Bessemer Group Inc. Raises Stake in Patrick Industries, Inc. $PATK

Bessemer Group Inc. boosted its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 24.3% during the first quarter, Holdings Channel.com reports. The firm owned 186,271 shares of the construction company’s stock after acquiring an additional 36,359 shares during the quarter. Bessemer Group Inc.’s holdings in Patrick Industries were worth $20,690,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Torren Management LLC bought a new stake in shares of Patrick Industries in the 4th quarter worth approximately $26,000. Advisory Services Network LLC bought a new position in Patrick Industries during the 3rd quarter valued at approximately $25,000. Allworth Financial LP increased its position in Patrick Industries by 181.2% during the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after buying an additional 203 shares in the last quarter. Farther Finance Advisors LLC raised its stake in Patrick Industries by 200.9% during the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock valued at $37,000 after buying an additional 229 shares during the last quarter. Finally, Strs Ohio purchased a new position in Patrick Industries during the first quarter valued at $42,000. Institutional investors own 93.29% of the company’s stock.

Analyst Ratings Changes

PATK has been the topic of several analyst reports. Truist Financial dropped their target price on Patrick Industries from $126.00 to $113.00 and set a “buy” rating on the stock in a report on Wednesday, July 8th. Raymond James Financial set a $108.00 price target on Patrick Industries in a report on Friday, May 1st. Roth Capital set a $128.00 price target on Patrick Industries in a research report on Tuesday, May 5th. BMO Capital Markets reiterated an “outperform” rating and issued a $150.00 price target (down from $155.00) on shares of Patrick Industries in a research note on Monday, April 20th. Finally, Zacks Research downgraded shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $121.00.

Insider Activity

In other Patrick Industries news, CEO Andy L. Nemeth acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were bought at an average cost of $88.00 per share, with a total value of $880,000.00. Following the completion of the transaction, the chief executive officer directly owned 287,745 shares of the company’s stock, valued at approximately $25,321,560. This represents a 3.60% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Matthew S. Filer bought 1,000 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was acquired at an average cost of $85.50 per share, with a total value of $85,500.00. Following the transaction, the chief financial officer owned 21,614 shares in the company, valued at $1,847,997. The trade was a 4.85% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders purchased 28,700 shares of company stock valued at $2,532,880. Corporate insiders own 3.80% of the company’s stock.

Patrick Industries Price Performance

Shares of NASDAQ PATK opened at $88.09 on Friday. Patrick Industries, Inc. has a twelve month low of $81.29 and a twelve month high of $148.50. The firm has a market cap of $2.90 billion, a P/E ratio of 22.59 and a beta of 1.11. The company has a 50 day moving average of $88.58 and a 200 day moving average of $107.66. 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 EPS for the quarter, beating the consensus estimate of $1.08 by $0.02. The business had revenue of $997.17 million for the quarter, compared to the consensus estimate of $989.06 million. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The company’s revenue was down .6% compared to the same quarter last year. During the same period last year, the business posted $1.11 EPS. As a group, research analysts expect that Patrick Industries, Inc. will post 4.63 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

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