Patrick Industries, Inc. (NASDAQ:PATK) Insider Sells $2,469,954.48 in Stock

Key Points

• Insider Jeff Rodino sold 22,389 shares of Patrick Industries at an average price of $110.32, totaling nearly $2.47 million, which decreased his ownership by 9.78%.
• The company reported strong quarterly earnings, with EPS of $1.50 surpassing estimates of $1.41, and a revenue of $1.05 billion, marking a 3% increase year-over-year.
• Patrick Industries declared a quarterly dividend of $0.40 per share, set to be paid out on September 8th, representing a dividend yield of 1.4%.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) insider Jeff Rodino sold 22,389 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $110.32, for a total transaction of $2,469,954.48. Following the sale, the insider directly owned 206,492 shares of the company's stock, valued at approximately $22,780,197.44. The trade was a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Patrick Industries Stock Down 1.7%

NASDAQ PATK traded down $1.91 during trading on Monday, reaching $110.22. 338,256 shares of the company's stock traded hands, compared to its average volume of 363,758. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.96 and a quick ratio of 0.75. Patrick Industries, Inc. has a 12-month low of $72.99 and a 12-month high of $114.26. The company's 50 day simple moving average is $97.43 and its two-hundred day simple moving average is $90.09. The firm has a market cap of $3.67 billion, a price-to-earnings ratio of 29.87, a price-to-earnings-growth ratio of 1.59 and a beta of 1.23.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, topping the consensus estimate of $1.41 by $0.09. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the firm earned $2.16 EPS. The firm's revenue was up 3.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

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

Institutional Trading of Patrick Industries

A number of large investors have recently made changes to their positions in the company. Strs Ohio acquired a new stake in Patrick Industries in the first quarter valued at $42,000. Private Trust Co. NA lifted its holdings in Patrick Industries by 432.4% in the first quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock valued at $50,000 after acquiring an additional 480 shares during the period. Investment Management Corp VA ADV acquired a new stake in Patrick Industries in the fourth quarter valued at $52,000. Smartleaf Asset Management LLC lifted its holdings in Patrick Industries by 27.0% in the first quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company's stock valued at $63,000 after acquiring an additional 160 shares during the period. Finally, Public Employees Retirement System of Ohio increased its position in shares of Patrick Industries by 50.0% in the fourth quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company's stock valued at $68,000 after buying an additional 273 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on PATK shares. Truist Financial raised 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, June 3rd. Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. KeyCorp boosted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. 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. Finally, BMO Capital Markets upped their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, Patrick Industries has an average rating of "Moderate Buy" and an average price target 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.