Nicholas Investment Partners LP Takes $5.20 Million Position in Patrick Industries, Inc. $PATK

Nicholas Investment Partners LP purchased a new stake in Patrick Industries, Inc. (NASDAQ:PATK) during the 4th quarter, Holdings Channel reports. The firm purchased 47,965 shares of the construction company’s stock, valued at approximately $5,201,000.

Several other large investors have also modified their holdings of the business. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Patrick Industries in the fourth quarter valued at approximately $2,725,000. Kennedy Capital Management LLC grew its position in shares of Patrick Industries by 14.2% in the fourth quarter. Kennedy Capital Management LLC now owns 238,981 shares of the construction company’s stock valued at $25,913,000 after purchasing an additional 29,714 shares during the last quarter. Eventide Asset Management LLC acquired a new stake in shares of Patrick Industries in the fourth quarter valued at approximately $245,000. Kestra Advisory Services LLC acquired a new stake in shares of Patrick Industries in the fourth quarter valued at approximately $73,000. Finally, CANADA LIFE ASSURANCE Co boosted its position in Patrick Industries by 3.6% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 28,765 shares of the construction company’s stock worth $3,117,000 after acquiring an additional 993 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Stock Up 1.1%

PATK stock opened at $86.70 on Friday. Patrick Industries, Inc. has a 52 week low of $82.35 and a 52 week high of $148.50. The company has a market capitalization of $2.85 billion, a price-to-earnings ratio of 22.23 and a beta of 1.09. The firm’s 50-day moving average is $97.14 and its two-hundred day moving average is $111.72. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK) last released 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 net margin of 3.46% and a return on equity of 13.24%. The company had revenue of $997.17 million for the quarter, compared to the consensus estimate of $989.06 million. During the same period in the previous year, the firm earned $1.11 EPS. Patrick Industries’s revenue was down .6% on a year-over-year basis. On average, analysts forecast that Patrick Industries, Inc. will post 4.94 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Tuesday, May 26th. Patrick Industries’s payout ratio is 48.21%.

Insider Activity at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth bought 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were acquired at an average cost of $88.00 per share, for a total transaction of $880,000.00. Following the acquisition, the chief executive officer directly owned 287,745 shares of the company’s stock, valued at $25,321,560. This trade represents a 3.60% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Blake Augsburger bought 400 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was acquired at an average price of $85.19 per share, for a total transaction of $34,076.00. Following the completion of the acquisition, the director directly owned 2,125 shares in the company, valued at approximately $181,028.75. This represents a 23.19% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 27,400 shares of company stock worth $2,408,639 in the last three months. Insiders own 3.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PATK. 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 on the stock in a research report on Friday, May 1st. Zacks Research lowered shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Wall Street Zen lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Sunday, April 12th. Finally, Benchmark decreased their target price on shares of Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. Six investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Patrick Industries currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.63.

Patrick Industries 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.