John Forbes Sells 2,704 Shares of Patrick Industries (NASDAQ:PATK) Stock

by · The Cerbat Gem

Patrick Industries, Inc. (NASDAQ:PATK – Get Free Report) Director John Forbes sold 2,704 shares of the firm’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $140.75, for a total value of $380,588.00. Following the transaction, the director directly owned 49,272 shares of the company’s stock, valued at $6,935,034. This represents a 5.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Patrick Industries Stock Up 0.6%

Shares of Patrick Industries stock opened at $142.51 on Wednesday. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $144.40. The firm has a market cap of $4.74 billion, a price-to-earnings ratio of 36.45, a PEG ratio of 1.49 and a beta of 1.34. The company has a 50-day moving average of $119.77 and a 200 day moving average of $110.27. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.51 and a quick ratio of 0.80.

Patrick Industries (NASDAQ:PATK – Get Free Report) last posted its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The business had revenue of $924.17 million for the quarter, compared to analyst estimates of $858.62 million. During the same quarter in the previous year, the firm posted $0.52 earnings per share. Patrick Industries’s quarterly revenue was up 9.2% on a year-over-year basis. As a group, 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 business also recently disclosed a quarterly dividend, which will be paid on Monday, March 9th. Investors of record on Monday, February 23rd will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a 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%.

Analyst Upgrades and Downgrades

PATK has been the topic of a number of recent research reports. Robert W. Baird set a $140.00 target price on Patrick Industries in a research note on Friday. Truist Financial set a $126.00 price target on shares of Patrick Industries in a research note on Friday, January 9th. KeyCorp reissued an “overweight” rating and set a $155.00 price objective (up from $135.00) on shares of Patrick Industries in a research report on Friday. Benchmark reaffirmed a “buy” rating on shares of Patrick Industries in a report on Friday. Finally, Weiss Ratings downgraded shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus target price of $135.13.

Get Our Latest Research Report on PATK

Institutional Investors Weigh In On Patrick Industries

Several institutional investors have recently modified their holdings of PATK. WCG Wealth Advisors LLC bought a new stake in Patrick Industries in the 4th quarter worth about $1,641,000. CIBC Asset Management Inc boosted its holdings in shares of Patrick Industries by 4.1% during the 4th quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company’s stock valued at $245,000 after acquiring an additional 88 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Patrick Industries by 19.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 392,150 shares of the construction company’s stock worth $42,521,000 after acquiring an additional 64,081 shares during the period. Norges Bank purchased a new position in shares of Patrick Industries during the fourth quarter valued at approximately $4,869,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position in Patrick Industries by 2,327.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 801 shares of the construction company’s stock valued at $87,000 after purchasing an additional 768 shares during the period. 93.29% of the stock is owned by hedge funds and other 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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