Copeland Capital Management LLC Purchases New Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Copeland Capital Management LLC purchased a new position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 56,685 shares of the construction company's stock, valued at approximately $8,070,000. Copeland Capital Management LLC owned 0.25% of Patrick Industries as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PATK. Allspring Global Investments Holdings LLC increased its holdings in Patrick Industries by 1.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 107,829 shares of the construction company's stock worth $12,882,000 after acquiring an additional 1,823 shares in the last quarter. KFG Wealth Management LLC raised its holdings in shares of Patrick Industries by 62.8% in the 1st quarter. KFG Wealth Management LLC now owns 11,549 shares of the construction company's stock valued at $1,380,000 after purchasing an additional 4,453 shares in the last quarter. SpiderRock Advisors LLC purchased a new position in Patrick Industries in the first quarter valued at approximately $634,000. BNP Paribas Financial Markets lifted its holdings in shares of Patrick Industries by 52.4% in the 1st quarter. BNP Paribas Financial Markets now owns 11,163 shares of the construction company's stock valued at $1,334,000 after purchasing an additional 3,837 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its position in Patrick Industries by 9.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 19,285 shares of the construction company's stock valued at $2,304,000 after purchasing an additional 1,600 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on PATK. Raymond James initiated coverage on shares of Patrick Industries in a report on Tuesday, October 1st. They set an "outperform" rating and a $160.00 price objective on the stock. Benchmark reiterated a "buy" rating and issued a $145.00 target price on shares of Patrick Industries in a research note on Tuesday, September 17th. Robert W. Baird raised their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an "outperform" rating in a report on Friday, August 2nd. KeyCorp upped their price target on shares of Patrick Industries from $135.00 to $150.00 and gave the stock an "overweight" rating in a research report on Wednesday. Finally, Truist Financial boosted their target price on Patrick Industries from $150.00 to $165.00 and gave the stock a "buy" rating in a report on Friday, September 20th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $140.38.

Patrick Industries Stock Down 1.9 %

Shares of NASDAQ:PATK traded down $2.57 during midday trading on Wednesday, hitting $134.14. 161,016 shares of the company's stock were exchanged, compared to its average volume of 177,391. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.29 and a quick ratio of 0.94. The company has a market cap of $3.00 billion, a PE ratio of 19.25, a price-to-earnings-growth ratio of 1.25 and a beta of 1.61. The stock has a 50 day moving average price of $136.15 and a 200-day moving average price of $120.77. Patrick Industries, Inc. has a 12 month low of $70.15 and a 12 month high of $148.35.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 EPS for the quarter, beating the consensus estimate of $2.05 by $0.11. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The company had revenue of $1.02 billion during the quarter, compared to analysts' expectations of $972.06 million. During the same quarter in the previous year, the company earned $1.94 earnings per share. Patrick Industries's revenue for the quarter was up 10.8% on a year-over-year basis. On average, sell-side analysts anticipate that Patrick Industries, Inc. will post 7.26 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were issued a dividend of $0.55 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.20 annualized dividend and a dividend yield of 1.64%. Patrick Industries's payout ratio is 31.56%.

Insider Buying and Selling at Patrick Industries

In other news, insider Jeff Rodino sold 20,000 shares of the company's stock in a transaction that occurred on 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 sale, the insider now directly owns 139,109 shares of the company's stock, valued at $18,274,749.33. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Jeff Rodino sold 20,000 shares of the firm's stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the sale, the insider now directly owns 139,109 shares in the company, valued at approximately $18,274,749.33. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Todd M. Cleveland sold 7,500 shares of the company's stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total value of $982,875.00. Following the completion of the transaction, the director now directly owns 82,374 shares in the company, valued at approximately $10,795,112.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,411 shares of company stock valued at $3,858,915. 4.70% of the stock is owned by company insiders.

Patrick Industries Profile

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.