California State Teachers Retirement System Acquires 9,724 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

California State Teachers Retirement System raised its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 48.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 29,878 shares of the construction company's stock after buying an additional 9,724 shares during the quarter. California State Teachers Retirement System owned about 0.09% of Patrick Industries worth $2,482,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PATK. Wellington Management Group LLP raised its position in shares of Patrick Industries by 391.8% in the 4th quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company's stock worth $168,462,000 after purchasing an additional 1,615,412 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Patrick Industries by 49.3% in the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock worth $193,266,000 after purchasing an additional 768,102 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Patrick Industries by 48.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock valued at $154,823,000 after buying an additional 609,036 shares during the last quarter. Capital Research Global Investors purchased a new stake in shares of Patrick Industries during the fourth quarter valued at approximately $38,275,000. Finally, Schroder Investment Management Group purchased a new stake in shares of Patrick Industries during the fourth quarter valued at approximately $26,602,000. Hedge funds and other institutional investors own 93.29% of the company's stock.

Wall Street Analyst Weigh In

PATK has been the topic of a number of recent analyst reports. KeyCorp cut 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. Raymond James cut their price target on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Roth Mkm reissued a "buy" rating and issued a $100.00 target price (down previously from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Wall Street Zen raised Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Finally, Baird R W lowered Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $95.67.

Insider Activity

In related news, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total value of $246,754.05. Following the completion of the sale, the executive vice president now directly owns 18,044 shares of the company's stock, valued at approximately $1,543,303.32. This represents a 13.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Todd M. Cleveland bought 6,000 shares of Patrick Industries stock in a transaction that occurred on Thursday, May 15th. The stock was purchased at an average cost of $85.80 per share, with a total value of $514,800.00. Following the completion of the acquisition, the director now directly owns 125,286 shares in the company, valued at $10,749,538.80. This represents a 5.03% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 26,571 shares of company stock valued at $2,279,714 in the last quarter. 4.40% of the stock is currently owned by insiders.

Patrick Industries Stock Performance

NASDAQ:PATK traded down $0.28 during mid-day trading on Friday, reaching $90.31. The company's stock had a trading volume of 597,046 shares, compared to its average volume of 362,722. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90. The stock has a market cap of $3.02 billion, a P/E ratio of 21.92, a PEG ratio of 1.41 and a beta of 2.00. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The firm's fifty day moving average price is $82.93 and its two-hundred day moving average price is $86.99.

Patrick Industries (NASDAQ:PATK - Get Free Report) 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 3.72% and a return on equity of 13.25%. The firm had revenue of $1 billion during the quarter, compared to analyst estimates of $959.46 million. During the same quarter in the prior year, the firm earned $1.79 EPS. The business's revenue for the quarter was up 7.5% compared to the same quarter last year. On average, equities analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.77%. The ex-dividend date of this dividend is Tuesday, May 27th. Patrick Industries's payout ratio is currently 38.37%.

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.