Fifth Third Bancorp Purchases 11,320 Shares of Patrick Industries, Inc. $PATK

Fifth Third Bancorp grew its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 2,460.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,780 shares of the construction company’s stock after acquiring an additional 11,320 shares during the period. Fifth Third Bancorp’s holdings in Patrick Industries were worth $1,308,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Patrick Industries by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock valued at $1,632,000 after buying an additional 851 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Patrick Industries by 5.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company’s stock worth $5,957,000 after purchasing an additional 3,748 shares during the period. Strs Ohio acquired a new stake in Patrick Industries in the first quarter worth $42,000. Cetera Investment Advisers increased 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 purchasing an additional 2,381 shares in the last quarter. Finally, Hsbc Holdings PLC bought a new stake in Patrick Industries in the second quarter valued at $340,000. 93.29% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PATK has been the topic of a number of research analyst reports. BMO Capital Markets reissued an “outperform” rating and set a $150.00 price objective (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. Robert W. Baird set a $110.00 target price on Patrick Industries in a research report on Friday, May 1st. Truist Financial dropped their price target on Patrick Industries from $126.00 to $113.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. Weiss Ratings lowered Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, June 29th. Finally, Benchmark reduced their price objective on Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $119.75.

Patrick Industries Stock Performance

NASDAQ PATK opened at $84.50 on Friday. The firm has a market cap of $2.78 billion, a P/E ratio of 21.67 and a beta of 1.11. The company has a quick ratio of 1.04, a current ratio of 2.71 and a debt-to-equity ratio of 1.16. The company’s 50 day moving average is $87.76 and its 200-day moving average is $106.81. Patrick Industries, Inc. has a 12-month low of $81.29 and a 12-month high of $148.50.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.08 by $0.02. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The company had revenue of $997.17 million during the quarter, compared to the consensus estimate of $989.06 million. During the same period last year, the firm earned $1.11 EPS. Patrick Industries’s revenue for the quarter was down .6% on a year-over-year basis. Sell-side analysts predict that Patrick Industries, Inc. will post 4.63 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th were paid a $0.47 dividend. The ex-dividend date was Tuesday, May 26th. This represents a $1.88 annualized dividend and a yield of 2.2%. Patrick Industries’s dividend payout ratio (DPR) is currently 48.21%.

Insiders Place Their Bets

In related news, insider Jacob R. Petkovich bought 1,300 shares of Patrick Industries stock in a transaction on Wednesday, May 6th. The stock was acquired at an average price of $95.57 per share, with a total value of $124,241.00. Following the acquisition, the insider directly owned 46,290 shares of the company’s stock, valued at $4,423,935.30. This represents a 2.89% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director M Scott Welch purchased 10,050 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were bought at an average price of $88.23 per share, for a total transaction of $886,711.50. Following the completion of the transaction, the director owned 156,000 shares of the company’s stock, valued at approximately $13,763,880. This trade represents a 6.89% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 28,700 shares of company stock worth $2,532,880 over the last quarter. Insiders own 3.80% of the company’s stock.

Patrick Industries Company 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.