California Public Employees Retirement System Increases Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

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California Public Employees Retirement System lifted its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 101.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 101,332 shares of the construction company’s stock after acquiring an additional 51,072 shares during the quarter. California Public Employees Retirement System owned 0.43% of Patrick Industries worth $5,313,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. California State Teachers Retirement System lifted its stake in Patrick Industries by 1.2% in the 3rd quarter. California State Teachers Retirement System now owns 35,149 shares of the construction company’s stock valued at $1,507,000 after buying an additional 420 shares in the last quarter. 6 Meridian lifted its stake in Patrick Industries by 11.7% in the 4th quarter. 6 Meridian now owns 6,282 shares of the construction company’s stock valued at $329,000 after buying an additional 660 shares in the last quarter. Metropolitan Life Insurance Co NY lifted its stake in Patrick Industries by 9.8% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 7,449 shares of the construction company’s stock valued at $319,000 after buying an additional 662 shares in the last quarter. D.B. Root & Company LLC lifted its stake in Patrick Industries by 17.5% in the 3rd quarter. D.B. Root & Company LLC now owns 5,031 shares of the construction company’s stock valued at $215,000 after buying an additional 750 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in Patrick Industries by 554.3% in the 3rd quarter. Tower Research Capital LLC TRC now owns 916 shares of the construction company’s stock valued at $39,000 after buying an additional 776 shares in the last quarter. 89.40% of the stock is currently owned by institutional investors and hedge funds.

Shares of PATK opened at $61.41 on Friday. The stock has a fifty day moving average of $53.87 and a two-hundred day moving average of $47.11. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.31 and a current ratio of 2.61. The company has a market capitalization of $1.46 billion, a PE ratio of 14.80, a price-to-earnings-growth ratio of 2.11 and a beta of 2.16. Patrick Industries, Inc. has a fifty-two week low of $32.98 and a fifty-two week high of $64.38.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, February 13th. The construction company reported $0.86 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.12. The company had revenue of $549.50 million during the quarter, compared to the consensus estimate of $535.56 million. Patrick Industries had a return on equity of 20.73% and a net margin of 4.16%. Patrick Industries’s revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.96 EPS. As a group, equities research analysts forecast that Patrick Industries, Inc. will post 3.74 earnings per share for the current fiscal year.

PATK has been the topic of a number of recent research reports. TheStreet raised Patrick Industries from a “c+” rating to a “b-” rating in a research note on Monday, February 10th. ValuEngine raised Patrick Industries from a “strong sell” rating to a “sell” rating in a research note on Tuesday, February 4th. Zacks Investment Research raised Patrick Industries from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a research note on Thursday, January 9th. Robert W. Baird upped their target price on Patrick Industries from $46.00 to $54.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. They noted that the move was a valuation call. Finally, KeyCorp upped their target price on Patrick Industries from $60.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $54.20.

In other Patrick Industries news, CEO Todd M. Cleveland sold 2,898 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $52.78, for a total value of $152,956.44. Following the completion of the transaction, the chief executive officer now directly owns 629,053 shares in the company, valued at approximately $33,201,417.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Todd M. Cleveland sold 3,222 shares of the business’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $52.75, for a total value of $169,960.50. Following the completion of the transaction, the chief executive officer now owns 631,951 shares of the company’s stock, valued at $33,335,415.25. The disclosure for this sale can be found here. Insiders sold a total of 98,087 shares of company stock valued at $5,327,618 over the last quarter. 7.60% of the stock is currently owned by insiders.

Patrick Industries Profile

Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; decorative vinyl and paper laminated panels; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.

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Institutional Ownership by Quarter for Patrick Industries (NASDAQ:PATK)

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