New York State Teachers Retirement System Reduces Stock Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

New York State Teachers Retirement System trimmed its position in Patrick Industries, Inc. (NASDAQ:PATK) by 1.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 24,969 shares of the construction company’s stock after selling 404 shares during the period. New York State Teachers Retirement System’s holdings in Patrick Industries were worth $2,506,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Tower Research Capital LLC TRC boosted its position in Patrick Industries by 129.6% in the first quarter. Tower Research Capital LLC TRC now owns 489 shares of the construction company’s stock worth $34,000 after purchasing an additional 276 shares during the last quarter. Carmel Capital Partners LLC purchased a new position in Patrick Industries in the third quarter worth about $44,000. Gyon Technologies Capital Management LP bought a new position in shares of Patrick Industries in the fourth quarter worth about $48,000. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Patrick Industries by 21.6% in the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,340 shares of the construction company’s stock worth $102,000 after buying an additional 238 shares during the period. Finally, Quantbot Technologies LP bought a new position in shares of Patrick Industries in the second quarter worth about $71,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on PATK shares. StockNews.com downgraded Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. Roth Mkm raised their price objective on Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Truist Financial reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Patrick Industries in a research note on Friday. Finally, KeyCorp raised their price objective on Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $103.00.

Patrick Industries Stock Down 1.4 %

Shares of PATK opened at $105.60 on Tuesday. The business’s 50 day moving average is $113.22 and its 200 day moving average is $96.35. The company has a market capitalization of $2.37 billion, a PE ratio of 16.22 and a beta of 1.72. Patrick Industries, Inc. has a 12-month low of $63.57 and a 12-month high of $123.58. The company has a current ratio of 2.38, a quick ratio of 0.73 and a debt-to-equity ratio of 0.97.

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, beating the consensus estimate of $1.39 by $0.10. The company had revenue of $781.20 million for the quarter, compared to the consensus estimate of $780.97 million. Patrick Industries had a return on equity of 14.31% and a net margin of 4.12%. The firm’s quarterly revenue was down 17.9% on a year-over-year basis. During the same quarter last year, the company earned $1.82 EPS. Research analysts expect that Patrick Industries, Inc. will post 7.84 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Tuesday, February 20th were paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 2.08%. The ex-dividend date was Friday, February 16th. Patrick Industries’s dividend payout ratio (DPR) is presently 33.79%.

Insiders Place Their Bets

In other Patrick Industries news, insider Kip B. Ellis sold 18,000 shares of Patrick Industries stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $115.00, for a total value of $2,070,000.00. Following the sale, the insider now owns 108,778 shares of the company’s stock, valued at approximately $12,509,470. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Patrick Industries news, insider Kip B. Ellis sold 7,462 shares of Patrick Industries stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $121.99, for a total value of $910,289.38. Following the sale, the insider now owns 101,316 shares of the company’s stock, valued at approximately $12,359,538.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Kip B. Ellis sold 18,000 shares of Patrick Industries stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $115.00, for a total value of $2,070,000.00. Following the completion of the sale, the insider now directly owns 108,778 shares in the company, valued at approximately $12,509,470. The disclosure for this sale can be found here. Insiders have sold a total of 48,873 shares of company stock valued at $5,681,957 in the last quarter. 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.