Patrick Industries, Inc. (NASDAQ:PATK) Shares Purchased by NJ State Employees Deferred Compensation Plan

NJ State Employees Deferred Compensation Plan increased its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 50.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 19,500 shares of the construction company’s stock after acquiring an additional 6,500 shares during the period. NJ State Employees Deferred Compensation Plan owned approximately 0.06% of Patrick Industries worth $1,620,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Assetmark Inc. grew its position in shares of Patrick Industries by 1,589.0% during the 3rd quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock valued at $938,000 after acquiring an additional 6,197 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Patrick Industries by 27.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company’s stock valued at $10,222,000 after acquiring an additional 26,558 shares during the period. Fiera Capital Corp purchased a new position in Patrick Industries in the 3rd quarter valued at about $27,888,000. Rhumbline Advisers lifted its stake in Patrick Industries by 53.2% in the 4th quarter. Rhumbline Advisers now owns 94,291 shares of the construction company’s stock valued at $7,835,000 after buying an additional 32,740 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Patrick Industries by 55.3% in the 4th quarter. Principal Financial Group Inc. now owns 173,819 shares of the construction company’s stock valued at $14,441,000 after buying an additional 61,867 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PATK. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Benchmark raised their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Truist Financial raised their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, February 10th. KeyCorp raised their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Finally, Raymond James raised their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $97.96.

Patrick Industries Trading Down 0.6 %

PATK opened at $90.06 on Tuesday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The company’s 50 day simple moving average is $90.46 and its two-hundred day simple moving average is $89.78. Patrick Industries, Inc. has a 1-year low of $67.72 and a 1-year high of $98.90. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of 21.86, a price-to-earnings-growth ratio of 1.41 and a beta of 2.26.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. Analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s payout ratio is presently 38.83%.

Patrick Industries 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.