Patrick Industries, Inc. (NASDAQ:PATK) Director Todd M. Cleveland Buys 2,000 Shares

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) Director Todd M. Cleveland bought 2,000 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were acquired at an average price of $82.55 per share, for a total transaction of $165,100.00. Following the completion of the purchase, the director now owns 132,286 shares in the company, valued at $10,920,209.30. The trade was a 1.54% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK traded up $0.80 on Wednesday, reaching $86.85. 214,008 shares of the company's stock were exchanged, compared to its average volume of 358,869. The firm has a market capitalization of $2.90 billion, a price-to-earnings ratio of 21.08, a PEG ratio of 1.41 and a beta of 2.05. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The business's 50-day moving average is $82.70 and its two-hundred day moving average is $86.96.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, beating analysts' consensus estimates of $0.98 by $0.13. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $959.46 million. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. The business's revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter last year, the business earned $1.79 earnings per share. As a group, equities research analysts forecast 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, June 9th. Stockholders of record on Tuesday, May 27th will be issued a $0.40 dividend. The ex-dividend date is Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.84%. Patrick Industries's dividend payout ratio is 38.37%.

Institutional Trading of Patrick Industries

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Patrick Industries by 4.2% in the 1st quarter. Vanguard Group Inc. now owns 2,423,512 shares of the construction company's stock valued at $204,932,000 after purchasing an additional 97,250 shares during the period. Wellington Management Group LLP raised its stake in shares of Patrick Industries by 391.8% in the fourth quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company's stock worth $168,462,000 after acquiring an additional 1,615,412 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in 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 worth $154,823,000 after purchasing an additional 609,036 shares during the last quarter. Capital World Investors raised its position 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 acquiring an additional 314,773 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Patrick Industries by 50.0% in the fourth quarter. Geode Capital Management LLC now owns 779,223 shares of the construction company's stock valued at $64,752,000 after purchasing an additional 259,783 shares in the last quarter. 93.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Wall Street Zen raised Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Truist Financial lifted their price target on Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Tuesday. KeyCorp lowered their price objective on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Roth Mkm reiterated a "buy" rating and issued a $100.00 price objective (down from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Finally, Baird R W cut shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $95.67.

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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