Patrick Industries, Inc. (NASDAQ:PATK) Director Sells $263,407.50 in Stock

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) Director John A. Forbes sold 2,875 shares of the company's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $91.62, for a total transaction of $263,407.50. Following the completion of the transaction, the director now directly 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 SEC, which is available at the SEC website.

Patrick Industries Stock Performance

PATK stock traded down $0.53 during trading hours on Friday, reaching $89.13. The stock had a trading volume of 204,694 shares, compared to its average volume of 359,667. The stock has a 50-day simple moving average of $84.86 and a 200 day simple moving average of $87.02. Patrick Industries, Inc. has a fifty-two week low of $69.86 and a fifty-two week high of $98.90. The stock has a market capitalization of $2.98 billion, a PE ratio of 21.37, a price-to-earnings-growth ratio of 1.29 and a beta of 1.22. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.41 and a quick ratio of 1.04.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.13. Patrick Industries had a net margin of 3.74% and a return on equity of 12.90%. The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $959.46 million. During the same period last year, the business posted $1.79 EPS. Patrick Industries's revenue was up 7.5% on a year-over-year basis. Analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.80%. Patrick Industries's payout ratio is 38.37%.

Analysts Set New Price Targets

PATK has been the subject of a number of recent research reports. Baird R W downgraded Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Truist Financial increased their target price on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Roth Mkm reiterated a "buy" rating and issued a $100.00 price target (down from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Wall Street Zen raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Finally, Raymond James Financial reduced their price objective on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $96.42.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Louisiana State Employees Retirement System lifted its holdings in Patrick Industries by 50.0% during the 4th quarter. Louisiana State Employees Retirement System now owns 16,200 shares of the construction company's stock valued at $1,346,000 after purchasing an additional 5,400 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Patrick Industries by 27.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company's stock valued at $10,222,000 after purchasing an additional 26,558 shares during the last quarter. New York State Teachers Retirement System raised its position in shares of Patrick Industries by 48.8% in the fourth quarter. New York State Teachers Retirement System now owns 33,434 shares of the construction company's stock valued at $2,778,000 after purchasing an additional 10,961 shares during the period. Rhumbline Advisers lifted its stake in shares of Patrick Industries by 53.2% during the 4th quarter. Rhumbline Advisers now owns 94,291 shares of the construction company's stock worth $7,835,000 after buying an additional 32,740 shares during the last quarter. Finally, Congress Asset Management Co. lifted its stake in shares of Patrick Industries by 60.8% during the 4th quarter. Congress Asset Management Co. now owns 144,999 shares of the construction company's stock worth $12,046,000 after buying an additional 54,835 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors.

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.