Patrick Industries, Inc. (NASDAQ:PATK) Shares Acquired by New York State Common Retirement Fund

New York State Common Retirement Fund lifted its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 1.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 81,749 shares of the construction company’s stock after acquiring an additional 1,100 shares during the quarter. New York State Common Retirement Fund owned about 0.24% of Patrick Industries worth $6,913,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Quadrant Capital Group LLC grew its position in Patrick Industries by 49.8% in the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock worth $27,000 after buying an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its position in Patrick Industries by 49.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock worth $29,000 after buying an additional 114 shares during the last quarter. Handelsbanken Fonder AB grew its position in Patrick Industries by 4.6% in the first quarter. Handelsbanken Fonder AB now owns 4,561 shares of the construction company’s stock worth $386,000 after buying an additional 200 shares during the last quarter. First Horizon Advisors Inc. grew its position in Patrick Industries by 17.5% during the 1st quarter. First Horizon Advisors Inc. now owns 1,356 shares of the construction company’s stock worth $115,000 after purchasing an additional 202 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in Patrick Industries by 50.0% during the 4th quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company’s stock valued at $68,000 after purchasing an additional 273 shares during the period. Institutional investors and hedge funds own 93.29% of the company’s stock.

Insider Activity

In other Patrick Industries news, Director John A. Forbes sold 2,875 shares of the firm’s stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $91.62, for a total value of $263,407.50. Following the transaction, the director directly owned 52,591 shares of the company’s stock, valued at approximately $4,818,387.42. This trade represents a 5.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd M. Cleveland bought 1,000 shares of the business’s stock in a transaction on Tuesday, June 3rd. The stock was purchased at an average price of $82.75 per share, for a total transaction of $82,750.00. Following the completion of the acquisition, the director owned 133,286 shares of the company’s stock, valued at approximately $11,029,416.50. This trade represents a 0.76% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 14,071 shares of company stock worth $1,205,964 over the last ninety days. Insiders own 4.70% of the company’s stock.

Patrick Industries Stock Down 1.5%

Patrick Industries stock opened at $95.81 on Monday. The firm has a market cap of $3.20 billion, a price-to-earnings ratio of 22.97, a P/E/G ratio of 1.38 and a beta of 1.22. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.41 and a quick ratio of 1.04. Patrick Industries, Inc. has a fifty-two week low of $72.99 and a fifty-two week high of $102.84. The firm has a fifty day moving average price of $91.39 and a two-hundred day moving average price of $88.38.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.13. The business had revenue of $1 billion during the quarter, compared to analyst estimates of $959.46 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.90%. The firm’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.79 earnings per share. As a group, analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 annualized dividend and a yield of 1.67%. Patrick Industries’s dividend payout ratio is 38.37%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Raymond James Financial cut their target price on shares of Patrick Industries from $103.00 to $95.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Wall Street Zen upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a report on Wednesday, April 30th. KeyCorp lowered their price target on shares of Patrick Industries from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Roth Mkm restated a “buy” rating and set a $100.00 price target (down from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Finally, Baird R W cut shares of Patrick Industries from a “strong-buy” rating to a “hold” rating in a report on Friday, April 4th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock 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.