The Manufacturers Life Insurance Company Buys New Position in Patrick Industries, Inc. $PATK

The Manufacturers Life Insurance Company bought a new stake in Patrick Industries, Inc. (NASDAQ:PATK) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 302,587 shares of the construction company’s stock, valued at approximately $27,166,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bessemer Group Inc. raised its position in shares of Patrick Industries by 3,602.4% in the fourth quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock valued at $16,255,000 after buying an additional 145,863 shares during the last quarter. Nicholas Investment Partners LP acquired a new stake in Patrick Industries during the fourth quarter worth approximately $5,201,000. Kennedy Capital Management LLC boosted its position in Patrick Industries by 14.2% during the fourth quarter. Kennedy Capital Management LLC now owns 238,981 shares of the construction company’s stock worth $25,913,000 after acquiring an additional 29,714 shares during the last quarter. WCG Wealth Advisors LLC purchased a new stake in Patrick Industries in the 4th quarter worth approximately $1,641,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Patrick Industries in the 1st quarter worth approximately $5,220,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on PATK shares. Zacks Research downgraded Patrick Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Truist Financial set a $108.00 price objective on Patrick Industries and gave the stock a “buy” rating in a report on Monday, August 10th. Raymond James Financial reaffirmed an “outperform” rating and issued a $94.00 price objective on shares of Patrick Industries in a research report on Friday, July 31st. KeyCorp dropped their target price on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday, July 22nd. Finally, Robert W. Baird set a $110.00 target price on Patrick Industries in a research report on Friday, May 1st. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Patrick Industries currently has an average rating of “Moderate Buy” and an average price target of $113.12.

Patrick Industries Price Performance

Patrick Industries stock opened at $83.09 on Friday. Patrick Industries, Inc. has a 1 year low of $81.29 and a 1 year high of $148.50. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.96 and a current ratio of 2.67. The firm has a 50 day moving average price of $86.23 and a 200 day moving average price of $99.86. The company has a market cap of $2.67 billion, a price-to-earnings ratio of 19.69 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.05. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $994.95 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. Patrick Industries’s revenue was down .6% on a year-over-year basis. During the same quarter last year, the firm posted $1.50 earnings per share. Sell-side analysts predict that Patrick Industries, Inc. will post 4.26 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Monday, August 24th. Patrick Industries’s dividend payout ratio is presently 44.55%.

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.