Patrick Industries, Inc. $PATK Stake Boosted by Copeland Capital Management LLC

Copeland Capital Management LLC grew its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 23.4% in the 4th quarter, Holdings Channel reports. The firm owned 478,999 shares of the construction company’s stock after acquiring an additional 90,691 shares during the quarter. Copeland Capital Management LLC’s holdings in Patrick Industries were worth $51,938,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in PATK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Patrick Industries by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock valued at $1,632,000 after purchasing an additional 851 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Patrick Industries by 5.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company’s stock valued at $5,957,000 after purchasing an additional 3,748 shares during the last quarter. Strs Ohio bought a new position in shares of Patrick Industries during the first quarter valued at approximately $42,000. Cetera Investment Advisers grew its holdings in shares of Patrick Industries by 64.8% during the second quarter. Cetera Investment Advisers now owns 6,058 shares of the construction company’s stock valued at $559,000 after purchasing an additional 2,381 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new position in shares of Patrick Industries during the second quarter valued at approximately $340,000. 93.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on PATK. Wall Street Zen lowered Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Robert W. Baird set a $140.00 target price on Patrick Industries in a report on Friday, February 6th. Weiss Ratings raised Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Benchmark reaffirmed a “buy” rating on shares of Patrick Industries in a report on Friday, February 6th. Finally, Truist Financial set a $126.00 target price on Patrick Industries in a report on Friday, January 9th. 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, the stock currently has an average rating of “Moderate Buy” and an average price target of $130.50.

Patrick Industries Stock Performance

PATK opened at $100.10 on Friday. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of 25.60 and a beta of 1.35. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.51 and a quick ratio of 0.80. Patrick Industries, Inc. has a 1-year low of $75.26 and a 1-year high of $148.50. The business has a 50 day moving average price of $116.93 and a two-hundred day moving average price of $113.95.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The firm had revenue of $924.17 million during the quarter, compared to the consensus estimate of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The firm’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.52 earnings per share. Research analysts predict that Patrick Industries, Inc. will post 5.39 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 9th. Shareholders of record on Monday, February 23rd were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Monday, February 23rd. Patrick Industries’s dividend payout ratio is 48.08%.

Insider Transactions at Patrick Industries

In other Patrick Industries news, Director John A. Forbes sold 2,704 shares of the company’s stock in a transaction that occurred 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 completion of 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director M Scott Welch bought 10,000 shares of the business’s stock in a transaction on Thursday, March 12th. The stock was purchased at an average price of $113.68 per share, with a total value of $1,136,800.00. Following the completion of the transaction, the director directly owned 146,000 shares of the company’s stock, valued at $16,597,280. This trade represents a 7.35% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders acquired 11,110 shares of company stock valued at $1,289,895 and sold 20,121 shares valued at $2,477,337. 3.80% of the stock is currently owned by company insiders.

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.