Teachers Retirement System of The State of Kentucky Sells 2,845 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Teachers Retirement System of The State of Kentucky cut its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 15.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,990 shares of the construction company’s stock after selling 2,845 shares during the quarter. Teachers Retirement System of The State of Kentucky owned approximately 0.07% of Patrick Industries worth $1,605,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. US Bancorp DE lifted its position in Patrick Industries by 1.3% during the 4th quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock worth $770,000 after buying an additional 95 shares in the last quarter. SummerHaven Investment Management LLC lifted its position in Patrick Industries by 1.4% during the 4th quarter. SummerHaven Investment Management LLC now owns 8,768 shares of the construction company’s stock worth $880,000 after buying an additional 117 shares in the last quarter. Nomura Holdings Inc. lifted its position in Patrick Industries by 0.3% during the 3rd quarter. Nomura Holdings Inc. now owns 79,949 shares of the construction company’s stock worth $6,001,000 after buying an additional 269 shares in the last quarter. Meritage Portfolio Management lifted its position in Patrick Industries by 3.8% during the 4th quarter. Meritage Portfolio Management now owns 8,108 shares of the construction company’s stock worth $814,000 after buying an additional 295 shares in the last quarter. Finally, GAMMA Investing LLC bought a new stake in Patrick Industries during the 4th quarter worth about $35,000. 93.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PATK. StockNews.com cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. Roth Mkm reaffirmed a “buy” rating and issued a $126.00 target price (up from $120.00) on shares of Patrick Industries in a report on Monday, May 6th. Truist Financial reaffirmed a “buy” rating and issued a $130.00 target price on shares of Patrick Industries in a report on Friday, April 12th. Finally, BMO Capital Markets upped their target price on shares of Patrick Industries from $120.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $106.71.

Patrick Industries Stock Up 1.0 %

Shares of PATK opened at $107.97 on Friday. Patrick Industries, Inc. has a 52 week low of $70.15 and a 52 week high of $123.58. The firm has a market cap of $2.42 billion, a P/E ratio of 16.00, a price-to-earnings-growth ratio of 0.77 and a beta of 1.70. The firm’s 50-day simple moving average is $109.25 and its 200 day simple moving average is $106.97. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.96 and a current ratio of 2.38.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, May 2nd. The construction company reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.32 by $0.47. Patrick Industries had a net margin of 4.22% and a return on equity of 14.90%. The firm had revenue of $933.50 million for the quarter, compared to analyst estimates of $829.22 million. During the same quarter in the prior year, the business posted $1.35 EPS. The business’s revenue was up 3.7% compared to the same quarter last year. On average, analysts forecast that Patrick Industries, Inc. will post 8.12 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.04%. Patrick Industries’s payout ratio is presently 32.59%.

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.