California State Teachers Retirement System Purchases 7,501 Shares of Patrick Industries, Inc. $PATK

California State Teachers Retirement System boosted its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 24.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 37,998 shares of the construction company’s stock after buying an additional 7,501 shares during the period. California State Teachers Retirement System’s holdings in Patrick Industries were worth $4,220,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Empowered Funds LLC grew its holdings in shares of Patrick Industries by 3.6% during the first quarter. Empowered Funds LLC now owns 18,761 shares of the construction company’s stock valued at $2,084,000 after buying an additional 650 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Patrick Industries by 4.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 15,470 shares of the construction company’s stock worth $1,718,000 after acquiring an additional 599 shares during the last quarter. Quantinno Capital Management LP lifted its position in Patrick Industries by 31.5% in the 1st quarter. Quantinno Capital Management LP now owns 10,005 shares of the construction company’s stock valued at $1,111,000 after acquiring an additional 2,399 shares in the last quarter. SummitTX Capital L.P. lifted its position in Patrick Industries by 64.0% in the 1st quarter. SummitTX Capital L.P. now owns 3,188 shares of the construction company’s stock valued at $354,000 after acquiring an additional 1,244 shares in the last quarter. Finally, Castleark Management LLC boosted its stake in Patrick Industries by 15.5% during the 1st quarter. Castleark Management LLC now owns 62,180 shares of the construction company’s stock valued at $6,906,000 after purchasing an additional 8,340 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

Patrick Industries Price Performance

PATK opened at $88.84 on Friday. The firm has a market cap of $2.92 billion, a P/E ratio of 21.05 and a beta of 1.11. The firm has a 50-day moving average of $86.71 and a 200 day moving average of $104.55. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.96 and a current ratio of 2.67. Patrick Industries, Inc. has a fifty-two week low of $81.29 and a fifty-two week high of $148.50.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 EPS for the quarter, topping the consensus estimate of $1.24 by $0.05. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $994.95 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The company’s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.50 earnings per share. On average, research analysts expect that Patrick Industries, Inc. will post 4.26 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, May 26th. Patrick Industries’s dividend payout ratio (DPR) is currently 44.55%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on PATK shares. Robert W. Baird set a $110.00 price objective on Patrick Industries in a report on Friday, May 1st. Truist Financial cut their target price on Patrick Industries from $126.00 to $113.00 and set a “buy” rating on the stock in a research report on Wednesday, July 8th. KeyCorp decreased their price target on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating for the company in a report on Wednesday, July 22nd. BMO Capital Markets reissued an “outperform” rating and issued a $150.00 price target (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. Finally, Weiss Ratings cut Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, June 29th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $116.25.

Patrick Industries Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.