Citizens Financial Group Inc. RI Takes $1.46 Million Position in Patrick Industries, Inc. $PATK

Citizens Financial Group Inc. RI purchased a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 16,271 shares of the construction company’s stock, valued at approximately $1,461,000.

Several other institutional investors have also bought and sold shares of PATK. Bessemer Group Inc. grew its position in shares of Patrick Industries by 3,602.4% in the fourth quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock valued at $16,255,000 after purchasing an additional 145,863 shares in the last quarter. Copeland Capital Management LLC lifted its stake in Patrick Industries by 23.4% in the 4th quarter. Copeland Capital Management LLC now owns 478,999 shares of the construction company’s stock worth $51,938,000 after purchasing an additional 90,691 shares in the last quarter. Nicholas Investment Partners LP bought a new position in Patrick Industries in the 4th quarter valued at $5,201,000. Kennedy Capital Management LLC grew its position in shares of Patrick Industries by 14.2% during the 4th quarter. Kennedy Capital Management LLC now owns 238,981 shares of the construction company’s stock valued at $25,913,000 after purchasing an additional 29,714 shares in the last quarter. Finally, WCG Wealth Advisors LLC purchased a new position in shares of Patrick Industries during the 4th quarter valued at $1,641,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Analysts Set New Price Targets

PATK has been the topic of several recent research reports. Robert W. Baird set a $110.00 price objective on Patrick Industries in a research report on Friday, May 1st. Weiss Ratings cut shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, June 29th. Truist Financial set a $108.00 target price on shares of Patrick Industries and gave the stock a “buy” rating in a research note on Monday, August 10th. Zacks Research lowered shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Finally, Benchmark reissued a “buy” rating and set a $115.00 price target (down from $135.00) on shares of Patrick Industries in a research report on Tuesday, August 11th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $113.12.

Patrick Industries Stock Performance

Patrick Industries stock opened at $83.73 on Wednesday. The stock’s 50 day simple moving average is $86.41 and its two-hundred day simple moving average is $102.23. 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 stock has a market cap of $2.69 billion, a price-to-earnings ratio of 19.84 and a beta of 1.11. Patrick Industries, Inc. has a fifty-two week low of $81.29 and a fifty-two week high of $148.50.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 EPS for the quarter, beating the consensus estimate of $1.24 by $0.05. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $994.95 million. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%.The company’s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter last year, the firm posted $1.50 earnings per share. As a group, analysts expect that Patrick Industries, Inc. will post 4.26 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

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%.

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.