Insider Selling: Patrick Industries, Inc. (NASDAQ:PATK) CEO Sells 25,000 Shares of Stock

Key Points

• CEO Andy L. Nemeth of Patrick Industries, Inc. sold 25,000 shares for approximately $2.77 million, resulting in a 7.07% decrease in his ownership.
• Patrick Industries reported earnings of $1.50 per share for the last quarter, exceeding expectations, while revenue increased by 3% year-over-year to $1.05 billion.
• The company's stock is currently rated as a "Moderate Buy" with an average price target of $104.86 according to analysts' consensus.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) CEO Andy L. Nemeth sold 25,000 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $110.68, for a total value of $2,767,000.00. Following the completion of the transaction, the chief executive officer owned 328,641 shares of the company's stock, valued at $36,373,985.88. This represents a 7.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

Patrick Industries Stock Down 1.4%

NASDAQ:PATK traded down $1.56 during trading hours on Thursday, reaching $112.51. 380,161 shares of the stock were exchanged, compared to its average volume of 355,517. Patrick Industries, Inc. has a twelve month low of $72.99 and a twelve month high of $114.26. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.96 and a quick ratio of 0.75. The firm has a 50 day moving average of $97.00 and a 200 day moving average of $90.06. The stock has a market cap of $3.74 billion, a PE ratio of 30.49, a PEG ratio of 1.62 and a beta of 1.23.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.09. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the firm posted $2.16 EPS. The business's revenue was up 3.0% on a year-over-year basis. On average, equities analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Institutional Investors Weigh In On Patrick Industries

A number of institutional investors and hedge funds have recently made changes to their positions in PATK. Dimensional Fund Advisors LP raised its stake in shares of Patrick Industries by 48.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock worth $154,823,000 after purchasing an additional 609,036 shares in the last quarter. Capital Research Global Investors bought a new position in Patrick Industries during the fourth quarter worth $38,275,000. Nuveen LLC bought a new position in Patrick Industries during the first quarter worth $33,735,000. Capital World Investors boosted its position in Patrick Industries by 50.0% during the fourth quarter. Capital World Investors now owns 944,319 shares of the construction company's stock worth $78,454,000 after purchasing an additional 314,773 shares during the period. Finally, Nuveen Asset Management LLC boosted its position in Patrick Industries by 495.5% during the fourth quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company's stock worth $28,730,000 after purchasing an additional 287,739 shares during the period. Institutional investors own 93.29% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on PATK shares. Roth Mkm reiterated a "buy" rating and issued a $100.00 price objective (down from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Benchmark boosted their price objective on Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. BMO Capital Markets boosted their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Finally, KeyCorp upped their price target on Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $104.86.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.