Copeland Capital Management LLC Acquires 84,508 Shares of Patrick Industries, Inc. $PATK

Copeland Capital Management LLC grew its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 17.6% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 563,507 shares of the construction company’s stock after buying an additional 84,508 shares during the period. Patrick Industries comprises approximately 1.4% of Copeland Capital Management LLC’s holdings, making the stock its 22nd biggest position. Copeland Capital Management LLC’s holdings in Patrick Industries were worth $62,589,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PATK. Wellington Management Group LLP grew its holdings in Patrick Industries by 19.9% during the 4th quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company’s stock valued at $240,401,000 after buying an additional 367,802 shares in the last quarter. SG Americas Securities LLC increased its position in Patrick Industries by 12,134.2% during the fourth quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company’s stock valued at $28,123,000 after acquiring an additional 257,245 shares during the last quarter. Capital Research Global Investors grew its stake in shares of Patrick Industries by 24.4% during the fourth quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock valued at $123,342,000 after buying an additional 223,014 shares during the last quarter. Bessemer Group Inc. lifted its position in shares of Patrick Industries by 3,602.4% during the fourth quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock worth $16,255,000 after purchasing an additional 145,863 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in Patrick Industries by 17.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 748,904 shares of the construction company’s stock worth $81,205,000 after purchasing an additional 112,766 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on PATK. KeyCorp reduced their price target on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Benchmark cut their price target on shares of Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Truist Financial lowered their price objective on Patrick Industries from $126.00 to $113.00 and set a “buy” rating for the company in a research report on Wednesday, July 8th. BMO Capital Markets restated an “outperform” rating and issued a $150.00 target price (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. Finally, Raymond James Financial set a $108.00 price target on Patrick Industries in a report on Friday, May 1st. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $121.00.

Insider Activity

In other news, insider Charles R. Roeder acquired 5,750 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was acquired at an average cost of $87.83 per share, with a total value of $505,022.50. Following the transaction, the insider owned 42,147 shares in the company, valued at approximately $3,701,771.01. This trade represents a 15.80% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Matthew S. Filer bought 1,000 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were purchased at an average price of $85.50 per share, with a total value of $85,500.00. Following the purchase, the chief financial officer owned 21,614 shares of the company’s stock, valued at approximately $1,847,997. This represents a 4.85% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders bought 28,700 shares of company stock valued at $2,532,880. 3.80% of the stock is owned by corporate insiders.

Patrick Industries Stock Performance

NASDAQ:PATK opened at $88.09 on Friday. The company has a market cap of $2.90 billion, a price-to-earnings ratio of 22.59 and a beta of 1.11. 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, Inc. has a 52 week low of $81.29 and a 52 week high of $148.50. The company has a fifty day simple moving average of $88.58 and a two-hundred day simple moving average of $107.66.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The firm had revenue of $997.17 million during the quarter, compared to analysts’ expectations of $989.06 million. During the same period in the previous year, the firm posted $1.11 EPS. Patrick Industries’s revenue for the quarter was down .6% on a year-over-year basis. As a group, equities analysts anticipate that Patrick Industries, Inc. will post 4.63 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.1%. Patrick Industries’s payout ratio is currently 48.21%.

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.