Texas Permanent School Fund Lowers Position in Patrick Industries, Inc. (NASDAQ:PATK)

Texas Permanent School Fund lessened its holdings in Patrick Industries, Inc. (NASDAQ:PATKGet Rating) by 1.5% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,625 shares of the construction company’s stock after selling 244 shares during the period. Texas Permanent School Fund owned 0.07% of Patrick Industries worth $685,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in PATK. FinTrust Capital Advisors LLC increased its stake in Patrick Industries by 75.4% in the second quarter. FinTrust Capital Advisors LLC now owns 491 shares of the construction company’s stock valued at $29,000 after acquiring an additional 211 shares during the last quarter. Wilen Investment Management CORP. increased its stake in Patrick Industries by 36.2% in the second quarter. Wilen Investment Management CORP. now owns 1,129 shares of the construction company’s stock valued at $58,000 after acquiring an additional 300 shares during the last quarter. Quantbot Technologies LP bought a new position in Patrick Industries in the second quarter valued at $71,000. Captrust Financial Advisors increased its stake in Patrick Industries by 80.2% in the first quarter. Captrust Financial Advisors now owns 1,656 shares of the construction company’s stock valued at $100,000 after acquiring an additional 737 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC bought a new position in Patrick Industries in the second quarter valued at $96,000. Hedge funds and other institutional investors own 89.53% of the company’s stock.

Patrick Industries Stock Up 0.4 %

NASDAQ PATK opened at $66.24 on Monday. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.54 and a quick ratio of 0.86. The stock has a market capitalization of $1.50 billion, a PE ratio of 4.61, a PEG ratio of 2.49 and a beta of 1.83. Patrick Industries, Inc. has a 1 year low of $41.75 and a 1 year high of $77.50. The business’s 50-day moving average is $58.09 and its 200 day moving average is $54.12.

Patrick Industries (NASDAQ:PATKGet Rating) last posted its earnings results on Thursday, October 27th. The construction company reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.41. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Patrick Industries had a return on equity of 42.22% and a net margin of 6.87%. Sell-side analysts forecast that Patrick Industries, Inc. will post 13.48 earnings per share for the current year.

Patrick Industries Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 12th. Investors of record on Monday, November 28th were paid a $0.45 dividend. The ex-dividend date was Friday, November 25th. This is a boost from Patrick Industries’s previous quarterly dividend of $0.33. This represents a $1.80 annualized dividend and a dividend yield of 2.72%. Patrick Industries’s dividend payout ratio (DPR) is presently 12.52%.

Insiders Place Their Bets

In other Patrick Industries news, Director Todd M. Cleveland sold 10,000 shares of the firm’s stock in a transaction dated Monday, January 9th. The shares were sold at an average price of $65.77, for a total value of $657,700.00. Following the completion of the sale, the director now directly owns 156,316 shares in the company, valued at $10,280,903.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 6.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on PATK shares. StockNews.com started coverage on Patrick Industries in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Robert W. Baird reduced their target price on Patrick Industries from $90.00 to $75.00 and set an “outperform” rating on the stock in a research note on Friday, October 28th. Truist Financial reduced their price objective on Patrick Industries from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Wednesday, October 5th. Finally, MKM Partners reduced their price objective on Patrick Industries from $86.00 to $66.00 and set a “buy” rating on the stock in a research note on Monday, October 3rd. One investment 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 MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $65.67.

About Patrick Industries

(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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