New York State Teachers Retirement System decreased its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 11.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,701 shares of the construction company's stock after selling 3,733 shares during the period. New York State Teachers Retirement System owned about 0.09% of Patrick Industries worth $2,512,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently modified their holdings of the business. Elevation Point Wealth Partners LLC grew its position in shares of Patrick Industries by 17.1% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 4,076 shares of the construction company's stock valued at $345,000 after acquiring an additional 595 shares during the period. Handelsbanken Fonder AB grew its position in shares of Patrick Industries by 4.6% during the 1st quarter. Handelsbanken Fonder AB now owns 4,561 shares of the construction company's stock valued at $386,000 after acquiring an additional 200 shares during the period. Wedge Capital Management L L P NC grew its position in shares of Patrick Industries by 13.0% during the 1st quarter. Wedge Capital Management L L P NC now owns 21,670 shares of the construction company's stock valued at $1,832,000 after acquiring an additional 2,492 shares during the period. Congress Asset Management Co. boosted its holdings in Patrick Industries by 0.4% in the 1st quarter. Congress Asset Management Co. now owns 145,519 shares of the construction company's stock worth $12,305,000 after buying an additional 520 shares during the period. Finally, Heritage Family Offices LLP boosted its holdings in Patrick Industries by 16.5% in the 1st quarter. Heritage Family Offices LLP now owns 3,571 shares of the construction company's stock worth $302,000 after buying an additional 505 shares during the period. Institutional investors own 93.29% of the company's stock.
Patrick Industries Trading Down 1.0%
Patrick Industries stock traded down $1.04 during midday trading on Friday, reaching $99.58. The stock had a trading volume of 207,141 shares, compared to its average volume of 351,128. The company has a quick ratio of 1.04, a current ratio of 2.41 and a debt-to-equity ratio of 1.25. Patrick Industries, Inc. has a 52-week low of $72.99 and a 52-week high of $102.84. The firm has a market cap of $3.33 billion, a price-to-earnings ratio of 23.88, a price-to-earnings-growth ratio of 1.44 and a beta of 1.22. The company has a fifty day moving average of $89.55 and a 200 day moving average of $87.70.
Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.98 by $0.13. Patrick Industries had a net margin of 3.74% and a return on equity of 12.90%. The company had revenue of $1 billion for the quarter, compared to analyst estimates of $959.46 million. During the same period in the prior year, the company posted $1.79 EPS. The firm's revenue for the quarter was up 7.5% on a year-over-year basis. On average, analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.
Patrick Industries Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Tuesday, May 27th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date was Tuesday, May 27th. Patrick Industries's dividend payout ratio (DPR) is currently 38.37%.
Insider Transactions at Patrick Industries
In related news, Director Todd M. Cleveland bought 1,000 shares of Patrick Industries stock in a transaction dated Tuesday, June 3rd. The shares were acquired at an average cost of $82.75 per share, with a total value of $82,750.00. Following the completion of the transaction, the director owned 133,286 shares in the company, valued at $11,029,416.50. The trade was a 0.76% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John A. Forbes sold 2,875 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $91.62, for a total transaction of $263,407.50. Following the transaction, the director directly owned 52,591 shares in the company, valued at approximately $4,818,387.42. This trade represents a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders purchased a total of 14,071 shares of company stock worth $1,205,964 over the last three months. 4.40% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
Several research analysts recently weighed in on the stock. Raymond James Financial dropped their target price on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Robert W. Baird upped their target price on shares of Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a report on Friday, June 20th. Wall Street Zen raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. KeyCorp decreased their price target on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Finally, Roth Mkm reiterated a "buy" rating and issued a $100.00 price target (down previously from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $96.42.
Read Our Latest Research Report on Patrick Industries
About Patrick Industries
(
Free Report)
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.
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