Capital Research Global Investors Increases Position in Patrick Industries, Inc. $PATK

Capital Research Global Investors increased its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 24.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,137,530 shares of the construction company’s stock after buying an additional 223,014 shares during the quarter. Capital Research Global Investors’ holdings in Patrick Industries were worth $123,342,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in 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 period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in 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 period. Strs Ohio acquired a new position in Patrick Industries during the first quarter valued at $42,000. Cetera Investment Advisers lifted its position in 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 period. Finally, Hsbc Holdings PLC acquired a new position in Patrick Industries during the second quarter valued at $340,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Matthew S. Filer acquired 1,000 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was acquired at an average price of $85.50 per share, for a total transaction of $85,500.00. Following the completion of the transaction, the chief financial officer owned 21,614 shares in the company, valued at approximately $1,847,997. The trade was a 4.85% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Andy L. Nemeth acquired 10,000 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was purchased at an average price of $88.00 per share, with a total value of $880,000.00. Following the transaction, the chief executive officer owned 287,745 shares of the company’s stock, valued at approximately $25,321,560. This trade represents a 3.60% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have acquired 37,300 shares of company stock valued at $3,537,054. Insiders own 3.80% of the company’s stock.

Patrick Industries Trading Down 0.1%

Shares of Patrick Industries stock opened at $85.07 on Tuesday. The firm has a 50-day simple moving average of $99.00 and a two-hundred day simple moving average of $112.22. The company has a market cap of $2.80 billion, a P/E ratio of 21.81 and a beta of 1.09. Patrick Industries, Inc. has a fifty-two week low of $83.96 and a fifty-two week high of $148.50. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 2.71.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. The business had revenue of $997.17 million during the quarter, compared to the consensus estimate of $989.06 million. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The company’s revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.11 earnings per share. As a group, equities analysts predict that Patrick Industries, Inc. will post 4.94 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, June 8th. Shareholders of record on Tuesday, May 26th were given a $0.47 dividend. The ex-dividend date was Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.2%. Patrick Industries’s dividend payout ratio is 48.21%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on PATK shares. Zacks Research downgraded shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Wall Street Zen downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Sunday, April 12th. Raymond James Financial set a $108.00 target price on shares of Patrick Industries in a research report on Friday, May 1st. KeyCorp decreased their target price on shares of Patrick Industries from $140.00 to $125.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Finally, Roth Mkm set a $128.00 target price on shares of Patrick Industries in a research report on Tuesday, May 5th. Six investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Patrick Industries currently has an average rating of “Moderate Buy” and an average price target of $122.63.

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.