Patrick Industries, Inc. (NASDAQ:PATK) Holdings Boosted by New York State Common Retirement Fund

New York State Common Retirement Fund grew its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 50.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 80,649 shares of the construction company’s stock after purchasing an additional 26,882 shares during the period. New York State Common Retirement Fund owned approximately 0.24% of Patrick Industries worth $6,700,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PATK. Creative Planning purchased a new stake in Patrick Industries in the 3rd quarter worth about $337,000. Louisiana State Employees Retirement System increased its holdings in shares of Patrick Industries by 1.9% in the 3rd quarter. Louisiana State Employees Retirement System now owns 10,800 shares of the construction company’s stock valued at $1,538,000 after purchasing an additional 200 shares during the period. State of Alaska Department of Revenue increased its holdings in shares of Patrick Industries by 3.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 12,783 shares of the construction company’s stock valued at $1,819,000 after purchasing an additional 419 shares during the period. F M Investments LLC purchased a new stake in shares of Patrick Industries in the third quarter worth approximately $323,000. Finally, Janney Montgomery Scott LLC boosted its holdings in shares of Patrick Industries by 2.3% during the third quarter. Janney Montgomery Scott LLC now owns 20,137 shares of the construction company’s stock worth $2,867,000 after purchasing an additional 451 shares during the period. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Stock Performance

PATK opened at $90.89 on Thursday. The stock has a 50-day moving average of $90.19 and a 200-day moving average of $89.61. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. Patrick Industries, Inc. has a 52-week low of $67.72 and a 52-week high of $98.90. The company has a market cap of $3.06 billion, a PE ratio of 22.06, a price-to-earnings-growth ratio of 1.41 and a beta of 2.26.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. As a group, equities research analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors 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 1.76%. Patrick Industries’s dividend payout ratio (DPR) is presently 38.83%.

Analysts Set New Price Targets

PATK has been the subject of a number of research analyst reports. Truist Financial increased their target price on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, February 10th. Benchmark increased their price objective on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Raymond James lifted their price objective on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. KeyCorp upped their target price on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Finally, StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. One equities 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus 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.