Patrick Industries, Inc. (NASDAQ:PATK) Stock Position Lowered by New York State Teachers Retirement System

New York State Teachers Retirement System cut its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 8.2% during the third quarter, Holdings Channel reports. The firm owned 22,473 shares of the construction company’s stock after selling 1,996 shares during the quarter. New York State Teachers Retirement System’s holdings in Patrick Industries were worth $3,199,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Patrick Industries during the second quarter worth $41,000. Sound Income Strategies LLC purchased a new position in shares of Patrick Industries during the third quarter valued at $46,000. GAMMA Investing LLC grew its holdings in shares of Patrick Industries by 76.2% during the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock valued at $67,000 after buying an additional 205 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of Patrick Industries by 176.6% during the third quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock valued at $81,000 after buying an additional 362 shares in the last quarter. Finally, nVerses Capital LLC purchased a new position in shares of Patrick Industries during the third quarter valued at $157,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Stock Performance

PATK opened at $130.18 on Thursday. The company has a market cap of $2.92 billion, a PE ratio of 18.70, a price-to-earnings-growth ratio of 1.18 and a beta of 1.62. The stock has a 50-day moving average of $136.07 and a 200-day moving average of $122.21. Patrick Industries, Inc. has a 52-week low of $75.01 and a 52-week high of $148.35. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.83 by ($0.03). The company had revenue of $919.44 million for the quarter, compared to the consensus estimate of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The business’s revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.81 EPS. As a group, equities research analysts forecast that Patrick Industries, Inc. will post 6.63 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were paid a dividend of $0.55 per share. The ex-dividend date was Monday, August 26th. This represents a $2.20 annualized dividend and a dividend yield of 1.69%. Patrick Industries’s dividend payout ratio (DPR) is presently 31.61%.

Analysts Set New Price Targets

PATK has been the topic of a number of research analyst reports. Robert W. Baird lifted their price target on Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. DA Davidson lifted their price target on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Raymond James lowered their price target on Patrick Industries from $160.00 to $136.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. BMO Capital Markets boosted their target price on Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, KeyCorp boosted their target price on Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $139.88.

Insider Buying and Selling

In related news, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the transaction, the insider now owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the transaction, the insider now owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the transaction, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,411 shares of company stock valued at $3,858,915. Insiders own 4.70% of the company’s stock.

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.