10,400 Shares in Patrick Industries, Inc. (NASDAQ:PATK) Acquired by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System acquired a new stake in Patrick Industries, Inc. (NASDAQ:PATK) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 10,400 shares of the construction company’s stock, valued at approximately $1,044,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its holdings in Patrick Industries by 2.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 106,006 shares of the construction company’s stock valued at $10,638,000 after buying an additional 2,741 shares in the last quarter. Trust Point Inc. acquired a new position in Patrick Industries in the 4th quarter valued at $597,000. Pacer Advisors Inc. grew its holdings in Patrick Industries by 39.7% in the 4th quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company’s stock valued at $104,972,000 after buying an additional 297,381 shares in the last quarter. SG Americas Securities LLC acquired a new position in Patrick Industries in the 4th quarter valued at $448,000. Finally, Ziegler Capital Management LLC grew its holdings in Patrick Industries by 3.6% in the 4th quarter. Ziegler Capital Management LLC now owns 11,374 shares of the construction company’s stock valued at $1,141,000 after buying an additional 392 shares in the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PATK. Truist Financial reiterated a “buy” rating and set a $130.00 target price on shares of Patrick Industries in a research report on Friday, April 12th. KeyCorp upped their target price on Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, February 9th. StockNews.com downgraded Patrick Industries from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. Finally, Roth Mkm upped their target price on Patrick Industries from $101.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, February 9th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus price target of $103.00.

Patrick Industries Price Performance

Shares of PATK stock opened at $106.81 on Thursday. The company has a quick ratio of 0.73, a current ratio of 2.38 and a debt-to-equity ratio of 0.97. Patrick Industries, Inc. has a twelve month low of $63.57 and a twelve month high of $123.58. The company has a market cap of $2.39 billion, a P/E ratio of 16.41, a P/E/G ratio of 0.66 and a beta of 1.72. The business has a fifty day simple moving average of $112.98 and a 200 day simple moving average of $97.66.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, February 8th. The construction company reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.10. Patrick Industries had a return on equity of 14.31% and a net margin of 4.12%. The business had revenue of $781.20 million during the quarter, compared to analysts’ expectations of $780.97 million. During the same quarter in the prior year, the firm earned $1.82 EPS. The business’s revenue for the quarter was down 17.9% compared to the same quarter last year. On average, sell-side analysts forecast that Patrick Industries, Inc. will post 8 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th were issued a $0.55 dividend. The ex-dividend date was Friday, February 16th. This represents a $2.20 dividend on an annualized basis and a yield of 2.06%. Patrick Industries’s payout ratio is presently 33.79%.

Insiders Place Their Bets

In other Patrick Industries news, Director Michael A. Kitson sold 3,290 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $110.87, for a total value of $364,762.30. Following the completion of the transaction, the director now owns 8,553 shares of the company’s stock, valued at approximately $948,271.11. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Kip B. Ellis sold 7,462 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $121.99, for a total value of $910,289.38. Following the completion of the sale, the insider now owns 101,316 shares of the company’s stock, valued at $12,359,538.84. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael A. Kitson sold 3,290 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $110.87, for a total value of $364,762.30. Following the completion of the sale, the director now directly owns 8,553 shares of the company’s stock, valued at approximately $948,271.11. The disclosure for this sale can be found here. Insiders sold a total of 48,873 shares of company stock valued at $5,681,957 in the last 90 days. Corporate insiders own 4.70% of the company’s stock.

About Patrick Industries

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.