Insider Selling: Patrick Industries, Inc. (NASDAQ:PATK) Director Sells 2,875 Shares of Stock

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) Director John A. Forbes sold 2,875 shares of Patrick Industries stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $91.62, for a total value of $263,407.50. Following the completion of the sale, the director now owns 52,591 shares of the company's stock, valued at approximately $4,818,387.42. The trade was a 5.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Patrick Industries Stock Performance

Shares of PATK stock opened at $90.10 on Tuesday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The company has a market capitalization of $3.01 billion, a P/E ratio of 21.87, a price-to-earnings-growth ratio of 1.41 and a beta of 2.00. The company's 50 day moving average price is $84.38 and its two-hundred day moving average price is $87.00. Patrick Industries, Inc. has a 52 week low of $68.29 and a 52 week high of $98.90.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its earnings results on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, topping the consensus estimate of $0.98 by $0.13. The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $959.46 million. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. The business's quarterly revenue was up 7.5% on a year-over-year basis. During the same period last year, the company posted $1.79 EPS. On average, analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.60 annualized dividend and a yield of 1.78%. Patrick Industries's dividend payout ratio (DPR) is currently 38.37%.

Institutional Trading of Patrick Industries

Several hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers raised its holdings in Patrick Industries by 20.7% during the 1st quarter. Rhumbline Advisers now owns 113,845 shares of the construction company's stock worth $9,628,000 after buying an additional 19,554 shares during the period. Strs Ohio acquired a new stake in shares of Patrick Industries in the first quarter valued at approximately $42,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Patrick Industries by 5.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company's stock valued at $5,957,000 after purchasing an additional 3,748 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Patrick Industries by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company's stock valued at $1,632,000 after purchasing an additional 851 shares during the last quarter. Finally, Hancock Whitney Corp raised its holdings in shares of Patrick Industries by 7.7% in the first quarter. Hancock Whitney Corp now owns 2,703 shares of the construction company's stock valued at $229,000 after purchasing an additional 194 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PATK has been the subject of several analyst reports. Roth Mkm restated a "buy" rating and set a $100.00 target price (down from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Baird R W lowered shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. KeyCorp reduced their price objective on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Truist Financial lifted their price objective on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Finally, Raymond James reduced their price objective on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Patrick Industries presently has an average rating of "Moderate Buy" and a consensus price target of $95.67.

Patrick Industries Company Profile

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.

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