Harel Insurance Investments & Financial Services Ltd. Acquires Shares of 47,000 Patrick Industries, Inc. $PATK

Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 47,000 shares of the construction company’s stock, valued at approximately $5,220,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in PATK. Mackenzie Financial Corp lifted its holdings in shares of Patrick Industries by 4.0% in the fourth quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company’s stock valued at $231,000 after purchasing an additional 80 shares in the last quarter. CIBC Asset Management Inc lifted its holdings in Patrick Industries by 4.1% during the fourth quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company’s stock worth $245,000 after acquiring an additional 88 shares during the period. Hennion & Walsh Asset Management Inc. lifted its holdings in Patrick Industries by 4.1% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company’s stock worth $269,000 after acquiring an additional 98 shares during the period. Oregon Public Employees Retirement Fund boosted its position in Patrick Industries by 1.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,576 shares of the construction company’s stock worth $821,000 after purchasing an additional 100 shares during the last quarter. Finally, California State Teachers Retirement System boosted its position in Patrick Industries by 0.5% in the second quarter. California State Teachers Retirement System now owns 29,535 shares of the construction company’s stock worth $2,725,000 after purchasing an additional 154 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on PATK. Wall Street Zen lowered Patrick Industries from a “buy” rating to a “hold” rating in a research report on Sunday, April 12th. Truist Financial cut their price target on shares of Patrick Industries from $126.00 to $113.00 and set a “buy” rating on the stock in a report on Wednesday, July 8th. Zacks Research lowered shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. BMO Capital Markets restated 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. Finally, Robert W. Baird set a $110.00 price objective on shares of Patrick Industries in a research report on Friday, May 1st. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Patrick Industries presently has a consensus rating of “Moderate Buy” and a consensus price target of $121.00.

Insider Activity at Patrick Industries

In related news, CFO Matthew S. Filer bought 1,000 shares of Patrick Industries stock in a transaction on Tuesday, May 5th. The stock was acquired at an average price of $85.50 per share, with a total value of $85,500.00. Following the acquisition, the chief financial officer directly owned 21,614 shares of the company’s stock, valued at $1,847,997. This represents a 4.85% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Blake Augsburger purchased 400 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were bought at an average price of $85.19 per share, for a total transaction of $34,076.00. Following the completion of the transaction, the director owned 2,125 shares of the company’s stock, valued at approximately $181,028.75. This trade represents a 23.19% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 28,700 shares of company stock worth $2,532,880 in the last 90 days. 3.80% of the stock is owned by company insiders.

Patrick Industries Stock Up 0.4%

PATK opened at $84.60 on Thursday. Patrick Industries, Inc. has a 12 month low of $81.29 and a 12 month high of $148.50. The company has a market cap of $2.78 billion, a PE ratio of 21.69 and a beta of 1.11. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16. The company has a 50 day moving average of $88.86 and a 200 day moving average of $107.97.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. The business had revenue of $997.17 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.11 EPS. On average, sell-side analysts expect that Patrick Industries, Inc. will post 4.63 EPS for the current year.

Patrick Industries Announces Dividend

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