Maryland State Retirement & Pension System Grows Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Maryland State Retirement & Pension System boosted its holdings in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 48.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,261 shares of the construction company’s stock after acquiring an additional 3,696 shares during the period. Maryland State Retirement & Pension System’s holdings in Patrick Industries were worth $936,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Arizona State Retirement System increased its holdings in shares of Patrick Industries by 51.3% during the fourth quarter. Arizona State Retirement System now owns 9,271 shares of the construction company’s stock valued at $770,000 after acquiring an additional 3,143 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in 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 purchasing an additional 26,558 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Patrick Industries by 55.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock valued at $45,592,000 after purchasing an additional 195,138 shares in the last quarter. IFP Advisors Inc raised its holdings in Patrick Industries by 35.8% in the fourth quarter. IFP Advisors Inc now owns 1,044 shares of the construction company’s stock worth $87,000 after buying an additional 275 shares during the last quarter. Finally, Mutual of America Capital Management LLC grew its holdings in shares of Patrick Industries by 51.1% during the fourth quarter. Mutual of America Capital Management LLC now owns 5,090 shares of the construction company’s stock valued at $423,000 after buying an additional 1,721 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PATK shares. Benchmark boosted their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Friday, February 7th. StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Raymond James increased their price objective on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. KeyCorp lifted their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Finally, Truist Financial upped their target price 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. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Patrick Industries currently has an average rating of “Moderate Buy” and an average price target of $97.96.

Insider Transactions at Patrick Industries

In other news, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the transaction, the executive vice president now directly owns 18,044 shares of the company’s stock, valued at $1,543,303.32. The trade was a 13.78 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director M Scott Welch bought 10,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, March 11th. The stock was purchased at an average cost of $86.22 per share, with a total value of $862,200.00. Following the completion of the acquisition, the director now directly owns 136,000 shares in the company, valued at $11,725,920. This represents a 7.94 % increase in their position. The disclosure for this purchase can be found here. 4.70% of the stock is currently owned by company insiders.

Patrick Industries Stock Up 0.7 %

PATK stock opened at $85.08 on Monday. The company has a market cap of $2.86 billion, a price-to-earnings ratio of 20.65, a P/E/G ratio of 1.41 and a beta of 2.37. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The business’s 50-day moving average is $91.27 and its two-hundred day moving average is $89.82. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. As a group, analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s payout ratio is 38.83%.

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.