Teacher Retirement System of Texas Makes New $478,000 Investment in Patrick Industries, Inc. (NASDAQ:PATK)

Teacher Retirement System of Texas acquired a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,657 shares of the construction company's stock, valued at approximately $478,000.

Several other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Patrick Industries by 49.3% in the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock valued at $193,266,000 after acquiring an additional 768,102 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Patrick Industries by 391.8% in the 4th quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company's stock valued at $168,462,000 after acquiring an additional 1,615,412 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Patrick Industries by 48.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock valued at $154,823,000 after acquiring an additional 609,036 shares in the last quarter. Capital World Investors increased its stake in shares of Patrick Industries by 50.0% in the 4th quarter. Capital World Investors now owns 944,319 shares of the construction company's stock valued at $78,454,000 after acquiring an additional 314,773 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Patrick Industries by 50.0% in the 4th quarter. Geode Capital Management LLC now owns 779,223 shares of the construction company's stock valued at $64,752,000 after acquiring an additional 259,783 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Stock Performance

NASDAQ PATK traded down $1.44 during trading on Friday, hitting $95.81. 195,552 shares of the company's stock traded hands, compared to its average volume of 352,130. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of 22.97, a PEG ratio of 1.38 and a beta of 1.22. Patrick Industries, Inc. has a 12-month low of $72.99 and a 12-month high of $102.84. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.04 and a current ratio of 2.41. The business has a 50 day moving average of $91.39 and a 200-day moving average of $88.33.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share (EPS) 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 firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $959.46 million. During the same period in the prior year, the firm posted $1.79 earnings per share. The company's revenue for the quarter was up 7.5% on a year-over-year basis. As a group, equities research analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business 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 annualized dividend and a dividend yield of 1.67%. The ex-dividend date was Tuesday, May 27th. 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. Raymond James Financial decreased their price target on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Roth Mkm restated 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. Truist Financial boosted their price target on shares of Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Finally, Robert W. Baird boosted their price target 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. Four 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, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $96.42.

Insider Activity at Patrick Industries

In other Patrick Industries news, Director John A. Forbes sold 2,875 shares of the stock in a transaction that occurred on Friday, June 13th. The shares were 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 $4,818,387.42. This trade represents a 5.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Todd M. Cleveland purchased 6,000 shares of Patrick Industries stock in a transaction on Thursday, May 15th. The shares were acquired at an average price of $85.80 per share, for a total transaction of $514,800.00. Following the completion of the transaction, the director directly owned 125,286 shares of the company's stock, valued at approximately $10,749,538.80. The trade was a 5.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 14,071 shares of company stock worth $1,205,964. 4.40% of the stock is owned by company insiders.

About Patrick Industries

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.