1ST Source Bank Purchases Shares of 105,650 Patrick Industries, Inc. $PATK

Key Points

• 1ST Source Bank acquired 105,650 shares of Patrick Industries valued at approximately $9.5 million, giving it a 0.32% stake. Institutional investors and hedge funds collectively own 93.29% of PATK.
• Analysts maintain a generally positive outlook, with six Buy, two Hold and one Sell rating; the stock has a “Moderate Buy” consensus and an average price target of $113.12, despite several target reductions.
• Patrick Industries exceeded quarterly earnings expectations with $1.29 EPS and $1.04 billion in revenue, while revenue declined slightly year over year. The company also declared a quarterly dividend of $0.47 per share, equivalent to a 2.2% annualized yield.

1ST Source Bank acquired a new stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 105,650 shares of the construction company's stock, valued at approximately $9,485,000. Patrick Industries accounts for approximately 0.4% of 1ST Source Bank's investment portfolio, making the stock its 23rd largest position. 1ST Source Bank owned approximately 0.32% of Patrick Industries at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PATK. Vanguard Group Inc. boosted its position in Patrick Industries by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 2,470,559 shares of the construction company's stock worth $267,883,000 after purchasing an additional 16,959 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Patrick Industries by 19.9% during the 4th quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company's stock valued at $240,401,000 after buying an additional 367,802 shares during the period. Capital Research Global Investors lifted its position in Patrick Industries by 24.4% in the fourth quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company's stock valued at $123,342,000 after buying an additional 223,014 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Patrick Industries by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 819,488 shares of the construction company's stock valued at $88,870,000 after buying an additional 4,816 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Patrick Industries by 17.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 748,904 shares of the construction company's stock valued at $81,205,000 after buying an additional 112,766 shares during the period. 93.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PATK. Benchmark restated a "buy" rating and issued a $115.00 price target (down from $135.00) on shares of Patrick Industries in a research note on Tuesday, August 11th. Robert W. Baird set a $110.00 price objective on shares of Patrick Industries in a research report on Friday, May 1st. Weiss Ratings cut Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, June 29th. BMO Capital Markets reissued 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, Truist Financial set a $108.00 price objective on shares of Patrick Industries and gave the stock a "buy" rating in a research report on Monday, August 10th. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $113.12.

Patrick Industries Stock Performance

Shares of PATK stock opened at $86.06 on Monday. The firm has a market cap of $2.76 billion, a P/E ratio of 20.39 and a beta of 1.11. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.67 and a quick ratio of 0.96. The firm's 50-day simple moving average is $86.50 and its 200-day simple moving average is $102.87. Patrick Industries, Inc. has a 1-year low of $81.29 and a 1-year high of $148.50.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, beating analysts' consensus estimates of $1.24 by $0.05. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $994.95 million. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%.The firm's revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.50 earnings per share. As a group, equities analysts forecast that Patrick Industries, Inc. will post 4.26 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Monday, August 24th. Patrick Industries's dividend payout ratio is 44.55%.

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.

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