Copeland Capital Management LLC Cuts Stake in Patrick Industries, Inc. (NASDAQ:PATK)

Copeland Capital Management LLC reduced its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 2.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 351,356 shares of the construction company’s stock after selling 9,448 shares during the quarter. Copeland Capital Management LLC owned about 1.05% of Patrick Industries worth $29,711,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Patrick Industries by 49.3% during the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company’s stock valued at $193,266,000 after buying an additional 768,102 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Patrick Industries by 391.8% in the fourth quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company’s stock valued at $168,462,000 after purchasing an additional 1,615,412 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Patrick Industries by 48.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company’s stock valued at $154,823,000 after purchasing an additional 609,036 shares in the last quarter. Capital World Investors grew its holdings in shares of Patrick Industries by 50.0% in the fourth quarter. Capital World Investors now owns 944,319 shares of the construction company’s stock valued at $78,454,000 after purchasing an additional 314,773 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Patrick Industries by 50.0% in the fourth quarter. Geode Capital Management LLC now owns 779,223 shares of the construction company’s stock valued at $64,752,000 after purchasing an additional 259,783 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John A. Forbes sold 2,875 shares of the firm’s stock in a transaction on Friday, June 13th. The stock was sold at an average price of $91.62, for a total transaction of $263,407.50. Following the transaction, the director now owns 52,591 shares in the company, valued at approximately $4,818,387.42. This trade represents a 5.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Todd M. Cleveland purchased 6,000 shares of the business’s stock in a transaction dated Thursday, May 15th. The shares were purchased at an average price of $85.80 per share, for a total transaction of $514,800.00. Following the purchase, the director now owns 125,286 shares of the company’s stock, valued at approximately $10,749,538.80. This trade represents a 5.03% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 14,071 shares of company stock worth $1,205,964. Company insiders own 4.40% of the company’s stock.

Patrick Industries Stock Up 1.1%

NASDAQ:PATK opened at $92.43 on Friday. Patrick Industries, Inc. has a twelve month low of $69.86 and a twelve month high of $98.90. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 22.16, a price-to-earnings-growth ratio of 1.32 and a beta of 1.22. The stock has a fifty day simple moving average of $86.19 and a 200-day simple moving average of $87.02. The company has a current ratio of 2.41, a quick ratio of 1.04 and a debt-to-equity ratio of 1.25.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.13. Patrick Industries had a return on equity of 12.90% and a net margin of 3.74%. The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $959.46 million. During the same period last year, the company earned $1.79 earnings per share. The business’s revenue for the quarter was up 7.5% compared to the same quarter last year. Analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 annualized dividend and a dividend yield of 1.73%. Patrick Industries’s dividend payout ratio is currently 38.37%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PATK shares. Robert W. Baird raised their target price on shares of Patrick Industries from $84.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, June 20th. Truist Financial raised their target price on shares of Patrick Industries from $100.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, June 3rd. KeyCorp cut their target price on shares of Patrick Industries from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Wall Street Zen raised shares of Patrick Industries from a “sell” rating to a “hold” rating in a report on Wednesday, April 30th. Finally, Raymond James Financial lowered their price target on Patrick Industries from $103.00 to $95.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $96.42.

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.