Deutsche Bank AG Takes $3.07 Million Position in Patrick Industries, Inc. $PATK

Deutsche Bank AG acquired a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 34,242 shares of the construction company’s stock, valued at approximately $3,074,000.

Several other large investors also recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Patrick Industries by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock worth $1,632,000 after buying an additional 851 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Patrick Industries by 5.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company’s stock worth $5,957,000 after acquiring an additional 3,748 shares during the period. Strs Ohio bought a new stake in shares of Patrick Industries in the first quarter worth approximately $42,000. Cetera Investment Advisers raised its holdings in shares of Patrick Industries by 64.8% during the second quarter. Cetera Investment Advisers now owns 6,058 shares of the construction company’s stock valued at $559,000 after purchasing an additional 2,381 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new position in Patrick Industries during the second quarter valued at approximately $340,000. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Price Performance

NASDAQ PATK opened at $83.66 on Thursday. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 19.82 and a beta of 1.11. Patrick Industries, Inc. has a 12 month low of $81.29 and a 12 month high of $148.50. The company’s 50 day moving average is $86.32 and its two-hundred day moving average is $100.26. The company has a current ratio of 2.67, a quick ratio of 0.96 and a debt-to-equity ratio of 1.25.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.05. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $994.95 million. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%.Patrick Industries’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.50 EPS. As a group, research analysts anticipate that Patrick Industries, Inc. will post 4.26 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 24th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Monday, August 24th. Patrick Industries’s dividend payout ratio (DPR) is 44.55%.

Analyst Ratings Changes

Several research analysts have issued reports on PATK shares. Robert W. Baird set a $110.00 target price on Patrick Industries in a research report on Friday, May 1st. Truist Financial set a $108.00 price target on shares of Patrick Industries and gave the company a “buy” rating in a research report on Monday, August 10th. Raymond James Financial reissued an “outperform” rating and issued a $94.00 price objective on shares of Patrick Industries in a report on Friday, July 31st. Zacks Research cut shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Finally, Weiss Ratings downgraded shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, June 29th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $113.12.

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.