New York State Common Retirement Fund grew its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 5.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,996 shares of the construction company’s stock after purchasing an additional 1,464 shares during the period. New York State Common Retirement Fund owned approximately 0.12% of Patrick Industries worth $2,415,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Patrick Industries by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 1,448,027 shares of the construction company’s stock worth $105,706,000 after acquiring an additional 11,544 shares during the period. State Street Corp lifted its stake in Patrick Industries by 3.9% in the 2nd quarter. State Street Corp now owns 681,496 shares of the construction company’s stock valued at $49,749,000 after buying an additional 25,643 shares in the last quarter. Geode Capital Management LLC lifted its stake in Patrick Industries by 4.7% in the 2nd quarter. Geode Capital Management LLC now owns 390,409 shares of the construction company’s stock valued at $28,499,000 after buying an additional 17,687 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Patrick Industries by 8.1% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 242,321 shares of the construction company’s stock valued at $17,690,000 after buying an additional 18,095 shares in the last quarter. Finally, Nordea Investment Management AB lifted its stake in shares of Patrick Industries by 96.9% during the 3rd quarter. Nordea Investment Management AB now owns 226,102 shares of the construction company’s stock worth $19,092,000 after purchasing an additional 111,284 shares during the period. Institutional investors own 87.03% of the company’s stock.
Shares of NASDAQ PATK opened at $80.92 on Monday. Patrick Industries, Inc. has a 12-month low of $66.57 and a 12-month high of $98.83. The company has a market cap of $1.91 billion, a P/E ratio of 9.35 and a beta of 2.18. The company has a current ratio of 2.11, a quick ratio of 0.92 and a debt-to-equity ratio of 1.56. The stock has a fifty day moving average price of $79.61 and a 200 day moving average price of $80.02.
Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, October 28th. The construction company reported $2.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.42. Patrick Industries had a return on equity of 31.49% and a net margin of 5.45%. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $963.33 million. During the same period in the prior year, the firm earned $1.62 EPS. The firm’s quarterly revenue was up 51.3% compared to the same quarter last year. On average, sell-side analysts forecast that Patrick Industries, Inc. will post 8.82 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, December 13th. Investors of record on Monday, November 29th were issued a $0.33 dividend. This is an increase from Patrick Industries’s previous quarterly dividend of $0.28. This represents a $1.32 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend was Friday, November 26th. Patrick Industries’s dividend payout ratio is currently 15.26%.
In other news, Chairman Todd M. Cleveland sold 10,000 shares of the stock in a transaction dated Monday, December 6th. The shares were sold at an average price of $85.63, for a total transaction of $856,300.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Michael A. Kitson sold 4,022 shares of the stock in a transaction dated Friday, November 5th. The stock was sold at an average price of $79.53, for a total transaction of $319,869.66. The disclosure for this sale can be found here. 6.10% of the stock is owned by company insiders.
A number of research analysts have weighed in on the company. Zacks Investment Research lowered Patrick Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, January 4th. KeyCorp reduced their price target on Patrick Industries from $102.00 to $90.00 and set an “overweight” rating on the stock in a research note on Monday, October 25th.
Patrick Industries Company Profile
Patrick Industries, Inc engages in the manufacture of components products and distribution of building products for industrial markets. It operates through the following segments: Manufacturing and Distribution. The Manufacturing segment includes laminated products what are utilized to produce furniture, shelving, walls, countertops, cabinet products, cabinet doors, fiberglass bat fixtures, hardwood furniture, vinyl printing, solid surface, granite, quartz countertop fabrication, RV painting, fabricated aluminum products, fiberglass and plastic components, softwoods lumber, custom cabinetry, polymer-based flooring, electrical systems components, and other products.
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