Bessemer Group Inc. Has $16.26 Million Position in Patrick Industries, Inc. $PATK

Bessemer Group Inc. increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 3,602.4% in the 4th quarter, HoldingsChannel.com reports. The firm owned 149,912 shares of the construction company’s stock after purchasing an additional 145,863 shares during the quarter. Bessemer Group Inc.’s holdings in Patrick Industries were worth $16,255,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in PATK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Patrick Industries by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock worth $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 lifted its holdings in Patrick Industries by 5.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company’s stock worth $5,957,000 after purchasing an additional 3,748 shares during the last quarter. Strs Ohio acquired a new stake in Patrick Industries during the 1st quarter worth approximately $42,000. Cetera Investment Advisers lifted its holdings in Patrick Industries by 64.8% during the 2nd quarter. Cetera Investment Advisers now owns 6,058 shares of the construction company’s stock worth $559,000 after purchasing an additional 2,381 shares during the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in Patrick Industries during the 2nd quarter worth approximately $340,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Stock Down 3.1%

PATK stock opened at $91.19 on Friday. The company has a market cap of $3.00 billion, a PE ratio of 23.38 and a beta of 1.12. The business has a 50-day simple moving average of $106.51 and a 200 day simple moving average of $113.58. Patrick Industries, Inc. has a 52 week low of $82.24 and a 52 week high of $148.50. The company has a quick ratio of 1.04, a current ratio of 2.71 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The company had revenue of $997.17 million during the quarter, compared to analysts’ expectations of $989.06 million. During the same quarter in the previous year, the firm earned $1.11 EPS. Patrick Industries’s revenue was down .6% on a year-over-year basis. Sell-side analysts anticipate that Patrick Industries, Inc. will post 4.94 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.1%. Patrick Industries’s payout ratio is 48.21%.

Insider Activity at Patrick Industries

In other news, COO Hugo E. Gonzalez sold 13,514 shares of the business’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $113.10, for a total transaction of $1,528,433.40. Following the completion of the transaction, the chief operating officer owned 33,864 shares of the company’s stock, valued at approximately $3,830,018.40. The trade was a 28.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director M Scott Welch purchased 10,050 shares of the stock in a transaction dated Tuesday, May 5th. The shares were acquired at an average cost of $88.23 per share, with a total value of $886,711.50. Following the acquisition, the director directly owned 156,000 shares in the company, valued at $13,763,880. This represents a 6.89% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 37,310 shares of company stock worth $3,541,295 in the last three months. Insiders own 3.80% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Benchmark cut their target price on Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a research report on Friday, May 1st. BMO Capital Markets reaffirmed an “outperform” rating and issued a $150.00 price target (down from $155.00) on shares of Patrick Industries in a research note on Monday, April 20th. Zacks Research downgraded Patrick Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Roth Mkm set a $128.00 price target on Patrick Industries in a research note on Tuesday, May 5th. Finally, KeyCorp dropped their price target on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. Six research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $122.63.

About Patrick Industries

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.