Public Employees Retirement System of Ohio Boosts Stake in Patrick Industries, Inc. $PATK

Key Points

• The Public Employees Retirement System of Ohio significantly increased its stake in Patrick Industries, Inc. by 1,327.2%, owning 12,117 shares worth approximately $1,118,000 after purchasing an additional 11,268 shares in the second quarter.
• Equities analysts have raised their target prices for Patrick Industries to between $109.00 and $110.00, with a consensus rating of "Moderate Buy".
• Patrick Industries recently announced a quarterly dividend of $0.40, resulting in an annual yield of 1.5% with a payout ratio of 43.36%.

Public Employees Retirement System of Ohio increased its position in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 1,327.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,117 shares of the construction company's stock after buying an additional 11,268 shares during the period. Public Employees Retirement System of Ohio's holdings in Patrick Industries were worth $1,118,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PATK. California State Teachers Retirement System lifted its position in shares of Patrick Industries by 48.2% in the fourth quarter. California State Teachers Retirement System now owns 29,878 shares of the construction company's stock worth $2,482,000 after buying an additional 9,724 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Patrick Industries by 8,588.5% in the first quarter. GAMMA Investing LLC now owns 66,380 shares of the construction company's stock worth $5,613,000 after buying an additional 65,616 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Patrick Industries by 20.7% in the first quarter. Rhumbline Advisers now owns 113,845 shares of the construction company's stock worth $9,628,000 after buying an additional 19,554 shares in the last quarter. Congress Asset Management Co. lifted its position in shares of Patrick Industries by 0.4% in the first 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 in the last quarter. Finally, Wedge Capital Management L L P NC lifted its position in shares of Patrick Industries by 13.0% in the first quarter. Wedge Capital Management L L P NC now owns 21,670 shares of the construction company's stock worth $1,832,000 after buying an additional 2,492 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PATK shares. Benchmark boosted their target price on Patrick Industries from $102.00 to $110.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Raymond James Financial upped their price objective on Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. KeyCorp upped their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. BMO Capital Markets upped their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Finally, Robert W. Baird upped their price objective on Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, June 20th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $104.86.

Patrick Industries Stock Performance

Shares of PATK opened at $103.84 on Friday. Patrick Industries, Inc. has a 12 month low of $72.99 and a 12 month high of $116.78. The stock has a fifty day moving average price of $107.64 and a 200-day moving average price of $94.57. The company has a current ratio of 1.96, a quick ratio of 0.75 and a debt-to-equity ratio of 1.11. The firm has a market cap of $3.46 billion, a PE ratio of 28.14, a P/E/G ratio of 1.47 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, beating the consensus estimate of $1.41 by $0.09. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the business posted $2.16 EPS. The business's revenue for the quarter was up 3.0% compared to the same quarter last year. Equities research analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Monday, August 25th were paid a $0.40 dividend. The ex-dividend date was Monday, August 25th. This represents a $1.60 dividend on an annualized basis and a yield of 1.5%. Patrick Industries's dividend payout ratio (DPR) is 43.36%.

Insider Transactions at Patrick Industries

In related news, Director Michael A. Kitson sold 4,572 shares of the firm's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $112.67, for a total value of $515,127.24. Following the completion of the transaction, the director owned 11,850 shares in the company, valued at $1,335,139.50. This trade represents a 27.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jeff Rodino sold 22,389 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $110.32, for a total value of $2,469,954.48. Following the completion of the transaction, the insider owned 206,492 shares of the company's stock, valued at $22,780,197.44. This trade represents a 9.78% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 73,413 shares of company stock worth $8,112,016. Insiders own 4.40% of the company's stock.

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.

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