,976 shares of the construction company’s stock, valued at approximately $928,000.

Several other institutional investors have also modified their holdings of PATK. Geode Capital Management LLC grew its position in Patrick Industries by 0.9% in the 2nd quarter. Geode Capital Management LLC now owns 812,740 shares of the construction company’s stock worth $75,000,000 after purchasing an additional 7,011 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Patrick Industries by 33.8% in the 2nd quarter. American Century Companies Inc. now owns 712,383 shares of the construction company’s stock worth $65,732,000 after acquiring an additional 180,092 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Patrick Industries by 2.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 578,733 shares of the construction company’s stock valued at $59,858,000 after purchasing an additional 15,582 shares in the last quarter. Schroder Investment Management Group grew its holdings in Patrick Industries by 7.2% during the third 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 during the period. Finally, Tributary Capital Management LLC boosted its position in shares of Patrick Industries by 52.0% during the 3rd quarter. Tributary Capital Management LLC now owns 371,608 shares of the construction company’s stock valued at $38,435,000 after purchasing an additional 127,099 shares in the last quarter. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Performance

Shares of PATK stock traded up $1.13 during mid-day trading on Friday, reaching $114.27. The stock had a trading volume of 63,952 shares, compared to its average volume of 338,717. The firm has a market cap of $3.80 billion, a PE ratio of 29.15 and a beta of 1.33. Patrick Industries, Inc. has a one year low of $72.99 and a one year high of $148.50. The firm’s 50 day simple moving average is $127.34 and its 200 day simple moving average is $113.66. The company has a quick ratio of 0.80, a current ratio of 2.51 and a debt-to-equity ratio of 1.08.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.10. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The firm had revenue of $924.17 million for the quarter, compared to analyst estimates of $858.62 million. During the same quarter in the previous year, the firm posted $0.52 EPS. The business’s revenue for the quarter was up 9.2% on a year-over-year basis. On average, analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 9th. Investors of record on Monday, February 23rd were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Monday, February 23rd. Patrick Industries’s dividend payout ratio (DPR) is 48.08%.

Insiders Place Their Bets

In other Patrick Industries news, Director John A. Forbes sold 2,704 shares of the company’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $140.75, for a total value of $380,588.00. Following the sale, the director directly owned 49,272 shares in the company, valued at $6,935,034. This represents a 5.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Andy L. Nemeth sold 25,000 shares of the company’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the completion of the sale, the chief executive officer directly owned 301,641 shares in the company, valued at approximately $34,688,715. The trade was a 7.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have acquired 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.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PATK. Weiss Ratings upgraded Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Benchmark restated a “buy” rating on shares of Patrick Industries in a report on Friday, February 6th. KeyCorp restated an “overweight” rating and issued a $155.00 target price (up from $135.00) on shares of Patrick Industries in a research note on Friday, February 6th. BMO Capital Markets reissued an “outperform” rating and issued a $155.00 target price on shares of Patrick Industries in a research report on Friday, February 6th. Finally, Robert W. Baird set a $140.00 price objective on Patrick Industries in a report on Friday, February 6th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $135.13.

Patrick Industries Company 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.