VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Stake in Patrick Industries, Inc. $PATK

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Patrick Industries, Inc. (NASDAQ:PATK) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,337 shares of the construction company’s stock, valued at approximately $400,000.

A number of other large investors have also added to or reduced their stakes in the business. Inspire Investing LLC raised its stake in Patrick Industries by 7.6% in the 2nd quarter. Inspire Investing LLC now owns 5,216 shares of the construction company’s stock valued at $481,000 after acquiring an additional 368 shares during the period. KLP Kapitalforvaltning AS raised its stake in Patrick Industries by 3.0% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 6,799 shares of the construction company’s stock valued at $627,000 after acquiring an additional 200 shares during the period. Copeland Capital Management LLC raised its stake in Patrick Industries by 16.8% in the 2nd quarter. Copeland Capital Management LLC now owns 410,343 shares of the construction company’s stock valued at $37,862,000 after acquiring an additional 58,987 shares during the period. Truist Financial Corp bought a new stake in Patrick Industries in the 2nd quarter valued at $664,000. Finally, State of Alaska Department of Revenue raised its stake in Patrick Industries by 6.7% in the 2nd quarter. State of Alaska Department of Revenue now owns 19,864 shares of the construction company’s stock valued at $1,832,000 after acquiring an additional 1,247 shares during the period. Institutional investors own 93.29% of the company’s stock.

Insider Transactions at Patrick Industries

In other news, CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $110.68, for a total transaction of $2,767,000.00. Following the sale, the chief executive officer directly owned 328,641 shares of the company’s stock, valued at approximately $36,373,985.88. This trade represents a 7.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jeff Rodino sold 22,389 shares of Patrick Industries stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $110.32, for a total value of $2,469,954.48. Following the sale, the insider directly owned 206,492 shares in the company, valued at $22,780,197.44. The trade was a 9.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 73,413 shares of company stock valued at $8,112,016. Company insiders own 4.40% of the company’s stock.

Patrick Industries Stock Performance

Patrick Industries stock opened at $103.36 on Friday. Patrick Industries, Inc. has a 12-month low of $72.99 and a 12-month high of $116.78. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11. The business’s 50-day moving average price is $106.30 and its two-hundred day moving average price is $96.25. The stock has a market cap of $3.44 billion, a PE ratio of 28.01, a P/E/G ratio of 1.47 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period last year, the firm posted $2.16 earnings per share. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. As a group, analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 8th. Stockholders of record on Monday, August 25th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, August 25th. Patrick Industries’s dividend payout ratio (DPR) is presently 43.36%.

Analyst Ratings Changes

A number of brokerages have commented on PATK. Benchmark upped their price objective on Patrick Industries from $102.00 to $110.00 and gave the company a “buy” rating in a report on Friday, August 1st. Truist Financial set a $114.00 price objective on Patrick Industries and gave the company a “buy” rating in a report on Wednesday, October 15th. KeyCorp upped their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Raymond James Financial upped their price objective on Patrick Industries from $95.00 to $109.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Finally, Weiss Ratings lowered Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $106.14.

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.