Illinois Municipal Retirement Fund Sells 1,124 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Illinois Municipal Retirement Fund reduced its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 8.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,815 shares of the construction company’s stock after selling 1,124 shares during the quarter. Illinois Municipal Retirement Fund owned 0.05% of Patrick Industries worth $1,186,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Pacer Advisors Inc. lifted its position in Patrick Industries by 39.7% in the 4th quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company’s stock valued at $104,972,000 after acquiring an additional 297,381 shares in the last quarter. Invesco Ltd. lifted its position in Patrick Industries by 7.0% during the 3rd quarter. Invesco Ltd. now owns 277,265 shares of the construction company’s stock worth $20,812,000 after buying an additional 18,256 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in Patrick Industries by 2.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 106,006 shares of the construction company’s stock worth $10,638,000 after buying an additional 2,741 shares in the last quarter. Nomura Holdings Inc. lifted its position in Patrick Industries by 0.3% during the 3rd quarter. Nomura Holdings Inc. now owns 79,949 shares of the construction company’s stock worth $6,001,000 after buying an additional 269 shares in the last quarter. Finally, NBW Capital LLC lifted its position in Patrick Industries by 3.9% during the 4th quarter. NBW Capital LLC now owns 70,685 shares of the construction company’s stock worth $7,093,000 after buying an additional 2,681 shares in the last quarter. 93.29% of the stock is owned by institutional investors.

Insider Activity at Patrick Industries

In related news, Director Michael A. Kitson sold 3,290 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $110.87, for a total value of $364,762.30. Following the transaction, the director now owns 8,553 shares in the company, valued at approximately $948,271.11. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Patrick Industries news, insider Kip B. Ellis sold 7,462 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $121.99, for a total transaction of $910,289.38. Following the transaction, the insider now owns 101,316 shares in the company, valued at approximately $12,359,538.84. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Michael A. Kitson sold 3,290 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total transaction of $364,762.30. Following the transaction, the director now owns 8,553 shares in the company, valued at approximately $948,271.11. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,873 shares of company stock worth $5,681,957. Insiders own 4.70% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on PATK shares. Truist Financial reissued a “buy” rating and set a $130.00 price target on shares of Patrick Industries in a research report on Friday, April 12th. StockNews.com cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. Roth Mkm boosted their price target on shares of Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. Finally, KeyCorp boosted their price target on shares of Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, February 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $103.00.

Patrick Industries Stock Up 1.0 %

Patrick Industries stock opened at $105.49 on Friday. The firm has a market capitalization of $2.36 billion, a PE ratio of 16.20, a P/E/G ratio of 0.66 and a beta of 1.72. The company’s 50-day moving average is $112.68 and its 200-day moving average is $98.00. Patrick Industries, Inc. has a fifty-two week low of $63.57 and a fifty-two week high of $123.58. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.38 and a quick ratio of 0.73.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 8th. The construction company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.10. The company had revenue of $781.20 million for the quarter, compared to analyst estimates of $780.97 million. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. Patrick Industries’s revenue for the quarter was down 17.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.82 EPS. Sell-side analysts anticipate that Patrick Industries, Inc. will post 8 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Tuesday, February 20th were paid a $0.55 dividend. The ex-dividend date was Friday, February 16th. This represents a $2.20 dividend on an annualized basis and a yield of 2.09%. Patrick Industries’s dividend payout ratio (DPR) is currently 33.79%.

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.