Teachers Retirement System of The State of Kentucky Acquires 682 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Teachers Retirement System of The State of Kentucky lifted its holdings in Patrick Industries, Inc. (NASDAQ:PATKGet Rating) by 2.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,526 shares of the construction company’s stock after buying an additional 682 shares during the period. Teachers Retirement System of The State of Kentucky owned about 0.14% of Patrick Industries worth $1,962,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Point72 Hong Kong Ltd bought a new stake in shares of Patrick Industries in the 4th quarter worth about $98,000. Byrne Asset Management LLC bought a new position in Patrick Industries during the 4th quarter valued at about $111,000. Captrust Financial Advisors grew its holdings in Patrick Industries by 80.2% during the 1st quarter. Captrust Financial Advisors now owns 1,656 shares of the construction company’s stock valued at $100,000 after purchasing an additional 737 shares during the last quarter. Optimum Investment Advisors grew its holdings in Patrick Industries by 100.0% during the 4th quarter. Optimum Investment Advisors now owns 1,750 shares of the construction company’s stock valued at $141,000 after purchasing an additional 875 shares during the last quarter. Finally, US Bancorp DE grew its holdings in Patrick Industries by 18.6% during the 1st quarter. US Bancorp DE now owns 2,024 shares of the construction company’s stock valued at $122,000 after purchasing an additional 317 shares during the last quarter. 89.86% of the stock is currently owned by institutional investors.

Insider Transactions at Patrick Industries

In other news, Chairman Todd M. Cleveland sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $63.42, for a total value of $1,268,400.00. Following the completion of the sale, the chairman now owns 131,737 shares of the company’s stock, valued at approximately $8,354,760.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 6.10% of the company’s stock.

Analyst Upgrades and Downgrades

PATK has been the topic of several analyst reports. StockNews.com downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Tuesday, May 31st. DA Davidson initiated coverage on shares of Patrick Industries in a report on Friday, August 26th. They set a “neutral” rating and a $65.00 price target on the stock. Truist Financial cut their price target on shares of Patrick Industries to $75.00 in a report on Thursday, May 26th. TheStreet downgraded shares of Patrick Industries from a “b-” rating to a “c+” rating in a report on Thursday, July 14th. Finally, KeyCorp boosted their price objective on shares of Patrick Industries from $65.00 to $68.00 and gave the company an “overweight” rating in a research report on Monday, August 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Patrick Industries currently has a consensus rating of “Hold” and an average target price of $72.20.

Patrick Industries Price Performance

Patrick Industries stock opened at $46.79 on Wednesday. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of 3.25, a price-to-earnings-growth ratio of 0.41 and a beta of 1.95. The company has a debt-to-equity ratio of 1.64, a current ratio of 2.58 and a quick ratio of 1.02. Patrick Industries, Inc. has a 1 year low of $45.76 and a 1 year high of $88.79. The firm has a 50-day moving average of $56.10 and a two-hundred day moving average of $58.72.

Patrick Industries (NASDAQ:PATKGet Rating) last released its quarterly earnings data on Thursday, July 28th. The construction company reported $5.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.42 by $1.89. Patrick Industries had a net margin of 6.92% and a return on equity of 45.44%. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.23 billion. On average, research analysts forecast that Patrick Industries, Inc. will post 13.59 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Monday, August 29th were given a $0.33 dividend. The ex-dividend date was Friday, August 26th. This represents a $1.32 annualized dividend and a dividend yield of 2.82%. Patrick Industries’s payout ratio is presently 9.17%.

Patrick Industries Profile

(Get Rating)

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

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Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

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