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

State Board of Administration of Florida Retirement System acquired a new position in Patrick Industries, Inc. (NASDAQ:PATK – Get Rating) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 4,436 shares of the construction company’s stock, valued at approximately $269,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Advisor Group Holdings Inc. lifted its position in Patrick Industries by 2.8% in the first quarter. Advisor Group Holdings Inc. now owns 5,532 shares of the construction company’s stock worth $333,000 after purchasing an additional 149 shares during the period. US Bancorp DE lifted its position in shares of Patrick Industries by 18.6% during the 1st quarter. US Bancorp DE now owns 2,024 shares of the construction company’s stock valued at $122,000 after acquiring an additional 317 shares during the last quarter. Citigroup Inc. lifted its position in shares of Patrick Industries by 14.7% during the 1st quarter. Citigroup Inc. now owns 22,851 shares of the construction company’s stock valued at $1,378,000 after acquiring an additional 2,928 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Patrick Industries in the first quarter valued at $148,000. Finally, MetLife Investment Management LLC lifted its holdings in shares of Patrick Industries by 54.6% in the first quarter. MetLife Investment Management LLC now owns 12,506 shares of the construction company’s stock valued at $754,000 after purchasing an additional 4,417 shares in the last quarter. 89.53% of the stock is owned by institutional investors.

Patrick Industries Stock Down 0.9 %

Shares of PATK opened at $68.78 on Monday. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of 6.71, a P/E/G ratio of 3.33 and a beta of 1.88. The company has a quick ratio of 0.98, a current ratio of 2.87 and a debt-to-equity ratio of 1.37. Patrick Industries, Inc. has a 12 month low of $41.75 and a 12 month high of $77.96. The company has a 50-day moving average price of $67.40 and a two-hundred day moving average price of $64.99.

Patrick Industries (NASDAQ:PATK – Get Rating) last posted its quarterly earnings data on Thursday, April 27th. The construction company reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.02. The company had revenue of $900.10 million during the quarter, compared to analyst estimates of $834.46 million. Patrick Industries had a net margin of 5.53% and a return on equity of 27.78%. The company’s revenue was down 32.9% on a year-over-year basis. During the same quarter last year, the business posted $4.54 earnings per share. Equities analysts predict that Patrick Industries, Inc. will post 6.9 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. KeyCorp assumed coverage on shares of Patrick Industries in a research note on Wednesday, April 19th. They issued an “overweight” rating and a $80.00 price target on the stock. Roth Capital reaffirmed a “buy” rating on shares of Patrick Industries in a research note on Friday, February 10th. Truist Financial increased their target price on shares of Patrick Industries from $80.00 to $84.00 in a research report on Friday, February 17th. Robert W. Baird increased their target price on shares of Patrick Industries from $74.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, February 10th. Finally, Bank of America increased their target price on shares of Patrick Industries from $53.00 to $63.00 in a research report on Monday, March 27th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $73.83.

Patrick Industries Profile

(Get Rating)

Patrick Industries, Inc engages in the manufacture of components products and distribution of building products for industrial markets. It operates through the following segments: Manufacturing and Distribution. The Manufacturing segment includes laminated products what are utilized to produce furniture, shelving, walls, countertops, cabinet products, cabinet doors, fiberglass bat fixtures, hardwood furniture, vinyl printing, solid surface, granite, quartz countertop fabrication, RV painting, fabricated aluminum products, fiberglass and plastic components, softwoods lumber, custom cabinetry, polymer-based flooring, electrical systems components, and other products.