Insider Selling: Patrick Industries, Inc. (NASDAQ:PATK) Insider Sells 21,452 Shares of Stock

Key Points

• Kip B. Ellis, an insider at Patrick Industries, sold 21,452 shares at an average price of $110.01, resulting in a total transaction value of approximately $2.36 million. This sale reduced his holdings by 14.61%.
• Patrick Industries reported a quarterly EPS of $1.50, exceeding analyst expectations, with revenues of $1.05 billion, marking a 3% year-over-year increase.
• The company announced a quarterly dividend of $0.40 per share, which signifies a 1.4% dividend yield based on an annualized amount of $1.60.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) insider Kip B. Ellis sold 21,452 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $110.01, for a total value of $2,359,934.52. Following the completion of the transaction, the insider directly owned 125,379 shares in the company, valued at approximately $13,792,943.79. The trade was a 14.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Patrick Industries Stock Down 1.7%

Shares of NASDAQ PATK traded down $1.91 during mid-day trading on Monday, reaching $110.22. 338,256 shares of the company traded hands, compared to its average volume of 363,758. 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 stock has a market cap of $3.67 billion, a PE ratio of 29.87, a price-to-earnings-growth ratio of 1.59 and a beta of 1.23. The company's fifty day moving average is $97.43 and its two-hundred day moving average is $90.09. Patrick Industries, Inc. has a fifty-two week low of $72.99 and a fifty-two week high of $114.26.

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 analyst estimates of $1.03 billion. During the same quarter last year, the firm posted $2.16 EPS. The company's revenue was up 3.0% on a year-over-year basis. On average, analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 8th. Investors of record on Monday, August 25th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Monday, August 25th. Patrick Industries's dividend payout ratio (DPR) is currently 43.36%.

Institutional Investors Weigh In On Patrick Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of PATK. Principal Financial Group Inc. increased its stake in shares of Patrick Industries by 2.8% in the 1st quarter. Principal Financial Group Inc. now owns 178,660 shares of the construction company's stock valued at $15,107,000 after buying an additional 4,841 shares during the period. Private Trust Co. NA increased its stake in shares of Patrick Industries by 432.4% in the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock valued at $50,000 after buying an additional 480 shares during the period. Cerity Partners LLC acquired a new stake in shares of Patrick Industries during the first quarter worth $729,000. Nuveen Asset Management LLC grew its stake in shares of 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. Finally, Teacher Retirement System of Texas acquired a new stake in shares of Patrick Industries during the first quarter worth $478,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PATK has been the topic of several research reports. Robert W. Baird upped their price target on Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, June 20th. Benchmark increased their price target on Patrick Industries from $102.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Roth Mkm reissued a "buy" rating and issued a $100.00 price target (down previously from $112.00) on shares of Patrick Industries in a research note 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 report on Friday, August 1st. Finally, Truist Financial upped their price objective on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, Patrick Industries currently has an average rating of "Moderate Buy" and a consensus target price of $104.86.

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.