Louisiana State Employees Retirement System Invests $1.64 Million in Patrick Industries, Inc. $PATK

Louisiana State Employees Retirement System acquired a new stake in Patrick Industries, Inc. (NASDAQ:PATK) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 14,800 shares of the construction company’s stock, valued at approximately $1,644,000.

A number of other hedge funds have also recently modified their holdings of PATK. KFG Wealth Management LLC boosted its holdings in Patrick Industries by 8.2% during the first quarter. KFG Wealth Management LLC now owns 11,115 shares of the construction company’s stock worth $1,234,000 after buying an additional 842 shares in the last quarter. Factor Wealth Management LTD increased its position in shares of Patrick Industries by 141.4% in the first quarter. Factor Wealth Management LTD now owns 5,945 shares of the construction company’s stock valued at $660,000 after buying an additional 3,482 shares in the last quarter. Krilogy Financial LLC acquired a new position in shares of Patrick Industries during the 1st quarter worth approximately $269,000. Rockefeller Capital Management L.P. raised its stake in shares of Patrick Industries by 235.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,193 shares of the construction company’s stock worth $129,000 after buying an additional 837 shares during the period. Finally, Corient Private Wealth LLC lifted its position in shares of Patrick Industries by 17.2% during the 4th quarter. Corient Private Wealth LLC now owns 3,308 shares of the construction company’s stock valued at $359,000 after buying an additional 485 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Insiders Place Their Bets

In other Patrick Industries news, insider Charles R. Roeder acquired 5,750 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The shares were purchased at an average cost of $87.83 per share, for a total transaction of $505,022.50. Following the completion of the acquisition, the insider owned 42,147 shares of the company’s stock, valued at approximately $3,701,771.01. The trade was a 15.80% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Matthew S. Filer acquired 1,000 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was acquired at an average price of $85.50 per share, with a total value of $85,500.00. Following the completion of the transaction, the chief financial officer directly owned 21,614 shares of the company’s stock, valued at $1,847,997. This trade represents a 4.85% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have bought 28,700 shares of company stock worth $2,532,880. 3.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PATK has been the subject of several recent analyst reports. Zacks Research lowered shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. BMO Capital Markets reissued an “outperform” rating and set a $150.00 target price (down from $155.00) on shares of Patrick Industries in a research note on Monday, April 20th. KeyCorp reduced their price target on shares of Patrick Industries from $140.00 to $125.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Raymond James Financial set a $108.00 price target on shares of Patrick Industries in a research note on Friday, May 1st. Finally, Benchmark lowered their price objective on Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $122.62.

Patrick Industries Stock Performance

NASDAQ:PATK opened at $85.27 on Thursday. The company has a market cap of $2.80 billion, a P/E ratio of 21.86 and a beta of 1.09. Patrick Industries, Inc. has a twelve month low of $82.35 and a twelve month high of $148.50. The company’s 50-day moving average price is $91.25 and its 200-day moving average price is $109.94. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.02. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The company had revenue of $997.17 million during the quarter, compared to analysts’ expectations of $989.06 million. During the same quarter in the prior year, the company earned $1.11 EPS. Patrick Industries’s revenue was down .6% compared to the same quarter last year. On average, sell-side analysts forecast that Patrick Industries, Inc. will post 4.94 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.2%. The ex-dividend date was Tuesday, May 26th. Patrick Industries’s dividend payout ratio is presently 48.21%.

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.