Fiera Capital Corp Has $39.77 Million Stock Position in Patrick Industries, Inc. $PATK

Fiera Capital Corp grew its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 32.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 366,776 shares of the construction company’s stock after buying an additional 90,544 shares during the quarter. Fiera Capital Corp owned 1.10% of Patrick Industries worth $39,770,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Capital Research Global Investors grew its holdings in shares of Patrick Industries by 24.4% during the fourth quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock valued at $123,342,000 after buying an additional 223,014 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Patrick Industries during the fourth quarter valued at about $76,000. Vestcor Inc grew its holdings in shares of Patrick Industries by 22.1% during the fourth quarter. Vestcor Inc now owns 10,963 shares of the construction company’s stock valued at $1,189,000 after buying an additional 1,987 shares during the last quarter. WCG Wealth Advisors LLC acquired a new position in shares of Patrick Industries during the fourth quarter valued at about $1,641,000. Finally, CIBC Asset Management Inc grew its holdings in shares of Patrick Industries by 4.1% during the fourth quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company’s stock valued at $245,000 after buying an additional 88 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PATK. Raymond James Financial set a $108.00 price objective on shares of Patrick Industries in a report on Friday, May 1st. BMO Capital Markets reiterated an “outperform” rating and set a $150.00 price objective (down from $155.00) on shares of Patrick Industries in a report on Monday, April 20th. KeyCorp cut their price target on shares of Patrick Industries from $140.00 to $125.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Wall Street Zen cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Finally, Benchmark cut their price target on shares of Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $122.63.

Patrick Industries Stock Down 0.1%

Patrick Industries stock opened at $85.07 on Tuesday. Patrick Industries, Inc. has a fifty-two week low of $83.96 and a fifty-two week 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’s 50-day simple moving average is $99.00 and its 200 day simple moving average is $112.22. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 2.71.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $989.06 million. During the same period in the previous year, the company earned $1.11 earnings per share. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. Research analysts predict that Patrick Industries, Inc. will post 4.94 EPS for the current fiscal year.

Patrick Industries Announces Dividend

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

Insiders Place Their Bets

In related news, Director M Scott Welch acquired 10,050 shares of the stock in a transaction on Tuesday, May 5th. The shares were acquired at an average price of $88.23 per share, with a total value of $886,711.50. Following the completion of the transaction, the director owned 156,000 shares in the company, valued at approximately $13,763,880. The trade was a 6.89% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Charles R. Roeder acquired 5,750 shares of the stock in a transaction on Tuesday, May 5th. The stock was bought at an average cost of $87.83 per share, for a total transaction of $505,022.50. Following the transaction, the insider owned 42,147 shares of the company’s stock, valued at approximately $3,701,771.01. This trade represents a 15.80% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders have purchased 37,300 shares of company stock valued at $3,537,054. Company insiders own 3.80% of the company’s stock.

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.