Strs Ohio Purchases 40,000 Shares of Patrick Industries, Inc. $PATK

Key Points

• STRS Ohio boosted its stake by 4,000% in the fourth quarter, buying 40,000 shares to hold 41,000 shares of Patrick Industries worth about $4.45 million (≈0.12% of the company).
• Insiders have been net active: Director M. Scott Welch bought 10,000 shares at $113.68 and the company’s insiders purchased 11,110 shares in the last three months (while selling 20,121), with insiders owning 3.80% of the stock.
• Analyst sentiment is positive overall — a consensus of “Moderate Buy” with an average target of $122.63 — and Patrick recently beat Q1 EPS estimates ($1.10 vs. $1.08); the stock trades near $90 within a 52-week range of $80.35–$148.50.

Strs Ohio raised its position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 4,000.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 41,000 shares of the construction company's stock after buying an additional 40,000 shares during the period. Strs Ohio owned about 0.12% of Patrick Industries worth $4,446,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Patrick Industries by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company's stock worth $1,632,000 after purchasing an additional 851 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Patrick Industries by 5.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company's stock valued at $5,957,000 after purchasing an additional 3,748 shares during the period. Cetera Investment Advisers raised its position in Patrick Industries by 64.8% during the 2nd quarter. Cetera Investment Advisers now owns 6,058 shares of the construction company's stock valued at $559,000 after purchasing an additional 2,381 shares during the last quarter. Hsbc Holdings PLC bought a new position in Patrick Industries during the 2nd quarter valued at approximately $340,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Patrick Industries by 671.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,157 shares of the construction company's stock worth $107,000 after buying an additional 1,007 shares during the period. Institutional investors own 93.29% of the company's stock.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, Director M Scott Welch purchased 10,000 shares of the firm's stock in a transaction that occurred on Thursday, March 12th. The stock was bought at an average cost of $113.68 per share, for a total transaction of $1,136,800.00. Following the purchase, the director directly owned 146,000 shares in the company, valued at $16,597,280. The trade was a 7.35% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Matthew S. Filer purchased 1,000 shares of the stock in a transaction that occurred on Friday, February 6th. The shares were acquired at an average cost of $139.91 per share, with a total value of $139,910.00. Following the completion of the transaction, the chief accounting officer owned 20,614 shares in the company, valued at $2,884,104.74. This trade represents a 5.10% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have bought 11,110 shares of company stock valued at $1,289,895 and have sold 20,121 shares valued at $2,477,337. Corporate insiders own 3.80% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on PATK shares. BMO Capital Markets reissued an "outperform" rating and set a $150.00 target price (down from $155.00) on shares of Patrick Industries in a research note on Monday, April 20th. Raymond James Financial set a $108.00 price target on Patrick Industries in a research note on Friday. KeyCorp cut their price target 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. Robert W. Baird set a $110.00 price objective on shares of Patrick Industries in a report on Friday. Finally, Weiss Ratings upgraded shares of Patrick Industries from a "hold (c)" rating to a "buy (b-)" rating in a report on Monday, February 23rd. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $122.63.

Patrick Industries Stock Up 5.8%

PATK stock opened at $90.06 on Wednesday. Patrick Industries, Inc. has a fifty-two week low of $80.35 and a fifty-two week high of $148.50. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of 23.09 and a beta of 1.12. The business's 50 day moving average price is $111.49 and its two-hundred day moving average price is $113.98. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 2.71.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its earnings results on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, beating analysts' consensus estimates of $1.08 by $0.02. The company had revenue of $997.17 million during the quarter, compared to analysts' expectations of $989.06 million. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The firm's revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter last year, the business posted $1.11 EPS. As a group, analysts forecast that Patrick Industries, Inc. will post 5.03 earnings per share for the current fiscal year.

About Patrick Industries

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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