Deutsche Bank AG Acquires Shares of 34,242 Patrick Industries, Inc. $PATK

Key Points

• Deutsche Bank acquired 34,242 shares of Patrick Industries in the second quarter, valued at approximately $3.07 million. Institutional investors collectively own 93.29% of the company.
• Analysts maintain a generally positive view, with six Buy ratings, two Holds and one Sell; the stock has a consensus rating of Moderate Buy and a target price of $113.12.
• Patrick Industries beat quarterly earnings estimates with EPS of $1.29 versus $1.24 expected, while revenue reached $1.04 billion. The company declared a quarterly dividend of $0.47 per share, representing a 2.2% yield.

Deutsche Bank AG bought a new position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 34,242 shares of the construction company's stock, valued at approximately $3,074,000. Deutsche Bank AG owned about 0.10% of Patrick Industries as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Patrick Industries by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company's stock valued at $1,632,000 after buying an additional 851 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Patrick Industries by 5.6% during 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 purchasing an additional 3,748 shares during the period. Strs Ohio bought a new stake in shares of Patrick Industries in the first quarter worth about $42,000. Cetera Investment Advisers lifted its holdings in Patrick Industries by 64.8% in the 2nd quarter. Cetera Investment Advisers now owns 6,058 shares of the construction company's stock worth $559,000 after buying an additional 2,381 shares during the period. Finally, Hsbc Holdings PLC bought a new stake in shares of Patrick Industries in the 2nd quarter worth approximately $340,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Truist Financial set a $108.00 target price on Patrick Industries and gave the company a "buy" rating in a report on Monday, August 10th. Roth Capital set a $114.00 target price on shares of Patrick Industries in a research report on Friday, July 31st. Weiss Ratings cut shares of Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, June 29th. Zacks Research downgraded shares of Patrick Industries from a "hold" rating to a "strong sell" rating in a research note on Tuesday, May 5th. Finally, Benchmark restated a "buy" rating and issued a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a report on Tuesday, August 11th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $113.12.

Patrick Industries Stock Down 1.9%

NASDAQ:PATK opened at $83.66 on Thursday. The firm's 50-day moving average price is $86.32 and its 200-day moving average price is $100.26. The company has a market capitalization of $2.69 billion, a PE ratio of 19.82 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. 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 posted its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $994.95 million. During the same quarter in the previous year, the firm posted $1.50 earnings per share. Patrick Industries's quarterly revenue was down .6% on a year-over-year basis. On average, equities analysts predict that Patrick Industries, Inc. will post 4.26 EPS for the current fiscal year.

Patrick Industries Announces Dividend

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

Patrick Industries Company 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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