725,530 Shares in Patrick Industries, Inc. $PATK Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp purchased a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 725,530 shares of the construction company's stock, valued at approximately $65,138,000. Bank of New York Mellon Corp owned about 2.21% of Patrick Industries at the end of the most recent quarter.

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

Patrick Industries Stock Down 1.9%

Shares of NASDAQ PATK opened at $83.66 on Thursday. The company's 50-day simple moving average is $86.32 and its 200-day simple moving average is $100.26. Patrick Industries, Inc. has a 52-week low of $81.29 and a 52-week high of $148.50. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of 19.82 and a beta of 1.11. The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.05. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $994.95 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The company's revenue for the quarter was down .6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.50 EPS. Equities analysts predict that Patrick Industries, Inc. will post 4.26 EPS for the current fiscal year.

Patrick Industries Announces Dividend

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

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PATK shares. KeyCorp lowered their target price on Patrick Industries from $125.00 to $115.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 22nd. Raymond James Financial reiterated an "outperform" rating and set a $94.00 price target on shares of Patrick Industries in a research report on Friday, July 31st. Zacks Research downgraded Patrick Industries from a "hold" rating to a "strong sell" rating in a report on Tuesday, May 5th. Roth Capital set a $114.00 price objective on Patrick Industries in a research report on Friday, July 31st. Finally, Weiss Ratings lowered 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 issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company 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.

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