Patrick Industries, Inc. (NASDAQ:PATK) Position Reduced by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System decreased its position in shares of Patrick Industries, Inc. (NASDAQ:PATKGet Rating) by 43.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,362 shares of the construction company’s stock after selling 5,764 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Patrick Industries were worth $382,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PATK. FinTrust Capital Advisors LLC raised its holdings in Patrick Industries by 75.4% during the second quarter. FinTrust Capital Advisors LLC now owns 491 shares of the construction company’s stock worth $29,000 after purchasing an additional 211 shares in the last quarter. Wilen Investment Management CORP. raised its holdings in Patrick Industries by 36.2% during the second quarter. Wilen Investment Management CORP. now owns 1,129 shares of the construction company’s stock worth $58,000 after purchasing an additional 300 shares in the last quarter. Counterpoint Mutual Funds LLC bought a new stake in Patrick Industries during the second quarter worth approximately $96,000. Captrust Financial Advisors raised its holdings in Patrick Industries by 80.2% during the first quarter. Captrust Financial Advisors now owns 1,656 shares of the construction company’s stock worth $100,000 after purchasing an additional 737 shares in the last quarter. Finally, US Bancorp DE raised its holdings in Patrick Industries by 18.6% during the first quarter. US Bancorp DE now owns 2,024 shares of the construction company’s stock worth $122,000 after purchasing an additional 317 shares in the last quarter. Institutional investors own 89.86% of the company’s stock.

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $54.37 on Monday. The company’s fifty day moving average is $47.04 and its two-hundred day moving average is $53.87. The company has a quick ratio of 0.86, a current ratio of 2.54 and a debt-to-equity ratio of 1.41. Patrick Industries, Inc. has a 12-month low of $41.75 and a 12-month high of $86.26. The company has a market cap of $1.23 billion, a P/E ratio of 3.78, a price-to-earnings-growth ratio of 1.34 and a beta of 1.88.

Patrick Industries Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 12th. Shareholders of record on Monday, November 28th will be paid a dividend of $0.45 per share. This is an increase from Patrick Industries’s previous quarterly dividend of $0.33. This represents a $1.80 annualized dividend and a yield of 3.31%. The ex-dividend date of this dividend is Friday, November 25th. Patrick Industries’s payout ratio is 9.18%.

Analyst Ratings Changes

Several brokerages recently commented on PATK. DA Davidson assumed coverage on Patrick Industries in a report on Friday, August 26th. They set a “neutral” rating and a $65.00 target price on the stock. StockNews.com assumed coverage on Patrick Industries in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. KeyCorp upped their price target on Patrick Industries from $65.00 to $68.00 and gave the company an “overweight” rating in a report on Monday, August 1st. Robert W. Baird dropped their price target on Patrick Industries from $90.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, October 28th. Finally, Truist Financial dropped their price target on Patrick Industries from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Wednesday, October 5th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $65.67.

Patrick Industries Company 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.

Featured Articles

Want to see what other hedge funds are holding PATK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patrick Industries, Inc. (NASDAQ:PATKGet Rating).

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

Receive News & Ratings for Patrick Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries and related companies with MarketBeat.com's FREE daily email newsletter.