Patrick Industries, Inc. (NASDAQ:PATK) Shares Bought by Arizona State Retirement System

Arizona State Retirement System increased its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 51.3% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,271 shares of the construction company’s stock after buying 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 SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of PATK. Assetmark Inc. lifted its stake in shares of Patrick Industries by 1,589.0% during the 3rd quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock worth $938,000 after purchasing an additional 6,197 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Patrick Industries by 27.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company’s stock worth $10,222,000 after buying an additional 26,558 shares during the last quarter. IFP Advisors Inc raised its position in shares of Patrick Industries by 35.8% in the 4th quarter. IFP Advisors Inc now owns 1,044 shares of the construction company’s stock worth $87,000 after buying an additional 275 shares during the period. Mutual of America Capital Management LLC boosted its holdings in Patrick Industries by 51.1% in the fourth quarter. Mutual of America Capital Management LLC now owns 5,090 shares of the construction company’s stock valued at $423,000 after acquiring an additional 1,721 shares during the last quarter. Finally, Illinois Municipal Retirement Fund grew its position in Patrick Industries by 62.8% during the fourth quarter. Illinois Municipal Retirement Fund now owns 17,826 shares of the construction company’s stock valued at $1,481,000 after acquiring an additional 6,875 shares during the period. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Benchmark lifted their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Raymond James increased their price objective 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. KeyCorp lifted their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Finally, Truist Financial upped their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.96.

Patrick Industries Stock Performance

Patrick Industries stock opened at $85.70 on Friday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The firm’s fifty day moving average price is $91.11 and its 200 day moving average price is $89.82. The company has a market capitalization of $2.88 billion, a price-to-earnings ratio of 20.80, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. On average, research analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s payout ratio is currently 38.83%.

Insider Buying and Selling

In related news, EVP Stacey L. Neu sold 2,885 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director M Scott Welch acquired 10,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, March 11th. The shares were purchased at an average price of $86.22 per share, for a total transaction of $862,200.00. Following the completion of the purchase, the director now directly owns 136,000 shares of the company’s stock, valued at $11,725,920. The trade was a 7.94 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 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.