WCG Wealth Advisors LLC Makes New Investment in Patrick Industries, Inc. $PATK

WCG Wealth Advisors LLC purchased a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 15,135 shares of the construction company’s stock, valued at approximately $1,641,000.

Several other hedge funds have also made changes to their positions in PATK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Patrick Industries by 4.6% during the first 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Patrick Industries by 5.6% during the first 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 in the last quarter. Strs Ohio acquired a new stake in shares of Patrick Industries during the first quarter worth about $42,000. Cetera Investment Advisers lifted its position in shares of Patrick Industries by 64.8% during the second 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 in the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in shares of Patrick Industries during the second quarter worth about $340,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Stock Down 1.1%

Shares of NASDAQ:PATK opened at $85.12 on Friday. The firm’s 50 day moving average price is $99.47 and its 200 day moving average price is $112.20. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of 21.83 and a beta of 1.09. Patrick Industries, Inc. has a fifty-two week low of $83.96 and a fifty-two 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 issued its earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.02. The firm had revenue of $997.17 million for the quarter, compared to analysts’ expectations of $989.06 million. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The firm’s revenue was down .6% compared to the same quarter last year. During the same quarter last year, the company earned $1.11 earnings per share. As a group, equities research analysts predict that Patrick Industries, Inc. will post 4.94 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 8th. Shareholders 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 yield of 2.2%. Patrick Industries’s dividend payout ratio (DPR) is presently 48.21%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PATK. Zacks Research cut shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Wall Street Zen cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Roth Mkm set a $128.00 target price on shares of Patrick Industries in a report on Tuesday, May 5th. Weiss Ratings cut shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $150.00 target price (down from $155.00) on shares of Patrick Industries in a report on Monday, April 20th. Six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Patrick Industries currently has an average rating of “Moderate Buy” and an average target price of $122.63.

Insider Activity at Patrick Industries

In related news, insider Charles R. Roeder acquired 5,750 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were bought at an average price of $87.83 per share, with a total value of $505,022.50. Following the completion of the acquisition, the insider owned 42,147 shares in the company, valued at $3,701,771.01. This trade represents a 15.80% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Blake Augsburger acquired 400 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were bought at an average cost of $85.19 per share, for a total transaction of $34,076.00. Following the acquisition, the director owned 2,125 shares of the company’s stock, valued at $181,028.75. This represents a 23.19% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 37,300 shares of company stock valued at $3,537,054 in the last quarter. Company insiders own 3.80% of the company’s stock.

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.