Patrick Industries, Inc. (NASDAQ:PATK) Shares Bought by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System lifted its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 50.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,200 shares of the construction company's stock after buying an additional 5,400 shares during the period. Louisiana State Employees Retirement System's holdings in Patrick Industries were worth $1,346,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in PATK. State Street Corp grew its stake in Patrick Industries by 3.5% during the third quarter. State Street Corp now owns 816,031 shares of the construction company's stock worth $116,178,000 after buying an additional 27,669 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Patrick Industries by 4.1% during the 3rd quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company's stock valued at $73,968,000 after acquiring an additional 20,694 shares in the last quarter. Wellington Management Group LLP boosted its position in Patrick Industries by 2.5% during the 3rd quarter. Wellington Management Group LLP now owns 412,296 shares of the construction company's stock worth $58,699,000 after purchasing an additional 9,917 shares during the period. Copeland Capital Management LLC increased its holdings in Patrick Industries by 536.5% in the 4th quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company's stock valued at $29,976,000 after purchasing an additional 304,119 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Patrick Industries by 5.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 353,633 shares of the construction company's stock valued at $50,347,000 after purchasing an additional 17,747 shares during the period. 93.29% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Patrick Industries Stock Down 3.0 %

PATK stock traded down $2.82 during mid-day trading on Friday, hitting $90.18. 323,755 shares of the company were exchanged, compared to its average volume of 353,563. The firm has a fifty day simple moving average of $89.90 and a 200 day simple moving average of $89.35. The company has a market capitalization of $3.03 billion, a PE ratio of 21.89, a price-to-earnings-growth ratio of 1.41 and a beta of 2.26. Patrick Industries, Inc. has a twelve month low of $67.72 and a twelve month high of $98.90. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. On average, research analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Tuesday, February 18th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.77%. The ex-dividend date of this dividend is Tuesday, February 18th. Patrick Industries's dividend payout ratio is currently 38.83%.

Insider Buying and Selling

In related news, CEO Andy L. Nemeth sold 15,000 shares of the business's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the completion of the sale, the chief executive officer now owns 364,678 shares of the company's stock, valued at $34,192,209.28. This represents a 3.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PATK has been the subject of several analyst reports. Raymond James upped their target price on Patrick Industries from $99.00 to $103.00 and gave the stock an "outperform" rating in a research report on Friday, February 7th. KeyCorp increased their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday, February 7th. Truist Financial upped their target price on shares of Patrick Industries from $115.00 to $120.00 and gave the company a "buy" rating in a research note on Monday, February 10th. StockNews.com downgraded shares of Patrick Industries from a "hold" rating to a "sell" rating in a research note on Thursday, January 16th. Finally, Benchmark boosted their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $97.96.

Patrick Industries Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.