New York State Teachers Retirement System Has $2.78 Million Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

New York State Teachers Retirement System increased its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 48.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 33,434 shares of the construction company’s stock after purchasing an additional 10,961 shares during the period. New York State Teachers Retirement System owned approximately 0.10% of Patrick Industries worth $2,778,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Supplemental Annuity Collective Trust of NJ boosted its stake in Patrick Industries by 50.0% in the 4th quarter. Supplemental Annuity Collective Trust of NJ now owns 7,950 shares of the construction company’s stock worth $660,000 after purchasing an additional 2,650 shares during the period. Bright Futures Wealth Management LLC. boosted its stake in Patrick Industries by 66.0% in the 4th quarter. Bright Futures Wealth Management LLC. now owns 5,771 shares of the construction company’s stock worth $479,000 after purchasing an additional 2,294 shares during the period. Legato Capital Management LLC boosted its stake in Patrick Industries by 14.5% in the 4th quarter. Legato Capital Management LLC now owns 11,611 shares of the construction company’s stock worth $965,000 after purchasing an additional 1,467 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Patrick Industries by 27.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company’s stock worth $10,222,000 after purchasing an additional 26,558 shares during the period. Finally, Louisiana State Employees Retirement System boosted its stake in Patrick Industries by 50.0% in the 4th quarter. Louisiana State Employees Retirement System now owns 16,200 shares of the construction company’s stock worth $1,346,000 after purchasing an additional 5,400 shares during the period. 93.29% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Patrick Industries

In other news, CEO Andy L. Nemeth sold 15,000 shares of the firm’s stock in a transaction that occurred 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 directly owns 364,678 shares of the company’s stock, valued at approximately $34,192,209.28. This trade represents a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 4.70% of the company’s stock.

Wall Street Analysts Forecast Growth

PATK has been the subject of a number of recent research reports. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. KeyCorp increased their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Truist Financial increased their price objective on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, February 10th. Benchmark increased their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Finally, BMO Capital Markets increased their price objective on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Patrick Industries currently has an average rating of “Moderate Buy” and a consensus price target of $97.96.

Patrick Industries Stock Down 3.0 %

Shares of PATK stock opened at $90.18 on Friday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The firm’s 50-day moving average is $89.90 and its 200-day moving average is $89.29. The stock has a market cap of $3.03 billion, a price-to-earnings ratio of 21.89, a PEG ratio of 1.44 and a beta of 2.26. Patrick Industries, Inc. has a 52-week low of $67.72 and a 52-week high of $98.90.

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, beating analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. Sell-side analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $1.60 annualized dividend and a yield of 1.77%. Patrick Industries’s dividend payout ratio is currently 38.83%.

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.