NJ State Employees Deferred Compensation Plan Grows Stock Position in Patrick Industries, Inc. (NASDAQ:PATK)

NJ State Employees Deferred Compensation Plan increased its position in shares of Patrick Industries, Inc. (NASDAQ:PATK) by 50.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 19,500 shares of the construction company’s stock after buying an additional 6,500 shares during the quarter. NJ State Employees Deferred Compensation Plan’s holdings in Patrick Industries were worth $1,620,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PATK. Kestra Investment Management LLC acquired a new stake in Patrick Industries in the 4th quarter valued at approximately $25,000. Smartleaf Asset Management LLC increased its holdings in Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after purchasing an additional 528 shares during the last quarter. Quent Capital LLC acquired a new stake in Patrick Industries in the 4th quarter valued at approximately $53,000. Global Retirement Partners LLC increased its holdings in Patrick Industries by 44.8% in the 4th quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock valued at $53,000 after purchasing an additional 199 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in Patrick Industries by 61.2% in the 4th quarter. GAMMA Investing LLC now owns 764 shares of the construction company’s stock valued at $63,000 after purchasing an additional 290 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Price Performance

Patrick Industries stock opened at $90.06 on Tuesday. The stock has a market cap of $3.03 billion, a P/E ratio of 21.86, a price-to-earnings-growth ratio of 1.41 and a beta of 2.26. The company has a fifty day simple moving average of $90.46 and a 200-day simple moving average of $89.78. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) 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%. Equities analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 1.78%. Patrick Industries’s dividend payout ratio (DPR) is presently 38.83%.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Truist Financial lifted their target price on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a report on Monday, February 10th. Benchmark boosted their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. KeyCorp boosted their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Finally, Raymond James boosted their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.96.

About Patrick Industries

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.