Teachers Retirement System of The State of Kentucky raised its stake in shares of Patrick Industries, Inc. (NASDAQ:PATK – Get Rating) by 2.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,526 shares of the construction company's stock after purchasing an additional 682 shares during the quarter. Teachers Retirement System of The State of Kentucky's holdings in Patrick Industries were worth $1,962,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Nomura Holdings Inc. increased its stake in Patrick Industries by 1,065.2% during the 1st quarter. Nomura Holdings Inc. now owns 92,189 shares of the construction company's stock valued at $5,629,000 after purchasing an additional 84,277 shares in the last quarter. Delphia USA Inc. acquired a new position in Patrick Industries during the 1st quarter valued at approximately $211,000. Captrust Financial Advisors increased its stake in Patrick Industries by 80.2% during the 1st quarter. Captrust Financial Advisors now owns 1,656 shares of the construction company's stock valued at $100,000 after purchasing an additional 737 shares in the last quarter. State Street Corp increased its stake in Patrick Industries by 3.8% during the 1st quarter. State Street Corp now owns 760,855 shares of the construction company's stock valued at $45,880,000 after purchasing an additional 27,636 shares in the last quarter. Finally, Prelude Capital Management LLC increased its stake in Patrick Industries by 54.4% during the 1st quarter. Prelude Capital Management LLC now owns 6,868 shares of the construction company's stock valued at $414,000 after purchasing an additional 2,421 shares in the last quarter. Institutional investors and hedge funds own 89.86% of the company's stock.

Patrick Industries Stock Performance

NASDAQ:PATK opened at $46.79 on Wednesday. The company's 50-day moving average price is $56.10 and its 200-day moving average price is $58.72. The company has a current ratio of 2.58, a quick ratio of 1.02 and a debt-to-equity ratio of 1.64. The company has a market cap of $1.07 billion, a P/E ratio of 3.25, a P/E/G ratio of 0.41 and a beta of 1.95. Patrick Industries, Inc. has a twelve month low of $45.76 and a twelve month high of $88.79.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Monday, August 29th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.82%. The ex-dividend date of this dividend was Friday, August 26th. Patrick Industries's dividend payout ratio is currently 9.17%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. KeyCorp upped their price target on shares of Patrick Industries from $65.00 to $68.00 and gave the company an "overweight" rating in a research note on Monday, August 1st. Truist Financial cut their price objective on shares of Patrick Industries to $75.00 in a research note on Thursday, May 26th. DA Davidson assumed coverage on shares of Patrick Industries in a research note on Friday, August 26th. They issued a "neutral" rating and a $65.00 price objective on the stock. TheStreet lowered shares of Patrick Industries from a "b-" rating to a "c+" rating in a research note on Thursday, July 14th. Finally, StockNews.com lowered shares of Patrick Industries from a "buy" rating to a "hold" rating in a research note on Tuesday, May 31st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Patrick Industries has an average rating of "Hold" and a consensus target price of $72.20.

Insider Transactions at Patrick Industries

In other news, Chairman Todd M. Cleveland sold 20,000 shares of the firm's stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $63.42, for a total value of $1,268,400.00. Following the transaction, the chairman now directly owns 131,737 shares of the company's stock, valued at $8,354,760.54. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 6.10% of the company's stock.

Patrick Industries Profile

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Patrick Industries, Inc manufactures and distributes components, building products, and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, China, and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, wall, countertop, and cabinet product; cabinet door, fiberglass bath fixture, and tile system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum product; fiberglass and plastic components; RV painting; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinet; polymer-based flooring product; dash panels; and other products.

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