Illinois Municipal Retirement Fund Buys 6,875 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Illinois Municipal Retirement Fund grew its holdings in Patrick Industries, Inc. (NASDAQ:PATK) by 62.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,826 shares of the construction company’s stock after buying an additional 6,875 shares during the period. Illinois Municipal Retirement Fund owned approximately 0.05% of Patrick Industries worth $1,481,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in PATK. Kestra Investment Management LLC purchased a new position in shares of Patrick Industries in the 4th quarter worth $25,000. Quent Capital LLC purchased a new position in shares of Patrick Industries in the 4th quarter worth $53,000. Global Retirement Partners LLC grew its stake in shares of Patrick Industries by 44.8% in the 4th quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock worth $53,000 after buying an additional 199 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Patrick Industries by 61.2% in the 4th quarter. GAMMA Investing LLC now owns 764 shares of the construction company’s stock worth $63,000 after buying an additional 290 shares in the last quarter. Finally, UMB Bank n.a. grew its stake in shares of Patrick Industries by 35.1% in the 4th quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock worth $64,000 after buying an additional 199 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Trading Up 1.1 %

Shares of PATK opened at $90.60 on Friday. Patrick Industries, Inc. has a 1-year low of $67.72 and a 1-year high of $98.90. The company has a 50-day moving average of $90.46 and a 200 day moving average of $89.72. The firm has a market capitalization of $3.05 billion, a price-to-earnings ratio of 21.99, a PEG ratio of 1.41 and a beta of 2.26. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. On average, research analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th will be issued a $0.40 dividend. The ex-dividend date is Tuesday, February 18th. This represents a $1.60 annualized dividend and a dividend yield of 1.77%. Patrick Industries’s dividend payout ratio is currently 38.83%.

Wall Street Analyst Weigh In

PATK has been the subject of a number of recent research reports. Truist Financial lifted their price objective on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, February 10th. Raymond James lifted 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. Benchmark lifted 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 cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Finally, KeyCorp lifted 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. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Patrick Industries presently has a consensus rating of “Moderate Buy” and an average 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.