TD Asset Management Inc Makes New $800,000 Investment in Patrick Industries, Inc. $PATK

TD Asset Management Inc acquired a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 7,732 shares of the construction company’s stock, valued at approximately $800,000.

A number of other institutional investors have also recently made changes to their positions in PATK. EverSource Wealth Advisors LLC increased its holdings in shares of Patrick Industries by 49.4% in the third quarter. EverSource Wealth Advisors LLC now owns 1,729 shares of the construction company’s stock worth $179,000 after purchasing an additional 572 shares during the last quarter. Redmont Wealth Advisors LLC purchased a new stake in shares of Patrick Industries in the third quarter worth about $828,000. First National Bank of Omaha bought a new position in Patrick Industries during the third quarter valued at approximately $601,000. GSA Capital Partners LLP bought a new position in Patrick Industries during the third quarter valued at approximately $209,000. Finally, BTC Capital Management Inc. grew its holdings in Patrick Industries by 18.7% during the 3rd quarter. BTC Capital Management Inc. now owns 3,365 shares of the construction company’s stock valued at $348,000 after buying an additional 530 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Insider Activity at Patrick Industries

In related news, CAO Matthew S. Filer purchased 1,000 shares of the firm’s stock in a transaction dated Friday, February 6th. The stock was purchased at an average price of $139.91 per share, with a total value of $139,910.00. Following the completion of the purchase, the chief accounting officer owned 20,614 shares of the company’s stock, valued at approximately $2,884,104.74. The trade was a 5.10% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John A. Forbes sold 2,704 shares of the business’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $140.75, for a total value of $380,588.00. Following the completion of the sale, the director owned 49,272 shares of the company’s stock, valued at $6,935,034. The trade was a 5.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 31,607 shares of company stock worth $3,823,904. Insiders own 4.40% of the company’s stock.

Analyst Upgrades and Downgrades

PATK has been the topic of a number of research reports. BMO Capital Markets reaffirmed an “outperform” rating and issued a $155.00 price objective on shares of Patrick Industries in a research note on Friday, February 6th. Robert W. Baird set a $140.00 target price on Patrick Industries in a research report on Friday, February 6th. Wall Street Zen raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. Benchmark restated a “buy” rating on shares of Patrick Industries in a research report on Friday, February 6th. Finally, Truist Financial set a $126.00 price target on shares of Patrick Industries in a research note on Friday, January 9th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $135.13.

Patrick Industries Trading Down 3.1%

NASDAQ PATK opened at $115.81 on Friday. The company’s 50-day moving average price is $126.94 and its 200-day moving average price is $113.59. The company has a current ratio of 2.51, a quick ratio of 0.80 and a debt-to-equity ratio of 1.08. The stock has a market cap of $3.85 billion, a PE ratio of 29.62, a PEG ratio of 1.26 and a beta of 1.33. Patrick Industries, Inc. has a 12 month low of $72.99 and a 12 month high of $148.50.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The company had revenue of $924.17 million for the quarter, compared to the consensus estimate of $858.62 million. During the same quarter last year, the firm posted $0.52 EPS. The firm’s revenue was up 9.2% compared to the same quarter last year. Equities research analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 9th. Stockholders of record on Monday, February 23rd will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, February 23rd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.6%. Patrick Industries’s dividend payout ratio (DPR) is 48.08%.

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.