Insider Selling: Patrick Industries (NASDAQ:PATK) Director Sells 4,572 Shares of Stock

Key Points

• Michael Kitson, a director at Patrick Industries, sold 4,572 shares of the company's stock for approximately $515,127, reducing his ownership by 27.84%.
• Patrick Industries recently reported an EPS of $1.50 for the last quarter, exceeding estimates, along with a revenue of $1.05 billion, which is up 3.0% compared to the previous year.
• The firm announced a quarterly dividend of $0.40 per share, translating to an annualized dividend yield of 1.4%, with a payout ratio of 43.36%.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) Director Michael Kitson sold 4,572 shares of Patrick Industries stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $112.67, for a total transaction of $515,127.24. Following the completion of the transaction, the director directly owned 11,850 shares in the company, valued at $1,335,139.50. The trade was a 27.84% 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 link.

Patrick Industries Stock Performance

PATK traded up $2.14 during trading on Tuesday, hitting $112.36. The stock had a trading volume of 197,305 shares, compared to its average volume of 400,839. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.75 and a current ratio of 1.96. The firm has a market capitalization of $3.74 billion, a P/E ratio of 30.45, a PEG ratio of 1.56 and a beta of 1.23. The company's 50-day moving average price is $98.24 and its 200 day moving average price is $90.33. Patrick Industries, Inc. has a twelve month low of $72.99 and a twelve month high of $114.26.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.09. The company had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $1.03 billion. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. Patrick Industries's revenue was up 3.0% compared to the same quarter last year. During the same period in the previous year, the company posted $2.16 EPS. On average, equities research analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 8th. Investors of record on Monday, August 25th will be given a $0.40 dividend. The ex-dividend date is Monday, August 25th. This represents a $1.60 annualized dividend and a dividend yield of 1.4%. Patrick Industries's payout ratio is currently 43.36%.

Analyst Upgrades and Downgrades

PATK has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Raymond James Financial upped their target price on shares of Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a report on Friday, August 1st. BMO Capital Markets upped their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Roth Mkm restated a "buy" rating and issued a $100.00 target price (down from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Finally, Benchmark upped their target price on shares of Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a report on Friday, August 1st. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $104.86.

Institutional Trading of Patrick Industries

Institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted 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 valued at $154,823,000 after buying an additional 609,036 shares during the last quarter. Capital Research Global Investors purchased a new position in shares of Patrick Industries during the 4th quarter valued at approximately $38,275,000. Nuveen LLC purchased a new position in shares of Patrick Industries during the 1st quarter valued at approximately $33,735,000. Capital World Investors boosted its stake in shares of Patrick Industries by 50.0% during the 4th quarter. Capital World Investors now owns 944,319 shares of the construction company's stock valued at $78,454,000 after buying an additional 314,773 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its stake in shares of Patrick Industries by 495.5% during the 4th quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company's stock valued at $28,730,000 after buying an additional 287,739 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

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.

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