Copeland Capital Management LLC Acquires New Shares in Patrick Industries, Inc. (NASDAQ:PATK)

Copeland Capital Management LLC acquired a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 56,685 shares of the construction company’s stock, valued at approximately $8,070,000. Copeland Capital Management LLC owned 0.25% of Patrick Industries at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. bought a new stake in Patrick Industries during the 2nd quarter valued at $41,000. Sound Income Strategies LLC bought a new stake in shares of Patrick Industries in the 3rd quarter worth $46,000. GAMMA Investing LLC raised its stake in shares of Patrick Industries by 76.2% in the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock worth $67,000 after buying an additional 205 shares in the last quarter. UMB Bank n.a. raised its stake in shares of Patrick Industries by 176.6% in the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock worth $81,000 after buying an additional 362 shares in the last quarter. Finally, nVerses Capital LLC bought a new stake in shares of Patrick Industries in the 3rd quarter worth $157,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the transaction, the chief operating officer now owns 23,759 shares in the company, valued at $3,091,283.49. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.37, for a total value of $2,627,400.00. Following the completion of the sale, the insider now owns 139,109 shares of the company’s stock, valued at $18,274,749.33. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the sale, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at $3,091,283.49. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,411 shares of company stock worth $3,858,915 over the last 90 days. 4.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

PATK has been the topic of a number of research reports. Truist Financial boosted their price objective on Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. BMO Capital Markets boosted their target price on Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. DA Davidson boosted their target price on Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Robert W. Baird boosted their target price on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, Benchmark reaffirmed a “buy” rating and set a $145.00 target price on shares of Patrick Industries in a research report on Tuesday, September 17th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $138.50.

Patrick Industries Stock Performance

Shares of PATK stock opened at $136.71 on Wednesday. Patrick Industries, Inc. has a 1-year low of $70.15 and a 1-year high of $148.35. The company has a current ratio of 2.29, a quick ratio of 0.94 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $3.06 billion, a price-to-earnings ratio of 19.61, a P/E/G ratio of 1.25 and a beta of 1.61. The stock’s fifty day simple moving average is $135.94 and its 200-day simple moving average is $120.67.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.11. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The business had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $972.06 million. During the same quarter in the previous year, the company posted $1.94 earnings per share. Patrick Industries’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, sell-side analysts predict that Patrick Industries, Inc. will post 7.26 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were paid a $0.55 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.20 dividend on an annualized basis and a yield of 1.61%. Patrick Industries’s dividend payout ratio (DPR) is currently 31.56%.

Patrick Industries Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.