Bank of America Corp DE Buys New Shares in Patrick Industries, Inc. $PATK

Key Points

• Bank of America purchased 341,345 shares of Patrick Industries in the second quarter, worth approximately $30.6 million and representing about 1.06% of the company. Institutional investors collectively own 93.29% of PATK.
• Analysts maintain a generally positive outlook, with seven Buy, two Hold, and one Sell rating. The stock has a “Moderate Buy” consensus rating and a consensus price target of $114.
• Patrick Industries beat quarterly earnings estimates, reporting $1.29 in EPS versus the expected $1.24 and revenue of $1.04 billion. The company also declared a quarterly dividend of $0.47 per share, equivalent to a 2.6% annualized yield.

Bank of America Corp DE purchased a new stake in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 341,345 shares of the construction company's stock, valued at approximately $30,646,000. Bank of America Corp DE owned about 1.06% of Patrick Industries as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Persistent Asset Partners Ltd acquired a new stake in shares of Patrick Industries in the 2nd quarter valued at approximately $25,000. Allworth Financial LP increased its stake in shares of Patrick Industries by 181.2% during the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company's stock worth $34,000 after purchasing an additional 203 shares during the last quarter. State of Wyoming bought a new stake in shares of Patrick Industries in the 2nd quarter valued at about $52,000. Hantz Financial Services Inc. raised its holdings in shares of Patrick Industries by 73.0% in the 4th quarter. Hantz Financial Services Inc. now owns 564 shares of the construction company's stock valued at $61,000 after purchasing an additional 238 shares during the period. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in Patrick Industries in the 2nd quarter valued at about $75,000. 93.29% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PATK has been the subject of a number of research analyst reports. KeyCorp reduced their price target on Patrick Industries from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Wednesday, July 22nd. Truist Financial set a $108.00 price objective on Patrick Industries and gave the company a "buy" rating in a research report on Monday, August 10th. Benchmark reaffirmed a "buy" rating and issued a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a research report on Tuesday, August 11th. Raymond James Financial reissued an "outperform" rating and set a $94.00 target price on shares of Patrick Industries in a report on Friday, July 31st. Finally, Roth Capital set a $114.00 price target on Patrick Industries in a report on Friday, July 31st. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $114.00.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK opened at $71.06 on Wednesday. Patrick Industries, Inc. has a 12-month low of $68.44 and a 12-month high of $148.50. The company's 50 day moving average price is $82.37 and its two-hundred day moving average price is $92.55. The firm has a market cap of $2.28 billion, a PE ratio of 16.84 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, beating analysts' consensus estimates of $1.24 by $0.05. The company 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 firm's quarterly revenue was down .6% on a year-over-year basis. During the same period in the previous year, the business earned $1.50 earnings per share. Equities research analysts predict that Patrick Industries, Inc. will post 4.24 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 8th. Investors of record on Monday, August 24th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Monday, August 24th. Patrick Industries's payout ratio is 44.55%.

About Patrick Industries

Patrick Industries, Inc is a manufacturer and supplier of component products and building materials for the recreational vehicle, marine, manufactured housing, powersports, and industrial markets. The company serves original equipment manufacturers and other customers primarily through a broad network of manufacturing and distribution operations.

Its products include cabinetry, furniture, countertops, flooring, hardware, electronics, electrical and wiring components, plumbing products, decorative panels, laminates, fabricated metals, plastics, and other interior and exterior components.

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