Texas Permanent School Fund Corp Has $2.23 Million Position in Patrick Industries, Inc. $PATK

Texas Permanent School Fund Corp boosted its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 40.0% in the second quarter, according to its most recent filing with the SEC. The firm owned 24,213 shares of the construction company’s stock after acquiring an additional 6,912 shares during the period. Texas Permanent School Fund Corp owned 0.07% of Patrick Industries worth $2,234,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Strs Ohio acquired a new position in shares of Patrick Industries in the 1st quarter valued at $42,000. Smartleaf Asset Management LLC increased its holdings in Patrick Industries by 27.0% in the first quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company’s stock valued at $63,000 after purchasing an additional 160 shares during the last quarter. AlphaQuest LLC acquired a new position in Patrick Industries in the first quarter valued at about $87,000. EverSource Wealth Advisors LLC lifted its stake in Patrick Industries by 671.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,157 shares of the construction company’s stock valued at $107,000 after buying an additional 1,007 shares during the period. Finally, First Horizon Advisors Inc. boosted its holdings in Patrick Industries by 12.0% during the second quarter. First Horizon Advisors Inc. now owns 1,519 shares of the construction company’s stock worth $140,000 after buying an additional 163 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. BMO Capital Markets reaffirmed an “outperform” rating and issued a $115.00 price target on shares of Patrick Industries in a research note on Friday, October 31st. Roth Capital set a $115.00 price objective on shares of Patrick Industries and gave the company a “buy” rating in a report on Friday, October 31st. KeyCorp reaffirmed an “overweight” rating and issued a $120.00 target price (up previously from $115.00) on shares of Patrick Industries in a research note on Wednesday, December 10th. Truist Financial set a $114.00 price target on shares of Patrick Industries and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Finally, Weiss Ratings lowered shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Seven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $108.56.

Insider Activity at Patrick Industries

In other news, CEO Andy L. Nemeth sold 25,000 shares of the company’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the completion of the transaction, the chief executive officer directly owned 301,641 shares of the company’s stock, valued at $34,688,715. This represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.70% of the stock is currently owned by company insiders.

Patrick Industries Stock Performance

Shares of PATK opened at $110.70 on Monday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.86 and a current ratio of 2.34. Patrick Industries, Inc. has a twelve month low of $72.99 and a twelve month high of $116.78. The firm’s 50 day moving average price is $104.79 and its two-hundred day moving average price is $102.90. The firm has a market cap of $3.68 billion, a P/E ratio of 31.63, a PEG ratio of 1.47 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, October 30th. The construction company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The business had revenue of $975.63 million for the quarter, compared to analyst estimates of $900.35 million. Patrick Industries had a net margin of 3.11% and a return on equity of 12.44%. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period last year, the business posted $1.80 earnings per share. On average, analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.7%. This is a positive change from Patrick Industries’s previous quarterly dividend of $0.40. The ex-dividend date was Monday, December 1st. Patrick Industries’s dividend payout ratio is presently 53.71%.

Patrick Industries Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.