Arizona State Retirement System Purchases 3,143 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Arizona State Retirement System lifted its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 51.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,271 shares of the construction company's stock after purchasing an additional 3,143 shares during the period. Arizona State Retirement System's holdings in Patrick Industries were worth $770,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Kestra Investment Management LLC bought a new position in Patrick Industries during the 4th quarter worth $25,000. Smartleaf Asset Management LLC increased its stake in Patrick Industries by 812.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock worth $49,000 after acquiring an additional 528 shares during the period. Quent Capital LLC bought a new position in Patrick Industries during the 4th quarter worth $53,000. Global Retirement Partners LLC increased its stake in Patrick Industries by 44.8% during the 4th quarter. Global Retirement Partners LLC now owns 643 shares of the construction company's stock worth $53,000 after acquiring an additional 199 shares during the period. Finally, GAMMA Investing LLC increased its stake in Patrick Industries by 61.2% during the 4th quarter. GAMMA Investing LLC now owns 764 shares of the construction company's stock worth $63,000 after acquiring an additional 290 shares during the period. Institutional investors own 93.29% of the company's stock.

Wall Street Analysts Forecast Growth

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

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Patrick Industries Trading Down 1.4 %

Shares of PATK stock traded down $1.20 during mid-day trading on Tuesday, hitting $83.40. The company's stock had a trading volume of 472,174 shares, compared to its average volume of 313,948. The company's fifty day simple moving average is $91.17 and its 200-day simple moving average is $89.84. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The company has a market cap of $2.81 billion, a PE ratio of 20.24, a P/E/G ratio of 1.41 and a beta of 2.37.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share 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%. As a group, equities research analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.92%. The ex-dividend date was Tuesday, February 18th. Patrick Industries's dividend payout ratio (DPR) is presently 38.83%.

Insider Transactions at Patrick Industries

In other Patrick Industries news, Director M Scott Welch bought 2,500 shares of Patrick Industries stock in a transaction dated Thursday, March 13th. The stock was bought at an average cost of $84.62 per share, with a total value of $211,550.00. Following the completion of the acquisition, the director now directly owns 2,961 shares in the company, valued at approximately $250,559.82. The trade was a 542.30 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total value of $246,754.05. Following the completion of the transaction, the executive vice president now directly owns 18,044 shares of the company's stock, valued at approximately $1,543,303.32. This represents a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.70% of the company's stock.

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.