Louisiana State Employees Retirement System Has $1.35 Million Stock Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Louisiana State Employees Retirement System increased its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 50.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,200 shares of the construction company’s stock after purchasing an additional 5,400 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Patrick Industries were worth $1,346,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Quent Capital LLC acquired a new position in Patrick Industries during the 4th quarter worth approximately $53,000. Eukles Asset Management grew its holdings in Patrick Industries by 40.0% during the 4th quarter. Eukles Asset Management now owns 1,378 shares of the construction company’s stock worth $114,000 after acquiring an additional 394 shares during the last quarter. Empowered Funds LLC grew its holdings in Patrick Industries by 61.4% during the 4th quarter. Empowered Funds LLC now owns 148,911 shares of the construction company’s stock worth $12,372,000 after acquiring an additional 56,630 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in Patrick Industries by 49.2% during the 4th quarter. State of Alaska Department of Revenue now owns 19,068 shares of the construction company’s stock worth $1,584,000 after acquiring an additional 6,285 shares during the last quarter. Finally, Meritage Portfolio Management grew its holdings in Patrick Industries by 64.3% during the 4th quarter. Meritage Portfolio Management now owns 13,712 shares of the construction company’s stock worth $1,139,000 after acquiring an additional 5,368 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Stock Down 0.7 %

Shares of NASDAQ PATK opened at $95.08 on Wednesday. The firm has a market cap of $3.19 billion, a PE ratio of 23.08, a P/E/G ratio of 1.42 and a beta of 2.26. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90. The company’s fifty day simple moving average is $89.74 and its 200 day simple moving average is $89.15. The company has a quick ratio of 0.97, a current ratio of 2.33 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. As a group, sell-side analysts forecast that Patrick Industries, Inc. will post 5.38 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $1.60 annualized dividend and a yield of 1.68%. Patrick Industries’s payout ratio is 38.83%.

Insiders Place Their Bets

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the transaction, the chief executive officer now owns 364,678 shares in the company, valued at approximately $34,192,209.28. This represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.70% of the company’s stock.

Wall Street Analyst Weigh In

PATK has been the topic of a number of research reports. BMO Capital Markets boosted their target price on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a report on Friday, November 1st. KeyCorp boosted their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Benchmark upped their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Finally, Raymond James upped their price objective on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and an average price target of $97.96.

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.