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 trimmed its stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 11.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Patrick Industries by 4.2% in the first quarter. Vanguard Group Inc. now owns 2,423,512 shares of the construction company's stock valued at $204,932,000 after acquiring an additional 97,250 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Patrick Industries by 48.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock valued at $154,823,000 after acquiring an additional 609,036 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Patrick Industries by 0.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 551,192 shares of the construction company's stock valued at $46,609,000 after acquiring an additional 2,421 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Patrick Industries by 41.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 470,718 shares of the construction company's stock valued at $39,108,000 after acquiring an additional 136,836 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Patrick Industries by 80.3% in the fourth quarter. Northern Trust Corp now owns 414,055 shares of the construction company's stock valued at $34,400,000 after acquiring an additional 184,459 shares during the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Roth Mkm reiterated a "buy" rating and issued a $100.00 target price (down from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. KeyCorp upped their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Truist Financial upped their price target on shares of Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Raymond James Financial upped their price target on shares of Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Finally, Benchmark upped their price target on shares of Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Patrick Industries currently has a consensus rating of "Moderate Buy" and a consensus price target of $104.86.

Insider Transactions at Patrick Industries

In other news, Director Michael A. Kitson sold 4,572 shares of the stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $112.67, for a total value of $515,127.24. Following the transaction, the director owned 11,850 shares of the company's stock, valued at $1,335,139.50. This represents a 27.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kip B. Ellis sold 21,452 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $110.01, for a total transaction of $2,359,934.52. Following the completion of the transaction, the insider directly owned 125,379 shares in the company, valued at $13,792,943.79. The trade was a 14.61% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 3,071 shares of company stock worth $253,714 and have sold 76,288 shares worth $8,375,424. 4.70% of the stock is currently owned by corporate insiders.

Patrick Industries Price Performance

NASDAQ PATK traded down $1.30 on Tuesday, hitting $113.69. The stock had a trading volume of 275,706 shares, compared to its average volume of 396,021. Patrick Industries, Inc. has a 52-week low of $72.99 and a 52-week high of $116.78. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.75 and a current ratio of 1.96. The company has a market capitalization of $3.78 billion, a price-to-earnings ratio of 30.81, a price-to-earnings-growth ratio of 1.63 and a beta of 1.23. The firm has a 50-day moving average of $100.55 and a 200-day moving average of $90.94.

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

Patrick Industries Announces Dividend

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