WCG Wealth Advisors LLC Invests $1.64 Million in Patrick Industries, Inc. $PATK

WCG Wealth Advisors LLC acquired a new stake in Patrick Industries, Inc. (NASDAQ:PATK) during the fourth quarter, HoldingsChannel reports. The fund acquired 15,135 shares of the construction company’s stock, valued at approximately $1,641,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PATK. SG Americas Securities LLC grew its position in Patrick Industries by 12,134.2% in the 4th quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company’s stock valued at $28,123,000 after buying an additional 257,245 shares during the last quarter. Bessemer Group Inc. lifted its holdings in Patrick Industries by 3,602.4% in the fourth quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock valued at $16,255,000 after acquiring an additional 145,863 shares during the period. Balyasny Asset Management L.P. acquired a new stake in Patrick Industries in the second quarter valued at $9,800,000. Copeland Capital Management LLC raised its stake in shares of Patrick Industries by 23.4% during the 4th quarter. Copeland Capital Management LLC now owns 478,999 shares of the construction company’s stock worth $51,938,000 after buying an additional 90,691 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Patrick Industries by 204,172.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 67,410 shares of the construction company’s stock worth $7,309,000 after buying an additional 67,377 shares during the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Stock Down 1.1%

NASDAQ PATK opened at $85.12 on Friday. The stock has a market cap of $2.80 billion, a PE ratio of 21.83 and a beta of 1.09. Patrick Industries, Inc. has a fifty-two week low of $83.96 and a fifty-two week high of $148.50. The business has a 50 day moving average price of $99.47 and a two-hundred day moving average price of $112.20. The company has a quick ratio of 1.04, a current ratio of 2.71 and a debt-to-equity ratio of 1.16.

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 analysts’ consensus estimates of $1.08 by $0.02. The firm had revenue of $997.17 million during the quarter, compared to analysts’ expectations of $989.06 million. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.Patrick Industries’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.11 EPS. As a group, sell-side analysts predict that Patrick Industries, Inc. will post 4.94 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Tuesday, May 26th. Patrick Industries’s dividend payout ratio is 48.21%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PATK. Roth Mkm set a $128.00 price target on Patrick Industries in a research note on Tuesday, May 5th. Weiss Ratings cut Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday. Benchmark lowered their price target on Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a report on Friday, May 1st. Raymond James Financial set a $108.00 price target on Patrick Industries in a report on Friday, May 1st. Finally, BMO Capital Markets restated an “outperform” rating and issued a $150.00 price target (down from $155.00) on shares of Patrick Industries in a report on Monday, April 20th. Six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $122.63.

Insider Activity at Patrick Industries

In other news, insider Charles R. Roeder purchased 5,750 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were acquired at an average cost of $87.83 per share, with a total value of $505,022.50. Following the transaction, the insider owned 42,147 shares in the company, valued at approximately $3,701,771.01. The trade was a 15.80% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matthew S. Filer purchased 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were purchased at an average cost of $85.50 per share, for a total transaction of $85,500.00. Following the completion of the transaction, the chief financial officer owned 21,614 shares in the company, valued at approximately $1,847,997. This represents a 4.85% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders bought 37,300 shares of company stock worth $3,537,054. 3.80% of the stock is currently owned by insiders.

About Patrick Industries

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.