Fiera Capital Corp Invests $27.89 Million in Patrick Industries, Inc. (NASDAQ:PATK)

Fiera Capital Corp bought a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 195,881 shares of the construction company’s stock, valued at approximately $27,888,000. Fiera Capital Corp owned about 0.87% of Patrick Industries as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PATK. Principal Financial Group Inc. grew its position in shares of Patrick Industries by 2.1% in the 3rd quarter. Principal Financial Group Inc. now owns 111,952 shares of the construction company’s stock valued at $15,939,000 after buying an additional 2,275 shares during the last quarter. Amalgamated Bank grew its holdings in shares of Patrick Industries by 2.1% during the third quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock worth $936,000 after purchasing an additional 136 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of Patrick Industries by 2.3% during the third quarter. Janney Montgomery Scott LLC now owns 20,137 shares of the construction company’s stock worth $2,867,000 after purchasing an additional 451 shares in the last quarter. F M Investments LLC purchased a new stake in shares of Patrick Industries in the 3rd quarter valued at about $323,000. Finally, Smith Group Asset Management LLC boosted its position in shares of Patrick Industries by 25.7% in the 3rd quarter. Smith Group Asset Management LLC now owns 5,610 shares of the construction company’s stock valued at $799,000 after purchasing an additional 1,147 shares during the period. 93.29% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Patrick Industries

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

Wall Street Analyst Weigh In

PATK has been the subject of a number of research reports. BMO Capital Markets boosted their price objective on Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Robert W. Baird upped their price target on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Truist Financial lifted their price objective on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, September 20th. KeyCorp increased their target price on shares of Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Finally, Raymond James dropped their price target on Patrick Industries from $160.00 to $136.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Patrick Industries currently has a consensus rating of “Moderate Buy” and a consensus target price of $139.88.

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $125.84 on Friday. Patrick Industries, Inc. has a 52 week low of $75.01 and a 52 week high of $148.35. The company has a 50-day moving average price of $135.97 and a 200 day moving average price of $122.38. The company has a market cap of $2.82 billion, a P/E ratio of 18.08, a PEG ratio of 1.38 and a beta of 1.62. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). The business had revenue of $919.44 million during the quarter, compared to analysts’ expectations of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.81 earnings per share. Research analysts predict that Patrick Industries, Inc. will post 6.42 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were issued a $0.55 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.75%. Patrick Industries’s dividend payout ratio is presently 31.61%.

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.