Jupiter Topco LLC Makes New $1.29 Million Investment in Patrick Industries, Inc. $PATK

Key Points

• Jupiter Topco LLC purchased 14,365 shares of Patrick Industries in the second quarter, valued at approximately $1.29 million. Institutional investors collectively own 93.29% of the company.
• Patrick Industries reported quarterly earnings of $1.29 per share, exceeding estimates of $1.24, while revenue reached $1.04 billion. However, revenue declined 0.6% year over year and earnings fell from $1.50 per share in the prior-year period.
• The company declared a quarterly dividend of $0.47 per share, equivalent to an annualized $1.88 payout and a 2.3% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $114.

Jupiter Topco LLC purchased a new stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 14,365 shares of the construction company's stock, valued at approximately $1,289,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of 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 worth $1,632,000 after purchasing an additional 851 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Patrick Industries by 5.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company's stock valued at $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 1st quarter valued at about $42,000. Cetera Investment Advisers raised its stake in Patrick Industries by 64.8% in the second quarter. Cetera Investment Advisers now owns 6,058 shares of the construction company's stock valued at $559,000 after buying an additional 2,381 shares during the period. Finally, Hsbc Holdings PLC acquired a new stake in shares of Patrick Industries in the second quarter valued at approximately $340,000. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Trading Up 1.5%

Shares of PATK stock opened at $82.84 on Friday. The company has a current ratio of 2.67, a quick ratio of 0.96 and a debt-to-equity ratio of 1.25. The stock has a market cap of $2.66 billion, a P/E ratio of 19.63 and a beta of 1.11. The stock has a 50 day simple moving average of $85.32 and a 200 day simple moving average of $97.61. Patrick Industries, Inc. has a 1 year low of $80.61 and a 1 year high of $148.50.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.24 by $0.05. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%.The firm had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $994.95 million. During the same period in the previous year, the firm earned $1.50 EPS. The company's quarterly revenue was down .6% compared to the same quarter last year. On average, research analysts predict that Patrick Industries, Inc. will post 4.26 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 24th will be given a dividend of $0.47 per share. The ex-dividend date is Monday, August 24th. This represents a $1.88 dividend on an annualized basis and a yield of 2.3%. Patrick Industries's payout ratio is currently 44.55%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Weiss Ratings lowered Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, June 29th. Benchmark reiterated 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. KeyCorp cut their target price on shares of Patrick Industries from $125.00 to $115.00 and set an "overweight" rating for the company in a research note on Wednesday, July 22nd. Raymond James Financial reaffirmed 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 shares of Patrick Industries in a report on Friday, July 31st. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $114.00.

About Patrick Industries

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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