Citizens Financial Group Inc. RI Makes New Investment in Patrick Industries, Inc. $PATK

Key Points

• Citizens Financial Group purchased 16,271 shares of Patrick Industries worth approximately $1.46 million in the second quarter. Institutional investors collectively own 93.29% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $113.12, despite one recent downgrade to “Strong Sell.”
• Patrick Industries exceeded quarterly EPS expectations, reporting $1.29 versus the $1.24 consensus, while revenue reached $1.04 billion. The company also declared a quarterly dividend of $0.47 per share, representing a 2.2% yield.

Citizens Financial Group Inc. RI purchased a new stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 16,271 shares of the construction company's stock, valued at approximately $1,461,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Bank of New York Mellon Corp bought a new position in Patrick Industries in the second quarter worth approximately $65,138,000. Wellington Management Group LLP increased its holdings in shares of 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 acquiring an additional 367,802 shares in the last quarter. Capital Research Global Investors increased its holdings in shares of Patrick Industries by 24.4% during 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 acquiring an additional 223,014 shares in the last quarter. Bessemer Group Inc. raised its position in shares of Patrick Industries by 3,602.4% during the fourth quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company's stock worth $16,255,000 after purchasing an additional 145,863 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of 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 worth $81,205,000 after purchasing an additional 112,766 shares in the last quarter. Institutional investors own 93.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on PATK shares. Truist Financial set a $108.00 price target on shares of Patrick Industries and gave the company a "buy" rating in a research note on Monday, August 10th. Robert W. Baird set a $110.00 price objective on shares of Patrick Industries in a research note on Friday, May 1st. Roth Capital set a $114.00 target price on shares of Patrick Industries in a research report on Friday, July 31st. Zacks Research lowered shares of Patrick Industries from a "hold" rating to a "strong sell" rating in a report on Tuesday, May 5th. Finally, KeyCorp lowered their target price on shares of Patrick Industries from $125.00 to $115.00 and set an "overweight" rating on the stock in a report on Wednesday, July 22nd. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $113.12.

Patrick Industries Stock Performance

Shares of PATK stock opened at $83.73 on Wednesday. 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 has a 50-day moving average of $86.41 and a 200-day moving average of $102.23. Patrick Industries, Inc. has a one year low of $81.29 and a one year high of $148.50. The company has a market cap of $2.69 billion, a P/E ratio of 19.84 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data 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. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $994.95 million. During the same period in the prior year, the firm posted $1.50 EPS. The firm's quarterly revenue was down .6% compared to the same quarter last year. Equities research analysts forecast that Patrick Industries, Inc. will post 4.26 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm 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 $0.47 dividend. 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%.

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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