Patrick Industries, Inc. $PATK Stake Lifted by Commonwealth of Pennsylvania Public School Empls Retrmt SYS

Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 6.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,582 shares of the construction company’s stock after purchasing an additional 542 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Patrick Industries were worth $792,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the business. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Patrick Industries in the 2nd quarter worth approximately $400,000. Rhumbline Advisers increased its stake in shares of Patrick Industries by 20.7% in the first quarter. Rhumbline Advisers now owns 113,845 shares of the construction company’s stock worth $9,628,000 after acquiring an additional 19,554 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in Patrick Industries during the second quarter valued at $369,000. Truist Financial Corp acquired a new stake in Patrick Industries during the second quarter valued at $664,000. Finally, Geode Capital Management LLC grew its stake in Patrick Industries by 0.9% in the second quarter. Geode Capital Management LLC now owns 812,740 shares of the construction company’s stock valued at $75,000,000 after purchasing an additional 7,011 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Stock Up 0.8%

PATK stock opened at $104.94 on Tuesday. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.96 and a quick ratio of 0.75. Patrick Industries, Inc. has a 52-week low of $72.99 and a 52-week high of $116.78. The company has a 50-day moving average of $102.14 and a two-hundred day moving average of $99.77. The stock has a market capitalization of $3.49 billion, a price-to-earnings ratio of 28.44, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, October 30th. The construction company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.95 by $0.06. The company had revenue of $975.63 million for the quarter, compared to the consensus estimate of $900.35 million. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The company’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.80 EPS. As a group, equities research analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, December 1st. This is a positive change from Patrick Industries’s previous quarterly dividend of $0.40. This represents a $1.88 annualized dividend and a dividend yield of 1.8%. Patrick Industries’s dividend payout ratio (DPR) is 53.71%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. BMO Capital Markets reaffirmed an “outperform” rating and set a $115.00 price target on shares of Patrick Industries in a research note on Friday, October 31st. Loop Capital initiated coverage on shares of Patrick Industries in a research note on Friday, October 31st. They issued a “hold” rating and a $99.00 target price for the company. Roth Capital set a $115.00 price target on shares of Patrick Industries and gave the company a “buy” rating in a report on Friday, October 31st. Truist Financial set a $114.00 price objective on shares of Patrick Industries and gave the company a “buy” rating in a research note on Wednesday, October 15th. Finally, Benchmark upped their price objective on shares of Patrick Industries from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Seven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.00.

Patrick Industries 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.