Northwestern Mutual Wealth Management Co. Has $7.31 Million Holdings in Patrick Industries, Inc. $PATK

Northwestern Mutual Wealth Management Co. lifted its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 204,172.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 67,410 shares of the construction company’s stock after acquiring an additional 67,377 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Patrick Industries were worth $7,309,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of PATK. SG Americas Securities LLC grew its stake in shares of Patrick Industries by 12,134.2% in the fourth quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company’s stock valued at $28,123,000 after acquiring an additional 257,245 shares in the last quarter. Bessemer Group Inc. grew its stake in shares of 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 in the last quarter. Balyasny Asset Management L.P. acquired a new position in shares of Patrick Industries in the second quarter valued at about $9,800,000. Copeland Capital Management LLC grew its stake in shares of Patrick Industries by 23.4% in the fourth quarter. Copeland Capital Management LLC now owns 478,999 shares of the construction company’s stock valued at $51,938,000 after acquiring an additional 90,691 shares in the last quarter. Finally, Watchtower Advisors LP grew its stake in shares of Patrick Industries by 50.0% in the third quarter. Watchtower Advisors LP now owns 150,000 shares of the construction company’s stock valued at $15,514,000 after acquiring an additional 50,000 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on PATK shares. Zacks Research downgraded shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Robert W. Baird set a $110.00 price target on shares of Patrick Industries in a research note on Friday, May 1st. Benchmark decreased their price target on shares of Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a research note 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 research note on Monday, April 20th. Finally, KeyCorp reduced their price objective on shares of Patrick Industries from $140.00 to $125.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $122.63.

Insider Transactions at Patrick Industries

In related news, insider Charles R. Roeder bought 5,750 shares of the company’s stock in a transaction dated Tuesday, May 5th. The stock was purchased at an average price of $87.83 per share, with a total value of $505,022.50. Following the completion of the acquisition, the insider owned 42,147 shares of the company’s stock, valued at $3,701,771.01. The trade was a 15.80% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director M Scott Welch acquired 10,050 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were bought 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 $13,763,880. This represents a 6.89% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have purchased 37,410 shares of company stock valued at $3,550,239. 3.80% of the stock is owned by company insiders.

Patrick Industries Trading Up 0.7%

Shares of Patrick Industries stock opened at $90.87 on Friday. The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of 23.30 and a beta of 1.12. 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, Inc. has a 12-month low of $82.24 and a 12-month high of $148.50. The firm’s 50-day moving average price is $103.88 and its two-hundred day moving average price is $113.14.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. The firm had revenue of $997.17 million for the quarter, compared to the consensus estimate of $989.06 million. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The business’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the prior year, the company posted $1.11 earnings per share. On average, analysts forecast that Patrick Industries, Inc. will post 4.94 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th will be issued a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.1%. Patrick Industries’s dividend payout ratio is 48.21%.

Patrick Industries Company 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.