New York State Teachers Retirement System Sells 404 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

New York State Teachers Retirement System lowered its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 1.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,969 shares of the construction company’s stock after selling 404 shares during the quarter. New York State Teachers Retirement System owned 0.11% of Patrick Industries worth $2,506,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. BlackRock Inc. grew its position in Patrick Industries by 5.8% in the 1st quarter. BlackRock Inc. now owns 3,691,563 shares of the construction company’s stock valued at $222,602,000 after purchasing an additional 201,274 shares during the period. Vanguard Group Inc. grew its position in Patrick Industries by 4.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,860,048 shares of the construction company’s stock valued at $81,543,000 after purchasing an additional 78,014 shares during the period. Dimensional Fund Advisors LP grew its position in Patrick Industries by 9.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,298,834 shares of the construction company’s stock valued at $89,370,000 after purchasing an additional 109,174 shares during the period. Pacer Advisors Inc. grew its position in Patrick Industries by 39.7% in the 4th quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company’s stock valued at $104,972,000 after purchasing an additional 297,381 shares during the period. Finally, State Street Corp grew its position in Patrick Industries by 3.8% in the 1st quarter. State Street Corp now owns 760,855 shares of the construction company’s stock valued at $45,880,000 after purchasing an additional 27,636 shares during the period. Institutional investors own 93.29% of the company’s stock.

Insider Activity at Patrick Industries

In related news, Director Michael A. Kitson sold 3,290 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $110.87, for a total value of $364,762.30. Following the sale, the director now directly owns 8,553 shares in the company, valued at approximately $948,271.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Kip B. Ellis sold 7,462 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $121.99, for a total transaction of $910,289.38. Following the sale, the insider now directly owns 101,316 shares in the company, valued at $12,359,538.84. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Michael A. Kitson sold 3,290 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $110.87, for a total value of $364,762.30. Following the sale, the director now owns 8,553 shares in the company, valued at $948,271.11. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,873 shares of company stock worth $5,681,957. Company insiders own 4.70% of the company’s stock.

Analyst Upgrades and Downgrades

PATK has been the subject of several research reports. StockNews.com downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. Truist Financial reaffirmed a “buy” rating and set a $130.00 price objective on shares of Patrick Industries in a report on Friday. Roth Mkm lifted their price objective on shares of Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, February 9th. Finally, KeyCorp lifted their price objective on shares of Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, February 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $103.00.

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $105.60 on Tuesday. The company’s 50-day moving average is $113.22 and its 200 day moving average is $96.35. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.73 and a current ratio of 2.38. The company has a market capitalization of $2.37 billion, a P/E ratio of 16.22 and a beta of 1.72. Patrick Industries, Inc. has a fifty-two week low of $63.57 and a fifty-two week high of $123.58.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, February 8th. The construction company reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.10. The company had revenue of $781.20 million for the quarter, compared to the consensus estimate of $780.97 million. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The firm’s quarterly revenue was down 17.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.82 EPS. On average, equities research analysts forecast that Patrick Industries, Inc. will post 7.84 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Tuesday, February 20th were paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date was Friday, February 16th. Patrick Industries’s dividend payout ratio is currently 33.79%.

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.