Louisiana State Employees Retirement System Purchases New Position in Patrick Industries, Inc. $PATK

Key Points

• Louisiana State Employees Retirement System opened a new position in Patrick Industries during the first quarter, buying 14,800 shares valued at about $1.644 million.
• Patrick Industries reported quarterly EPS of $1.10, beating estimates, while revenue came in at $997.17 million, also slightly ahead of forecasts.
• The stock has drawn mixed but mostly positive sentiment from analysts, with a Moderate Buy consensus and an average price target of $122.62, even as some firms cut their targets recently.

Louisiana State Employees Retirement System acquired a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm acquired 14,800 shares of the construction company's stock, valued at approximately $1,644,000.

Several other hedge funds have also made changes to their positions in PATK. Advisory Services Network LLC purchased a new position in shares of Patrick Industries during the third quarter valued at $25,000. Torren Management LLC purchased a new stake in Patrick Industries in the fourth quarter worth about $26,000. Allworth Financial LP lifted its stake in Patrick Industries by 181.2% in the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company's stock worth $34,000 after acquiring an additional 203 shares during the period. Farther Finance Advisors LLC grew its holdings in Patrick Industries by 200.9% during the 4th quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company's stock worth $37,000 after acquiring an additional 229 shares in the last quarter. Finally, Strs Ohio bought a new position in Patrick Industries during the 1st quarter worth about $42,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Weiss Ratings cut shares of Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday. KeyCorp cut their price objective on shares of Patrick Industries from $140.00 to $125.00 and set an "overweight" rating on the stock in a report on Friday, May 1st. Roth Mkm set a $128.00 price objective on shares of Patrick Industries in a research note on Tuesday, May 5th. Wall Street Zen cut Patrick Industries from a "buy" rating to a "hold" rating in a research report on Sunday, April 12th. Finally, Benchmark cut their price target on Patrick Industries from $150.00 to $135.00 and set a "buy" rating on the stock in a report on Friday, May 1st. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Patrick Industries currently has a consensus rating of "Moderate Buy" and an average target price of $122.62.

Patrick Industries Price Performance

NASDAQ PATK opened at $85.27 on Thursday. The firm's fifty day simple moving average is $91.25 and its two-hundred day simple moving average is $109.94. The firm has a market capitalization of $2.80 billion, a P/E ratio of 21.86 and a beta of 1.09. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 12-month low of $82.35 and a 12-month high of $148.50.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The firm had revenue of $997.17 million during the quarter, compared to analysts' expectations of $989.06 million. During the same quarter last year, the firm earned $1.11 EPS. The business's quarterly revenue was down .6% on a year-over-year basis. Analysts forecast that Patrick Industries, Inc. will post 4.94 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Tuesday, May 26th. Patrick Industries's dividend payout ratio (DPR) is currently 48.21%.

Insiders Place Their Bets

In related news, Director M Scott Welch bought 10,050 shares of the company's stock in a transaction on Tuesday, May 5th. The shares were bought at an average price of $88.23 per share, with a total value of $886,711.50. Following the transaction, the director owned 156,000 shares in the company, valued at approximately $13,763,880. This trade represents a 6.89% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Blake Augsburger bought 400 shares of the company's stock in a transaction on Tuesday, May 5th. The shares were bought at an average cost of $85.19 per share, for a total transaction of $34,076.00. Following the transaction, the director owned 2,125 shares in the company, valued at $181,028.75. The trade was a 23.19% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have acquired 28,700 shares of company stock valued at $2,532,880. 3.80% of the stock is currently owned by corporate insiders.

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.

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