Patrick Industries, Inc. (NASDAQ:PATK) CEO Andy L. Nemeth Sells 20,000 Shares

Patrick Industries, Inc. (NASDAQ:PATK) CEO Andy L. Nemeth sold 20,000 shares of Patrick Industries stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $135.00, for a total value of $2,700,000.00. Following the sale, the chief executive officer now owns 253,119 shares in the company, valued at $34,171,065. This trade represents a 7.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Patrick Industries Trading Down 1.5 %

NASDAQ PATK opened at $138.35 on Wednesday. Patrick Industries, Inc. has a 52-week low of $80.62 and a 52-week high of $148.35. The firm has a 50-day moving average price of $136.73 and a 200 day moving average price of $124.36. The stock has a market capitalization of $3.10 billion, a P/E ratio of 19.88, a P/E/G ratio of 1.48 and a beta of 1.62. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22.

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 minted shares will be distributed to shareholders after the closing bell on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data 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). The business had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The company’s revenue was up 6.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.81 EPS. Equities research analysts expect that Patrick Industries, Inc. will post 6.43 EPS for the current year.

Patrick Industries Increases Dividend

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

Institutional Trading of Patrick Industries

Institutional investors and hedge funds have recently modified their holdings of the business. Pacer Advisors Inc. raised its position in shares of Patrick Industries by 20.1% during the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock worth $143,889,000 after purchasing an additional 221,904 shares during the last quarter. State Street Corp raised its stake in Patrick Industries by 3.5% in the 3rd quarter. State Street Corp now owns 816,031 shares of the construction company’s stock valued at $116,178,000 after purchasing an additional 27,669 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Patrick Industries by 4.1% during the third quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company’s stock worth $73,968,000 after buying an additional 20,694 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Patrick Industries by 2.5% in the third quarter. Wellington Management Group LLP now owns 412,296 shares of the construction company’s stock valued at $58,699,000 after buying an additional 9,917 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Patrick Industries by 5.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 353,633 shares of the construction company’s stock valued at $50,347,000 after buying an additional 17,747 shares during the period. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on PATK. Raymond James cut their price target on Patrick Industries from $160.00 to $136.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. BMO Capital Markets lifted their target price on shares of Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Truist Financial increased their price target on shares of Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, November 14th. Finally, KeyCorp increased their target price on shares of Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and an average target price of $139.88.

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.