California State Teachers Retirement System Has $4.22 Million Holdings in Patrick Industries, Inc. $PATK

California State Teachers Retirement System raised its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 24.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 37,998 shares of the construction company’s stock after buying an additional 7,501 shares during the quarter. California State Teachers Retirement System owned 0.12% of Patrick Industries worth $4,220,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Mackenzie Financial Corp boosted its position in Patrick Industries by 4.0% during the 4th quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company’s stock worth $231,000 after buying an additional 80 shares during the period. CIBC Asset Management Inc increased its position in Patrick Industries by 4.1% in the 4th quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company’s stock valued at $245,000 after acquiring an additional 88 shares during the period. Oregon Public Employees Retirement Fund raised its stake in shares of Patrick Industries by 1.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,576 shares of the construction company’s stock valued at $821,000 after acquiring an additional 100 shares during the last quarter. MML Investors Services LLC lifted its holdings in shares of Patrick Industries by 3.5% during the fourth quarter. MML Investors Services LLC now owns 4,854 shares of the construction company’s stock worth $526,000 after purchasing an additional 162 shares during the period. Finally, ProShare Advisors LLC lifted its holdings in shares of Patrick Industries by 3.1% during the fourth quarter. ProShare Advisors LLC now owns 6,330 shares of the construction company’s stock worth $686,000 after purchasing an additional 192 shares during the period. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PATK has been the subject of a number of recent research reports. Robert W. Baird set a $110.00 price objective on Patrick Industries in a report on Friday, May 1st. Raymond James Financial reaffirmed an “outperform” rating and set a $94.00 target price on shares of Patrick Industries in a report on Friday, July 31st. Wall Street Zen lowered Patrick Industries from a “buy” rating to a “hold” rating in a research report on Sunday, April 12th. Zacks Research cut Patrick Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Finally, Truist Financial lowered their price objective on Patrick Industries from $126.00 to $113.00 and set a “buy” rating for the company in a research report on Wednesday, July 8th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $116.25.

Patrick Industries Price Performance

Patrick Industries stock opened at $88.84 on Friday. The stock has a market capitalization of $2.92 billion, a price-to-earnings ratio of 21.05 and a beta of 1.11. Patrick Industries, Inc. has a 52-week low of $81.29 and a 52-week high of $148.50. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.96 and a current ratio of 2.67. The stock’s 50 day moving average price is $86.71 and its two-hundred day moving average price is $104.55.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $994.95 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. Patrick Industries’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.50 EPS. On average, equities analysts predict that Patrick Industries, Inc. will post 4.26 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th were issued a dividend of $0.47 per share. The ex-dividend date was Tuesday, May 26th. This represents a $1.88 annualized dividend and a dividend yield of 2.1%. Patrick Industries’s dividend payout ratio is currently 44.55%.

About Patrick Industries

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.