Fiera Capital Corp Acquires New Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Fiera Capital Corp bought a new stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 195,881 shares of the construction company's stock, valued at approximately $27,888,000. Fiera Capital Corp owned approximately 0.87% of Patrick Industries at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in PATK. Northwestern Mutual Wealth Management Co. acquired a new stake in Patrick Industries in the second quarter valued at $41,000. Sound Income Strategies LLC acquired a new stake in Patrick Industries in the 3rd quarter worth about $46,000. GAMMA Investing LLC raised its stake in Patrick Industries by 76.2% in the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company's stock worth $67,000 after purchasing an additional 205 shares in the last quarter. UMB Bank n.a. raised its stake in Patrick Industries by 176.6% in the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company's stock worth $81,000 after purchasing an additional 362 shares in the last quarter. Finally, nVerses Capital LLC acquired a new stake in Patrick Industries in the 3rd quarter worth about $157,000. Institutional investors and hedge funds own 93.29% of the company's stock.

Insider Activity at Patrick Industries

In related news, COO Hugo E. Gonzalez sold 1,911 shares of the business's stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the sale, the chief operating officer now directly owns 23,759 shares of the company's stock, valued at $3,091,283.49. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the transaction, the insider now owns 139,109 shares in the company, valued at approximately $18,274,749.33. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value of $248,640.21. Following the transaction, the chief operating officer now owns 23,759 shares of the company's stock, valued at $3,091,283.49. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,411 shares of company stock valued at $3,858,915 in the last three months. Corporate insiders own 4.70% of the company's stock.

Analyst Upgrades and Downgrades

PATK has been the topic of several recent analyst reports. Truist Financial raised their target price on shares of Patrick Industries from $150.00 to $165.00 and gave the company a "buy" rating in a report on Friday, September 20th. BMO Capital Markets lifted their price target on shares of Patrick Industries from $150.00 to $155.00 and gave the company an "outperform" rating in a report on Friday, November 1st. Benchmark reaffirmed a "buy" rating and set a $145.00 price target on shares of Patrick Industries in a report on Monday, November 4th. DA Davidson lifted their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the company a "neutral" rating in a report on Monday, August 5th. Finally, KeyCorp lifted their price target on shares of Patrick Industries from $135.00 to $150.00 and gave the company an "overweight" rating in a report on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $139.88.

Patrick Industries Trading Down 0.7 %

NASDAQ PATK traded down $0.92 on Friday, hitting $125.84. The company's stock had a trading volume of 188,794 shares, compared to its average volume of 244,617. The firm has a market cap of $2.82 billion, a PE ratio of 18.08, a PEG ratio of 1.38 and a beta of 1.62. Patrick Industries, Inc. has a 1-year low of $75.01 and a 1-year high of $148.35. The company's 50-day moving average is $135.97 and its 200 day moving average is $122.38. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its earnings results on Thursday, October 31st. The construction company reported $1.80 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.03). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The company had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. During the same period in the previous year, the firm posted $1.81 earnings per share. The firm's quarterly revenue was up 6.2% compared to the same quarter last year. As a group, analysts predict that Patrick Industries, Inc. will post 6.42 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date was Monday, August 26th. Patrick Industries's payout ratio is 31.61%.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.