Royal Bank of Canada Sells 39,112 Shares of Patrick Industries, Inc. $PATK

Royal Bank of Canada lessened its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 44.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,334 shares of the construction company’s stock after selling 39,112 shares during the quarter. Royal Bank of Canada’s holdings in Patrick Industries were worth $5,479,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in PATK. Torren Management LLC bought a new position in shares of Patrick Industries in the 4th quarter worth $26,000. Advisory Services Network LLC bought a new position in Patrick Industries in the third quarter worth about $25,000. Allworth Financial LP lifted its position in shares of Patrick Industries by 181.2% during the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after buying an additional 203 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of Patrick Industries by 200.9% during the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock valued at $37,000 after buying an additional 229 shares during the last quarter. Finally, Strs Ohio bought a new stake in shares of Patrick Industries in the 1st quarter valued at about $42,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Trading Down 0.8%

Shares of Patrick Industries stock opened at $86.76 on Thursday. The stock has a market cap of $2.79 billion, a PE ratio of 20.56 and a beta of 1.11. The firm has a fifty day moving average price of $86.47 and a 200 day moving average price of $103.47. Patrick Industries, Inc. has a 1 year low of $81.29 and a 1 year high of $148.50. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.67 and a quick ratio of 0.96.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates 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 was down .6% on a year-over-year basis. During the same quarter last year, the business posted $1.50 EPS. Equities research analysts predict that Patrick Industries, Inc. will post 4.26 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Weiss Ratings lowered shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, June 29th. Roth Capital set a $114.00 price target on Patrick Industries in a research report on Friday, July 31st. Truist Financial set a $108.00 price objective on Patrick Industries and gave the company a “buy” rating in a report on Monday. 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. Finally, Zacks Research downgraded Patrick Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Six 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. Based on data from MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus target price of $113.12.

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.