Nicholas Investment Partners LP Acquires Shares of 47,965 Patrick Industries, Inc. $PATK

Nicholas Investment Partners LP acquired a new stake in Patrick Industries, Inc. (NASDAQ:PATK) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 47,965 shares of the construction company’s stock, valued at approximately $5,201,000. Nicholas Investment Partners LP owned approximately 0.14% of Patrick Industries at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of PATK. CIBC Asset Management Inc raised its holdings in shares of Patrick Industries by 4.1% in the fourth quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company’s stock valued at $245,000 after buying an additional 88 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in shares of Patrick Industries by 4.1% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company’s stock valued at $269,000 after buying an additional 98 shares during the last quarter. Oregon Public Employees Retirement Fund raised its holdings in shares of Patrick Industries by 1.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,576 shares of the construction company’s stock valued at $821,000 after buying an additional 100 shares during the last quarter. California State Teachers Retirement System raised its holdings in shares of Patrick Industries by 0.5% in the second quarter. California State Teachers Retirement System now owns 29,535 shares of the construction company’s stock valued at $2,725,000 after buying an additional 154 shares during the last quarter. Finally, Assetmark Inc. raised its holdings in shares of Patrick Industries by 1.6% in the third quarter. Assetmark Inc. now owns 11,261 shares of the construction company’s stock valued at $1,165,000 after buying an additional 173 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PATK shares. 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. 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, June 4th. Raymond James Financial set a $108.00 target price on shares of Patrick Industries in a report on Friday, May 1st. Finally, Benchmark reduced their target price on shares of Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a report on Friday, May 1st. Six 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $122.63.

Insider Activity at Patrick Industries

In related news, CFO Matthew S. Filer bought 1,000 shares of the stock in a transaction on Tuesday, May 5th. The shares were bought at an average cost of $85.50 per share, for a total transaction of $85,500.00. Following the completion of the transaction, the chief financial officer owned 21,614 shares of the company’s stock, valued at $1,847,997. This represents a 4.85% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Blake Augsburger bought 400 shares of the stock in a transaction on Tuesday, May 5th. The shares were bought at an average price of $85.19 per share, for a total transaction of $34,076.00. Following the completion of the transaction, the director directly owned 2,125 shares of the company’s stock, valued at $181,028.75. This trade represents a 23.19% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 27,400 shares of company stock valued at $2,408,639 in the last ninety days. Company insiders own 3.80% of the company’s stock.

Patrick Industries Trading Up 1.1%

NASDAQ PATK opened at $86.70 on Friday. The stock has a market capitalization of $2.85 billion, a P/E ratio of 22.23 and a beta of 1.09. Patrick Industries, Inc. has a 52-week low of $82.35 and a 52-week high of $148.50. The firm has a 50-day moving average price of $97.14 and a 200 day moving average price of $111.72. 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 posted its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.02. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. 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 prior year, the company posted $1.11 earnings per share. The firm’s revenue for the quarter was down .6% on a year-over-year basis. Equities research analysts expect that Patrick Industries, Inc. will post 4.94 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently announced 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 annualized dividend and a yield of 2.2%. The ex-dividend date was Tuesday, May 26th. Patrick Industries’s dividend payout ratio is presently 48.21%.

Patrick Industries Company 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.