Patrick Industries (NASDAQ:PATK) EVP Sells 3,903 Shares

by · The Markets Daily

Patrick Industries, Inc. (NASDAQ:PATK – Get Free Report) EVP Stacey Amundson sold 3,903 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $145.61, for a total transaction of $568,315.83. Following the completion of the sale, the executive vice president directly owned 12,819 shares of the company’s stock, valued at approximately $1,866,574.59. This represents a 23.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Patrick Industries Trading Up 1.3%

NASDAQ:PATK traded up $1.77 during trading hours on Friday, hitting $143.10. 306,606 shares of the stock were exchanged, compared to its average volume of 367,500. The company has a market capitalization of $4.76 billion, a P/E ratio of 36.60, a price-to-earnings-growth ratio of 1.53 and a beta of 1.34. The company has a quick ratio of 0.80, a current ratio of 2.51 and a debt-to-equity ratio of 1.08. The company’s 50 day moving average is $121.20 and its two-hundred day moving average is $110.73. Patrick Industries, Inc. has a twelve month low of $72.99 and a twelve month high of $148.50.

Patrick Industries (NASDAQ:PATK – Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.10. The business had revenue of $924.17 million for the quarter, compared to analyst estimates of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The firm’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.52 earnings per share. On average, sell-side analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 9th. Stockholders of record on Monday, February 23rd will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, February 23rd. Patrick Industries’s dividend payout ratio (DPR) is 48.08%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Loop Capital initiated coverage on shares of Patrick Industries in a report on Friday, October 31st. They issued a “hold” rating and a $99.00 price objective on the stock. Weiss Ratings cut shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Roth Mkm restated a “buy” rating and issued a $157.00 price target on shares of Patrick Industries in a research report on Monday. KeyCorp reaffirmed an “overweight” rating and set a $155.00 price objective (up from $135.00) on shares of Patrick Industries in a research note on Friday, February 6th. Finally, Robert W. Baird set a $140.00 target price on Patrick Industries in a research note on Friday, February 6th. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $135.13.

Check Out Our Latest Research Report on PATK

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in PATK. Salomon & Ludwin LLC bought a new stake in shares of Patrick Industries in the 3rd quarter valued at $25,000. Advisory Services Network LLC bought a new position in Patrick Industries during the third quarter worth about $25,000. Torren Management LLC acquired a new position in Patrick Industries in the fourth quarter valued at about $26,000. Cornerstone Planning Group LLC acquired a new position in Patrick Industries in the third quarter valued at about $31,000. Finally, Allworth Financial LP increased its holdings in shares of Patrick Industries by 181.3% in the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock worth $34,000 after acquiring an additional 203 shares in the last quarter. 93.29% of the stock is owned by institutional investors.

About Patrick Industries

(Get Free Report)

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.

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