Hugo Gonzalez Sells 13,514 Shares of Patrick Industries (NASDAQ:PATK) Stock

Key Points

• COO Hugo Gonzalez sold 13,514 shares on March 12 at an average price of $113.10, generating roughly $1.53 million and reducing his holding by 28.52% to 33,864 shares, per an SEC filing.
• Patrick Industries beat quarterly estimates with $0.84 EPS (vs. $0.74 expected) and $924.17M revenue (up 9.2% YoY), and declared a $0.47 quarterly dividend (annualized $1.88, ~1.6% yield).
• Shares trade around $114.31 with a market cap near $3.8B and a P/E of 29.24; analysts show a consensus rating of Moderate Buy and an average price target of $135.13, while institutional investors own about 93% of the stock.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) COO Hugo Gonzalez sold 13,514 shares of the firm's stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $113.10, for a total transaction of $1,528,433.40. Following the sale, the chief operating officer directly owned 33,864 shares in the company, valued at approximately $3,830,018.40. The trade was a 28.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Patrick Industries Stock Performance

Shares of PATK stock traded up $1.17 during trading hours on Friday, reaching $114.31. The company had a trading volume of 286,262 shares, compared to its average volume of 291,990. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. The business has a fifty day moving average price of $127.42 and a 200-day moving average price of $113.65. Patrick Industries, Inc. has a one year low of $72.99 and a one year high of $148.50. The firm has a market cap of $3.80 billion, a PE ratio of 29.24 and a beta of 1.33.

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

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 9th. Stockholders of record on Monday, February 23rd were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Monday, February 23rd. Patrick Industries's dividend payout ratio is presently 48.08%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. KeyCorp reaffirmed an "overweight" rating and issued a $155.00 price objective (up from $135.00) on shares of Patrick Industries in a report on Friday, February 6th. Wall Street Zen cut Patrick Industries from a "buy" rating to a "hold" rating in a research report on Sunday, March 8th. Truist Financial set a $126.00 price target on Patrick Industries in a research note on Friday, January 9th. Robert W. Baird set a $140.00 price target on shares of Patrick Industries in a research report on Friday, February 6th. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $155.00 price objective on shares of Patrick Industries in a research note on Friday, February 6th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $135.13.

Hedge Funds Weigh In On Patrick Industries

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP grew its holdings in Patrick Industries by 19.9% during the fourth quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company's stock valued at $240,401,000 after purchasing an additional 367,802 shares during the period. SG Americas Securities LLC lifted its position in shares of Patrick Industries by 12,134.2% during the 4th quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company's stock valued at $28,123,000 after buying an additional 257,245 shares in the last quarter. Capital Research Global Investors lifted its position in shares of Patrick Industries by 24.4% during the 4th quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company's stock valued at $123,342,000 after buying an additional 223,014 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Patrick Industries by 33.8% during the 2nd quarter. American Century Companies Inc. now owns 712,383 shares of the construction company's stock valued at $65,732,000 after acquiring an additional 180,092 shares during the period. Finally, Bessemer Group Inc. grew its stake in shares of Patrick Industries by 3,602.4% during the 4th quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company's stock valued at $16,255,000 after acquiring an additional 145,863 shares during the period. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

About Patrick Industries

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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