Royal Bank of Canada Cuts Position in Patrick Industries, Inc. $PATK

Key Points

• Royal Bank of Canada cut its Patrick Industries stake by 44.2% in the first quarter, selling 39,112 shares and retaining 49,334 shares valued at approximately $5.48 million. Institutional investors still own 93.29% of the company.
• Patrick Industries exceeded quarterly expectations with adjusted EPS of $1.29 versus the $1.24 consensus and revenue of $1.04 billion, although revenue declined 0.6% year over year and profit margins remained modest.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $113.12 versus the reported share price of $86.76; however, several firms recently lowered their targets, and Zacks downgraded the stock to “Strong Sell.”

Royal Bank of Canada trimmed its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 44.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,334 shares of the construction company's stock after selling 39,112 shares during the period. Royal Bank of Canada owned approximately 0.15% of Patrick Industries worth $5,479,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Torren Management LLC purchased a new position in shares of Patrick Industries in the 4th quarter worth $26,000. Advisory Services Network LLC bought a new position in shares of Patrick Industries in the 3rd quarter valued at about $25,000. Allworth Financial LP lifted its holdings in shares of Patrick Industries by 181.2% in the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company's stock valued at $34,000 after acquiring an additional 203 shares during the last quarter. Farther Finance Advisors LLC increased its stake in Patrick Industries by 200.9% during the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company's stock worth $37,000 after acquiring an additional 229 shares during the last quarter. Finally, Strs Ohio purchased a new stake in Patrick Industries during the first quarter valued at approximately $42,000. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK opened at $86.76 on Thursday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.96 and a current ratio of 2.67. The firm has a market cap of $2.79 billion, a PE ratio of 20.56 and a beta of 1.11. The firm's 50 day simple moving average is $86.47 and its 200-day simple moving average is $103.47. Patrick Industries, Inc. has a one year low of $81.29 and a one 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 (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.05. The company had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $994.95 million. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%.Patrick Industries's revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.50 earnings per share. As a group, equities analysts predict that Patrick Industries, Inc. will post 4.26 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Benchmark reissued a "buy" rating and set a $115.00 target price (down from $135.00) on shares of Patrick Industries in a research report on Tuesday. Robert W. Baird set a $110.00 price objective on shares of Patrick Industries in a research report on Friday, May 1st. KeyCorp reduced their target price on shares of Patrick Industries from $125.00 to $115.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 22nd. Zacks Research cut shares of Patrick Industries from a "hold" rating to a "strong sell" rating in a research note on Tuesday, May 5th. Finally, Raymond James Financial reissued an "outperform" rating and issued a $94.00 price objective on shares of Patrick Industries in a research report on Friday, July 31st. Six research 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 data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $113.12.

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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