Public Sector Pension Investment Board Has $9.01 Million Stake in Patrick Industries, Inc. $PATK

Key Points

• Public Sector Pension Investment Board increased its stake in Patrick Industries by 27.2%, owning 106,513 shares valued at approximately $9 million, as of its latest SEC filing.
• The company reported $1.50 EPS for the last quarter, exceeding expectations and showing a 3.0% revenue increase year-over-year, with total revenue of $1.05 billion.
• Patrick Industries declared a quarterly dividend of $0.40 per share, representing an annualized yield of 1.4% with a payout ratio of 43.36%.

Public Sector Pension Investment Board raised its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 27.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 106,513 shares of the construction company's stock after purchasing an additional 22,804 shares during the quarter. Public Sector Pension Investment Board owned 0.32% of Patrick Industries worth $9,007,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of PATK. James Investment Research Inc. increased its stake in Patrick Industries by 0.8% during the 1st quarter. James Investment Research Inc. now owns 15,654 shares of the construction company's stock worth $1,324,000 after buying an additional 125 shares in the last quarter. Handelsbanken Fonder AB boosted its stake in Patrick Industries by 4.6% during the 1st quarter. Handelsbanken Fonder AB now owns 4,561 shares of the construction company's stock worth $386,000 after purchasing an additional 200 shares during the period. First Horizon Advisors Inc. boosted its position in shares of Patrick Industries by 17.5% during the 1st quarter. First Horizon Advisors Inc. now owns 1,356 shares of the construction company's stock worth $115,000 after purchasing an additional 202 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in Patrick Industries by 50.0% during the fourth quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company's stock worth $68,000 after buying an additional 273 shares in the last quarter. Finally, Private Trust Co. NA grew its position in Patrick Industries by 432.4% during the first quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock valued at $50,000 after acquiring an additional 480 shares during the period. Hedge funds and other institutional investors own 93.29% of the company's stock.

Patrick Industries Stock Performance

Shares of Patrick Industries stock traded up $2.1490 during midday trading on Tuesday, hitting $112.3690. The company had a trading volume of 62,439 shares, compared to its average volume of 361,816. Patrick Industries, Inc. has a 1-year low of $72.99 and a 1-year high of $114.26. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.96 and a quick ratio of 0.75. The stock has a market cap of $3.74 billion, a PE ratio of 30.45, a P/E/G ratio of 1.59 and a beta of 1.23. The business's 50 day simple moving average is $97.82 and its two-hundred day simple moving average is $90.18.

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

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 8th. Shareholders of record on Monday, August 25th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Monday, August 25th. Patrick Industries's dividend payout ratio is 43.36%.

Insider Activity

In other Patrick Industries news, insider Jeff Rodino sold 22,389 shares of the company's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $110.32, for a total transaction of $2,469,954.48. Following the sale, the insider directly owned 206,492 shares of the company's stock, valued at approximately $22,780,197.44. This represents a 9.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Todd M. Cleveland acquired 2,000 shares of Patrick Industries stock in a transaction on Monday, June 2nd. The shares were purchased at an average cost of $82.55 per share, for a total transaction of $165,100.00. Following the acquisition, the director owned 132,286 shares in the company, valued at approximately $10,920,209.30. This represents a 1.54% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 3,071 shares of company stock valued at $253,714 and sold 71,716 shares valued at $7,860,297. 4.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PATK shares. Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Benchmark raised their price target on Patrick Industries from $102.00 to $110.00 and gave the stock a "buy" rating in a report on Friday, August 1st. BMO Capital Markets boosted their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. KeyCorp boosted their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Finally, Raymond James Financial raised their target price on Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Patrick Industries has an average rating of "Moderate Buy" and a consensus target price of $104.86.

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.