Louisiana State Employees Retirement System Increases Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

Louisiana State Employees Retirement System grew its position in Patrick Industries, Inc. (NASDAQ:PATK) by 50.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,200 shares of the construction company’s stock after purchasing an additional 5,400 shares during the period. Louisiana State Employees Retirement System’s holdings in Patrick Industries were worth $1,346,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PATK. Copeland Capital Management LLC raised its holdings in shares of Patrick Industries by 536.5% in the fourth 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 during the last quarter. Fiera Capital Corp bought a new position in Patrick Industries during the third quarter valued at about $27,888,000. Argent Capital Management LLC grew its position in Patrick Industries by 758.4% during the third quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock valued at $21,498,000 after buying an additional 133,413 shares during the period. Brightline Capital Management LLC bought a new position in Patrick Industries during the third quarter valued at about $14,806,000. Finally, Tributary Capital Management LLC grew its position in Patrick Industries by 49.8% during the fourth quarter. Tributary Capital Management LLC now owns 306,796 shares of the construction company’s stock valued at $25,489,000 after buying an additional 101,949 shares during the period. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Truist Financial increased their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, February 10th. BMO Capital Markets increased their price target on shares of Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research report on Friday, November 1st. Raymond James increased their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Benchmark increased their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Finally, StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Patrick Industries currently has an average rating of “Moderate Buy” and an average target price of $97.96.

Patrick Industries Price Performance

PATK stock opened at $95.08 on Wednesday. The firm has a 50 day moving average of $89.74 and a 200-day moving average of $89.15. The company has a current ratio of 2.33, a quick ratio of 0.97 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 12 month low of $67.72 and a 12 month high of $98.90. The firm has a market capitalization of $3.19 billion, a P/E ratio of 23.08, a price-to-earnings-growth ratio of 1.42 and a beta of 2.26.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. As a group, sell-side analysts predict that Patrick Industries, Inc. will post 5.38 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Tuesday, February 18th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date is Tuesday, February 18th. Patrick Industries’s dividend payout ratio is currently 38.83%.

Insider Activity at Patrick Industries

In related news, CEO Andy L. Nemeth sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $90.00, for a total value of $2,700,000.00. Following the sale, the chief executive officer now directly owns 379,678 shares of the company’s stock, valued at $34,171,020. This trade represents a 7.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 4.70% of the stock is currently owned by insiders.

Patrick Industries Company 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.