Patrick Industries, Inc. (NASDAQ:PATK) Position Reduced by New York State Teachers Retirement System

New York State Teachers Retirement System trimmed its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 11.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,701 shares of the construction company's stock after selling 3,733 shares during the quarter. New York State Teachers Retirement System owned about 0.09% of Patrick Industries worth $2,512,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Quadrant Capital Group LLC lifted its holdings in shares of Patrick Industries by 49.8% in the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock worth $27,000 after acquiring an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Patrick Industries by 49.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock valued at $29,000 after purchasing an additional 114 shares during the last quarter. Handelsbanken Fonder AB increased its position in shares of Patrick Industries by 4.6% in the 1st quarter. Handelsbanken Fonder AB now owns 4,561 shares of the construction company's stock valued at $386,000 after purchasing an additional 200 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Patrick Industries by 50.0% in the 4th quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company's stock valued at $68,000 after buying an additional 273 shares during the last quarter. Finally, Covestor Ltd grew its position in shares of Patrick Industries by 10,400.0% in the 4th quarter. Covestor Ltd now owns 315 shares of the construction company's stock valued at $26,000 after buying an additional 312 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director John A. Forbes sold 2,875 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $91.62, for a total value of $263,407.50. Following the sale, the director owned 52,591 shares of the company's stock, valued at $4,818,387.42. This trade represents a 5.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Todd M. Cleveland acquired 1,000 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The stock was purchased at an average cost of $82.75 per share, for a total transaction of $82,750.00. Following the acquisition, the director owned 133,286 shares in the company, valued at approximately $11,029,416.50. This trade represents a 0.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 14,071 shares of company stock worth $1,205,964 over the last three months. 4.70% of the stock is owned by corporate insiders.

Patrick Industries Trading Up 1.3%

PATK stock traded up $1.28 during midday trading on Wednesday, reaching $99.77. 139,402 shares of the company's stock traded hands, compared to its average volume of 351,027. The business has a 50-day moving average price of $88.72 and a two-hundred day moving average price of $87.50. Patrick Industries, Inc. has a fifty-two week low of $69.86 and a fifty-two week high of $101.17. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.41 and a quick ratio of 1.04. The company has a market capitalization of $3.34 billion, a P/E ratio of 23.92, a PEG ratio of 1.39 and a beta of 1.22.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, topping analysts' consensus estimates of $0.98 by $0.13. The business had revenue of $1 billion for the quarter, compared to analysts' expectations of $959.46 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.90%. The business's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.79 earnings per share. Equities research analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were issued a dividend of $0.40 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.60%. Patrick Industries's dividend payout ratio (DPR) is 38.37%.

Analyst Ratings Changes

PATK has been the subject of a number of recent research reports. Roth Mkm reiterated a "buy" rating and set a $100.00 price target (down previously from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Robert W. Baird raised their price objective on shares of Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a research note on Friday, June 20th. KeyCorp dropped their target price on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Baird R W downgraded shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Finally, Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $96.42.

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.