Patrick Industries, Inc. (NASDAQ:PATK) Director Todd M. Cleveland Buys 1,000 Shares

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) Director Todd M. Cleveland purchased 1,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were purchased at an average price of $82.75 per share, with a total value of $82,750.00. Following the completion of the acquisition, the director now directly owns 133,286 shares in the company, valued at $11,029,416.50. The trade was a 0.76% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Patrick Industries Stock Up 0.9%

Shares of NASDAQ:PATK traded up $0.80 during midday trading on Wednesday, reaching $86.85. The company's stock had a trading volume of 214,008 shares, compared to its average volume of 358,869. The firm has a 50 day moving average of $82.70 and a 200-day moving average of $86.96. The firm has a market capitalization of $2.90 billion, a P/E ratio of 21.08, a PEG ratio of 1.41 and a beta of 2.05. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90.

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

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date is Tuesday, May 27th. Patrick Industries's payout ratio is presently 38.37%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Truist Financial upped their price objective on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday. KeyCorp decreased their price objective on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Robert W. Baird decreased their price objective on shares of Patrick Industries from $96.00 to $84.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Finally, Baird R W lowered shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Patrick Industries currently has a consensus rating of "Moderate Buy" and an average target price of $95.67.

Hedge Funds Weigh In On Patrick Industries

Several institutional investors have recently made changes to their positions in PATK. Kestra Investment Management LLC bought a new position in shares of Patrick Industries in the 4th quarter worth approximately $25,000. Covestor Ltd lifted its stake in shares of Patrick Industries by 10,400.0% in the 4th quarter. Covestor Ltd now owns 315 shares of the construction company's stock worth $26,000 after purchasing an additional 312 shares during the period. Quadrant Capital Group LLC raised its stake in Patrick Industries by 49.8% during the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock worth $27,000 after acquiring an additional 109 shares during the period. Nomura Asset Management Co. Ltd. raised its stake in Patrick Industries by 49.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock worth $29,000 after acquiring an additional 114 shares during the period. Finally, Strs Ohio purchased a new position in Patrick Industries during the first quarter worth $42,000. Institutional investors own 93.29% of the company's stock.

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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