Arizona State Retirement System Sells 138 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Arizona State Retirement System reduced its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 2.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,899 shares of the construction company’s stock after selling 138 shares during the period. Arizona State Retirement System’s holdings in Patrick Industries were worth $592,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Advisor Group Holdings Inc. boosted its holdings in Patrick Industries by 2.8% in the 1st quarter. Advisor Group Holdings Inc. now owns 5,532 shares of the construction company’s stock valued at $333,000 after purchasing an additional 149 shares during the period. US Bancorp DE boosted its holdings in Patrick Industries by 18.6% in the 1st quarter. US Bancorp DE now owns 2,024 shares of the construction company’s stock valued at $122,000 after purchasing an additional 317 shares during the period. Citigroup Inc. boosted its holdings in Patrick Industries by 14.7% in the 1st quarter. Citigroup Inc. now owns 22,851 shares of the construction company’s stock valued at $1,378,000 after purchasing an additional 2,928 shares during the period. Acadian Asset Management LLC bought a new stake in Patrick Industries in the 1st quarter valued at $148,000. Finally, MetLife Investment Management LLC boosted its holdings in Patrick Industries by 54.6% in the 1st quarter. MetLife Investment Management LLC now owns 12,506 shares of the construction company’s stock valued at $754,000 after purchasing an additional 4,417 shares during the period. 93.29% of the stock is owned by institutional investors.

Patrick Industries Trading Up 0.7 %

Shares of Patrick Industries stock opened at $103.40 on Friday. The stock has a market capitalization of $2.32 billion, a P/E ratio of 15.88, a price-to-earnings-growth ratio of 0.67 and a beta of 1.72. The company has a quick ratio of 0.73, a current ratio of 2.38 and a debt-to-equity ratio of 0.97. The company has a 50-day simple moving average of $113.09 and a 200 day simple moving average of $96.85. Patrick Industries, Inc. has a 12-month low of $63.57 and a 12-month high of $123.58.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, February 8th. The construction company reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.10. The business had revenue of $781.20 million during the quarter, compared to analysts’ expectations of $780.97 million. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The firm’s revenue for the quarter was down 17.9% on a year-over-year basis. During the same quarter last year, the company posted $1.82 EPS. Research analysts expect that Patrick Industries, Inc. will post 8 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th were given a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.13%. The ex-dividend date was Friday, February 16th. Patrick Industries’s payout ratio is presently 33.79%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. KeyCorp increased their price target on shares of Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, February 9th. Truist Financial restated a “buy” rating and issued a $130.00 price objective on shares of Patrick Industries in a research note on Friday, April 12th. Roth Mkm increased their price objective on shares of Patrick Industries from $101.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Finally, StockNews.com cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $103.00.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, insider Kip B. Ellis sold 18,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $115.00, for a total value of $2,070,000.00. Following the completion of the sale, the insider now owns 108,778 shares in the company, valued at approximately $12,509,470. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Patrick Industries news, insider Kip B. Ellis sold 18,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $115.00, for a total value of $2,070,000.00. Following the completion of the sale, the insider now owns 108,778 shares in the company, valued at approximately $12,509,470. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Andy L. Nemeth sold 10,000 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $115.00, for a total transaction of $1,150,000.00. Following the completion of the sale, the chief executive officer now owns 289,619 shares of the company’s stock, valued at approximately $33,306,185. The disclosure for this sale can be found here. In the last 90 days, insiders sold 48,873 shares of company stock worth $5,681,957. 4.70% of the stock is currently owned by corporate insiders.

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.