Patrick Industries, Inc. $PATK Shares Sold by Fiera Capital Corp

Fiera Capital Corp decreased its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 1.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 282,267 shares of the construction company’s stock after selling 3,223 shares during the quarter. Fiera Capital Corp’s holdings in Patrick Industries were worth $26,045,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Nuveen LLC purchased a new stake in shares of Patrick Industries during the 1st quarter worth approximately $33,735,000. Vanguard Group Inc. raised its stake in Patrick Industries by 4.2% during the 1st quarter. Vanguard Group Inc. now owns 2,423,512 shares of the construction company’s stock worth $204,932,000 after acquiring an additional 97,250 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new stake in Patrick Industries in the first quarter valued at $6,075,000. Copeland Capital Management LLC lifted its position in Patrick Industries by 16.8% in the second quarter. Copeland Capital Management LLC now owns 410,343 shares of the construction company’s stock valued at $37,862,000 after acquiring an additional 58,987 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in Patrick Industries by 27.3% in the second quarter. Envestnet Asset Management Inc. now owns 165,330 shares of the construction company’s stock valued at $15,255,000 after acquiring an additional 35,447 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on PATK. Roth Capital set a $115.00 target price on Patrick Industries and gave the stock a “buy” rating in a research report on Friday, October 31st. Truist Financial set a $114.00 price target on Patrick Industries and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Raymond James Financial boosted their price objective on Patrick Industries from $95.00 to $109.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. KeyCorp increased their price objective on Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, October 31st. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $115.00 target price on shares of Patrick Industries in a report on Friday, October 31st. Seven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $108.00.

Patrick Industries Stock Down 2.0%

Patrick Industries stock opened at $101.25 on Friday. The stock has a 50 day moving average of $103.81 and a two-hundred day moving average of $98.57. Patrick Industries, Inc. has a twelve month low of $72.99 and a twelve month high of $116.78. The stock has a market capitalization of $3.37 billion, a price-to-earnings ratio of 27.44, a PEG ratio of 1.40 and a beta of 1.33. 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 released its earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.06. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The business had revenue of $975.63 million for the quarter, compared to analyst estimates of $900.35 million. During the same quarter in the previous year, the company posted $1.80 earnings per share. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, research analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Insider Transactions at Patrick Industries

In other Patrick Industries news, Director Michael A. Kitson sold 4,572 shares of the company’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $112.67, for a total transaction of $515,127.24. Following the completion of the transaction, the director owned 11,850 shares in the company, valued at approximately $1,335,139.50. This represents a 27.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.70% of the company’s stock.

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.