Insider Selling: Patrick Industries, Inc. (NASDAQ:PATK) CEO Sells 10,000 Shares of Stock

Patrick Industries, Inc. (NASDAQ:PATK) CEO Andy L. Nemeth sold 10,000 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $140.64, for a total value of $1,406,400.00. Following the completion of the transaction, the chief executive officer now owns 243,119 shares in the company, valued at approximately $34,192,256.16. This trade represents a 3.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Patrick Industries Trading Down 2.8 %

NASDAQ PATK opened at $134.42 on Thursday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41. Patrick Industries, Inc. has a one year low of $80.62 and a one year high of $148.35. The company has a 50-day simple moving average of $136.70 and a 200-day simple moving average of $124.52. The firm has a market capitalization of $3.01 billion, a PE ratio of 19.88, a price-to-earnings-growth ratio of 1.48 and a beta of 1.62.

Shares of Patrick Industries are scheduled to split before the market opens on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly issued shares will be payable to shareholders after the market closes on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The company had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. During the same quarter in the previous year, the company posted $1.81 earnings per share. The firm’s revenue for the quarter was up 6.2% compared to the same quarter last year. On average, equities analysts forecast that Patrick Industries, Inc. will post 6.43 earnings per share for the current year.

Patrick Industries Increases Dividend

The business also recently announced a — dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $50.00 dividend. This represents a yield of 1.7%. This is a boost from Patrick Industries’s previous — dividend of $0.25. The ex-dividend date is Monday, December 16th. Patrick Industries’s dividend payout ratio (DPR) is presently 34.48%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Raymond James dropped their price objective on Patrick Industries from $160.00 to $136.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. BMO Capital Markets lifted their price target on shares of Patrick Industries from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Robert W. Baird increased their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. DA Davidson raised their price objective on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Finally, Truist Financial upped their target price on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Patrick Industries currently has an average rating of “Moderate Buy” and an average price target of $139.88.

Hedge Funds Weigh In On Patrick Industries

Several institutional investors have recently modified their holdings of the company. Pacer Advisors Inc. boosted its stake in Patrick Industries by 20.1% during the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after purchasing an additional 221,904 shares during the period. Massachusetts Financial Services Co. MA acquired a new position in shares of Patrick Industries during the second quarter worth approximately $22,460,000. Fiera Capital Corp bought a new position in Patrick Industries in the 3rd quarter worth approximately $27,888,000. Argent Capital Management LLC grew its holdings in Patrick Industries by 758.4% in the 3rd quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock worth $21,498,000 after buying an additional 133,413 shares in the last quarter. Finally, Brightline Capital Management LLC acquired a new stake in Patrick Industries in the 3rd quarter valued at approximately $14,806,000. Institutional investors own 93.29% of the company’s stock.

About Patrick Industries

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.