Patrick Industries (NASDAQ:PATK) Director Michael A. Kitson Sells 4,572 Shares

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 A. Kitson sold 4,572 shares of Patrick Industries stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $112.67, for a total value of $515,127.24. Following the completion of the transaction, the director owned 11,850 shares in the company, valued at approximately $1,335,139.50. This represents a 27.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Patrick Industries Price Performance

Patrick Industries stock traded up $4.93 during midday trading on Friday, reaching $116.04. The company's stock had a trading volume of 334,226 shares, compared to its average volume of 392,096. Patrick Industries, Inc. has a 52 week low of $72.99 and a 52 week high of $116.78. The company has a current ratio of 1.96, a quick ratio of 0.75 and a debt-to-equity ratio of 1.11. The business has a 50-day moving average price of $99.54 and a 200-day moving average price of $90.67. The stock has a market cap of $3.86 billion, a PE ratio of 31.45, a price-to-earnings-growth ratio of 1.65 and a beta of 1.23.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter in the previous year, the business posted $2.16 earnings per share. The business's revenue for the quarter was up 3.0% on a year-over-year basis. On average, sell-side analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms have issued reports on PATK. Roth Mkm reiterated a "buy" rating and issued a $100.00 target price (down previously from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. BMO Capital Markets upped their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Raymond James Financial raised their price objective 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. Truist Financial raised their price objective on shares of Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Finally, Robert W. Baird raised their price objective on shares of Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, June 20th. Six equities research 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 an average rating of "Moderate Buy" and a consensus price target of $104.86.

Hedge Funds Weigh In On Patrick Industries

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. lifted its stake in shares of Patrick Industries by 2.8% in the first quarter. Principal Financial Group Inc. now owns 178,660 shares of the construction company's stock worth $15,107,000 after acquiring an additional 4,841 shares during the period. Private Trust Co. NA lifted its stake in shares of Patrick Industries by 432.4% in the first quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock worth $50,000 after acquiring an additional 480 shares during the period. Cerity Partners LLC acquired a new position in shares of Patrick Industries in the first quarter worth approximately $729,000. Nuveen Asset Management LLC lifted its stake in shares of Patrick Industries by 495.5% in the fourth quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company's stock worth $28,730,000 after acquiring an additional 287,739 shares during the period. Finally, Teacher Retirement System of Texas acquired a new position in shares of Patrick Industries in the first quarter worth approximately $478,000. 93.29% of the stock is owned by institutional investors and hedge funds.

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.