Fiera Capital Corp Buys 90,544 Shares of Patrick Industries, Inc. $PATK

Fiera Capital Corp boosted its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 32.8% during the 4th quarter, HoldingsChannel.com reports. The fund owned 366,776 shares of the construction company’s stock after purchasing an additional 90,544 shares during the period. Fiera Capital Corp’s holdings in Patrick Industries were worth $39,770,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Torren Management LLC bought a new stake in shares of Patrick Industries in the fourth quarter valued at approximately $26,000. Advisory Services Network LLC bought a new stake in shares of Patrick Industries in the third quarter valued at approximately $25,000. Allworth Financial LP raised its position in shares of Patrick Industries by 181.3% in the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after purchasing an additional 203 shares during the period. Farther Finance Advisors LLC raised its position in shares of Patrick Industries by 200.9% in the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock valued at $37,000 after purchasing an additional 229 shares during the period. Finally, Strs Ohio bought a new stake in shares of Patrick Industries in the first quarter valued at approximately $42,000. Institutional investors own 93.29% of the company’s stock.

Insiders Place Their Bets

In other Patrick Industries news, COO Hugo E. Gonzalez sold 13,514 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $113.10, for a total value of $1,528,433.40. Following the completion of the transaction, the chief operating officer owned 33,864 shares of the company’s stock, valued at $3,830,018.40. The trade was a 28.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director M Scott Welch acquired 10,050 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was acquired at an average cost of $88.23 per share, with a total value of $886,711.50. Following the purchase, the director directly owned 156,000 shares in the company, valued at $13,763,880. This represents a 6.89% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have bought 37,300 shares of company stock worth $3,537,054. 3.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Raymond James Financial set a $108.00 price target on shares of Patrick Industries in a research report on Friday, May 1st. Zacks Research lowered shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Robert W. Baird set a $110.00 price target on shares of Patrick Industries in a research report on Friday, May 1st. KeyCorp lowered their price target on shares of Patrick Industries from $140.00 to $125.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Finally, Weiss Ratings lowered shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $122.63.

Patrick Industries Price Performance

PATK stock opened at $85.07 on Tuesday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04. Patrick Industries, Inc. has a one year low of $83.96 and a one year high of $148.50. The stock has a market cap of $2.80 billion, a PE ratio of 21.81 and a beta of 1.09. The firm has a 50 day simple moving average of $99.00 and a two-hundred day simple moving average of $112.22.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The business had revenue of $997.17 million during the quarter, compared to analysts’ expectations of $989.06 million. During the same quarter in the previous year, the company earned $1.11 EPS. The business’s quarterly revenue was down .6% compared to the same quarter last year. On average, analysts predict that Patrick Industries, Inc. will post 4.94 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Tuesday, May 26th. Patrick Industries’s payout ratio is currently 48.21%.

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.