Bessemer Group Inc. Has $370,000 Holdings in Patrick Industries, Inc. $PATK

Bessemer Group Inc. lifted its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 21.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,010 shares of the construction company’s stock after buying an additional 702 shares during the period. Bessemer Group Inc.’s holdings in Patrick Industries were worth $370,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of PATK. Nuveen LLC bought a new position in Patrick Industries in the 1st quarter valued at $33,735,000. Vanguard Group Inc. boosted its position in Patrick Industries by 4.2% in the 1st quarter. Vanguard Group Inc. now owns 2,423,512 shares of the construction company’s stock valued at $204,932,000 after buying an additional 97,250 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new position in Patrick Industries in the 1st quarter valued at $6,075,000. Copeland Capital Management LLC boosted its position in Patrick Industries by 16.8% in the 2nd quarter. Copeland Capital Management LLC now owns 410,343 shares of the construction company’s stock valued at $37,862,000 after buying an additional 58,987 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in Patrick Industries by 27.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 165,330 shares of the construction company’s stock valued at $15,255,000 after buying an additional 35,447 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Patrick Industries news, Director Michael A. Kitson sold 4,572 shares of the stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $112.67, for a total value of $515,127.24. Following the completion of the sale, the director directly owned 11,850 shares in the company, valued at $1,335,139.50. This represents a 27.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeff Rodino sold 22,389 shares of the stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $110.32, for a total value of $2,469,954.48. Following the completion of the sale, the insider owned 206,492 shares of the company’s stock, valued at $22,780,197.44. This trade represents a 9.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 73,413 shares of company stock valued at $8,112,016 over the last ninety days. 4.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PATK. Loop Capital began coverage on Patrick Industries in a research report on Friday. They issued a “hold” rating and a $99.00 price objective on the stock. BMO Capital Markets reiterated an “outperform” rating and issued a $115.00 price objective on shares of Patrick Industries in a report on Friday. Raymond James Financial increased their target price on Patrick Industries from $95.00 to $109.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. Roth Capital set a $115.00 target price on Patrick Industries and gave the company a “buy” rating in a research note on Friday. Finally, KeyCorp increased their target price on Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday. Seven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $107.44.

Patrick Industries Trading Up 3.5%

NASDAQ:PATK opened at $104.37 on Monday. Patrick Industries, Inc. has a 1-year low of $72.99 and a 1-year high of $116.78. The business’s 50-day moving average price is $105.35 and its two-hundred day moving average price is $97.25. The firm has a market capitalization of $3.47 billion, a price-to-earnings ratio of 28.28, a PEG ratio of 1.40 and a beta of 1.34. The company has a current ratio of 1.96, a quick ratio of 0.75 and a debt-to-equity ratio of 1.11.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.06. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The company had revenue of $975.63 million during the quarter, compared to the consensus estimate of $900.35 million. During the same period in the prior year, the company earned $1.80 earnings per share. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, equities analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 8th. Shareholders of record on Monday, August 25th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Monday, August 25th. Patrick Industries’s dividend payout ratio is 45.71%.

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.