Insider Selling: Patrick Industries, Inc. (NASDAQ:PATK) Director Sells 7,000 Shares of Stock

Patrick Industries, Inc. (NASDAQ:PATKGet Rating) Director Todd M. Cleveland sold 7,000 shares of the company’s stock in a transaction dated Tuesday, January 24th. The stock was sold at an average price of $67.83, for a total transaction of $474,810.00. Following the sale, the director now directly owns 140,916 shares of the company’s stock, valued at approximately $9,558,332.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Patrick Industries Price Performance

Shares of PATK stock traded up $0.71 on Tuesday, reaching $67.70. The company had a trading volume of 128,497 shares, compared to its average volume of 165,300. The stock has a market capitalization of $1.53 billion, a PE ratio of 4.71, a price-to-earnings-growth ratio of 2.45 and a beta of 1.83. The company has a quick ratio of 0.86, a current ratio of 2.54 and a debt-to-equity ratio of 1.41. Patrick Industries, Inc. has a one year low of $41.75 and a one year high of $73.48. The business’s 50-day moving average is $60.06 and its 200 day moving average is $54.70.

Patrick Industries (NASDAQ:PATKGet Rating) last released its quarterly earnings data on Thursday, October 27th. The construction company reported $2.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.02 by $0.41. Patrick Industries had a return on equity of 42.22% and a net margin of 6.87%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.12 billion. Equities research analysts forecast that Patrick Industries, Inc. will post 13.48 EPS for the current fiscal year.

Patrick Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 12th. Stockholders of record on Monday, November 28th were paid a $0.45 dividend. The ex-dividend date of this dividend was Friday, November 25th. This represents a $1.80 annualized dividend and a dividend yield of 2.66%. This is an increase from Patrick Industries’s previous quarterly dividend of $0.33. Patrick Industries’s dividend payout ratio is currently 12.52%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PATK shares. Truist Financial cut their price objective on shares of Patrick Industries from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Wednesday, October 5th. Robert W. Baird cut their price objective on shares of Patrick Industries from $90.00 to $75.00 and set an “outperform” rating for the company in a research report on Friday, October 28th. StockNews.com started coverage on shares of Patrick Industries in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Finally, MKM Partners dropped their target price on shares of Patrick Industries from $86.00 to $66.00 and set a “buy” rating for the company in a report on Monday, October 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Patrick Industries has an average rating of “Hold” and a consensus price target of $65.67.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Advisor Group Holdings Inc. grew its position in shares of Patrick Industries by 2.8% during the 1st quarter. Advisor Group Holdings Inc. now owns 5,532 shares of the construction company’s stock worth $333,000 after buying an additional 149 shares during the period. Copeland Capital Management LLC grew its position in shares of Patrick Industries by 28.6% during the 4th quarter. Copeland Capital Management LLC now owns 701 shares of the construction company’s stock worth $42,000 after buying an additional 156 shares during the period. Public Employees Retirement System of Ohio grew its position in shares of Patrick Industries by 12.1% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,800 shares of the construction company’s stock worth $79,000 after buying an additional 195 shares during the period. FinTrust Capital Advisors LLC grew its position in shares of Patrick Industries by 75.4% during the 2nd quarter. FinTrust Capital Advisors LLC now owns 491 shares of the construction company’s stock worth $29,000 after buying an additional 211 shares during the period. Finally, Eukles Asset Management grew its position in shares of Patrick Industries by 6.6% during the 3rd quarter. Eukles Asset Management now owns 3,994 shares of the construction company’s stock worth $175,000 after buying an additional 249 shares during the period. Institutional investors and hedge funds own 89.53% of the company’s stock.

About Patrick Industries

(Get Rating)

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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