Deutsche Bank AG Sells 3,193 Shares of Patrick Industries, Inc. $PATK

Key Points

• Deutsche Bank AG reduced its stake in Patrick Industries by approximately 11.2%, selling 3,193 shares and now holding a total of 25,252 shares valued at around $2.14 million.
• Insider Jeff Rodino sold 22,389 shares for nearly $2.47 million, resulting in a 9.78% decrease in his ownership, while Kip B. Ellis also reduced his holdings by 14.61% after selling 21,452 shares.
• Several research firms have raised their price targets for Patrick Industries, with Raymond James increasing it from $95.00 to $109.00, reflecting a favorable sentiment as the stock holds a consensus target price of $104.86.

Deutsche Bank AG decreased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 11.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,252 shares of the construction company's stock after selling 3,193 shares during the quarter. Deutsche Bank AG owned approximately 0.08% of Patrick Industries worth $2,135,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. grew its position in shares of Patrick Industries by 2.8% during the 1st quarter. Principal Financial Group Inc. now owns 178,660 shares of the construction company's stock worth $15,107,000 after buying an additional 4,841 shares in the last quarter. Private Trust Co. NA grew its position in shares of Patrick Industries by 432.4% during the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock worth $50,000 after buying an additional 480 shares in the last quarter. Cerity Partners LLC bought a new position in shares of Patrick Industries during the 1st quarter worth $729,000. Nuveen Asset Management LLC grew its position in shares of Patrick Industries by 495.5% during the 4th quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company's stock worth $28,730,000 after buying an additional 287,739 shares in the last quarter. Finally, Teacher Retirement System of Texas bought a new position in shares of Patrick Industries during the 1st quarter worth $478,000. Institutional investors own 93.29% of the company's stock.

Insider Buying and Selling

In other Patrick Industries news, insider Jeff Rodino sold 22,389 shares of the stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $110.32, for a total value of $2,469,954.48. Following the completion of the sale, the insider directly owned 206,492 shares in the company, valued at approximately $22,780,197.44. This trade represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Kip B. Ellis sold 21,452 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $110.01, for a total value of $2,359,934.52. Following the completion of the sale, the insider owned 125,379 shares of the company's stock, valued at approximately $13,792,943.79. This trade represents a 14.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders bought 3,071 shares of company stock valued at $253,714 and sold 76,288 shares valued at $8,375,424. 4.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PATK. Raymond James Financial increased their price target on Patrick Industries from $95.00 to $109.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Benchmark upped their price objective on Patrick Industries from $102.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. BMO Capital Markets upped their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Finally, KeyCorp upped their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Patrick Industries currently has an average rating of "Moderate Buy" and a consensus target price of $104.86.

Patrick Industries Trading Down 1.1%

Patrick Industries stock opened at $111.16 on Thursday. The stock has a 50-day moving average of $98.65 and a two-hundred day moving average of $90.48. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.75 and a current ratio of 1.96. Patrick Industries, Inc. has a one year low of $72.99 and a one year high of $114.26. The stock has a market cap of $3.70 billion, a PE ratio of 30.12, a price-to-earnings-growth ratio of 1.59 and a beta of 1.23.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, beating analysts' consensus estimates of $1.41 by $0.09. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The company had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.03 billion. During the same period last year, the business posted $2.16 earnings per share. The firm's revenue was up 3.0% compared to the same quarter last year. On average, research analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 8th. Shareholders of record on Monday, August 25th will be paid a $0.40 dividend. The ex-dividend date is Monday, August 25th. This represents a $1.60 dividend on an annualized basis and a yield of 1.4%. Patrick Industries's dividend payout ratio (DPR) is 43.36%.

Patrick Industries Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.

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