Teacher Retirement System of Texas Buys Shares of 5,657 Patrick Industries, Inc. (NASDAQ:PATK)

Teacher Retirement System of Texas purchased a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,657 shares of the construction company’s stock, valued at approximately $478,000.

Other large investors have also made changes to their positions in the company. Private Trust Co. NA increased its holdings in Patrick Industries by 432.4% in the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company’s stock valued at $50,000 after purchasing an additional 480 shares in the last quarter. Nuveen Asset Management LLC grew its stake in Patrick Industries by 495.5% in the fourth quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company’s stock worth $28,730,000 after purchasing an additional 287,739 shares in the last quarter. Xponance Inc. grew its stake in Patrick Industries by 13.8% in the fourth quarter. Xponance Inc. now owns 3,070 shares of the construction company’s stock worth $255,000 after purchasing an additional 372 shares in the last quarter. Summit Investment Advisors Inc. lifted its holdings in Patrick Industries by 59.7% in the fourth quarter. Summit Investment Advisors Inc. now owns 3,390 shares of the construction company’s stock worth $282,000 after acquiring an additional 1,267 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in Patrick Industries by 61.6% in the fourth quarter. Russell Investments Group Ltd. now owns 18,992 shares of the construction company’s stock worth $1,578,000 after acquiring an additional 7,236 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $97.25 on Thursday. The company has a current ratio of 2.41, a quick ratio of 1.04 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $3.25 billion, a price-to-earnings ratio of 23.32, a P/E/G ratio of 1.41 and a beta of 1.22. Patrick Industries, Inc. has a 1-year low of $72.99 and a 1-year high of $102.84. The firm’s 50-day moving average price is $90.86 and its two-hundred day moving average price is $88.11.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, beating the consensus estimate of $0.98 by $0.13. Patrick Industries had a net margin of 3.74% and a return on equity of 12.90%. The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $959.46 million. During the same period in the prior year, the firm earned $1.79 earnings per share. Patrick Industries’s revenue was up 7.5% compared to the same quarter last year. On average, equities analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were paid a $0.40 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a yield of 1.65%. Patrick Industries’s payout ratio is presently 38.37%.

Insider Buying and Selling

In other news, Director Todd M. Cleveland purchased 6,000 shares of Patrick Industries stock in a transaction dated Thursday, May 15th. The shares were bought at an average cost of $85.80 per share, with a total value of $514,800.00. Following the completion of the transaction, the director directly owned 125,286 shares in the company, valued at $10,749,538.80. This trade represents a 5.03% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John A. Forbes sold 2,875 shares of Patrick Industries stock in a transaction on Friday, June 13th. The stock was sold at an average price of $91.62, for a total transaction of $263,407.50. Following the transaction, the director directly owned 52,591 shares in the company, valued at approximately $4,818,387.42. This represents a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders acquired 14,071 shares of company stock worth $1,205,964. Insiders own 4.40% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. KeyCorp cut their price target on Patrick Industries from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Truist Financial lifted their price objective on shares of Patrick Industries from $100.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, June 3rd. Baird R W lowered shares of Patrick Industries from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 4th. Raymond James Financial cut their target price on shares of Patrick Industries from $103.00 to $95.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. Finally, Robert W. Baird upped their price objective on shares of Patrick Industries from $84.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, June 20th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $96.42.

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.