Patrick Industries, Inc. (NASDAQ:PATK) Insider Sells $2,627,400.00 in Stock

Patrick Industries, Inc. (NASDAQ:PATK) insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the sale, the insider now owns 139,109 shares in the company, valued at approximately $18,274,749.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Patrick Industries Trading Up 2.9 %

NASDAQ:PATK traded up $3.86 during trading hours on Friday, hitting $135.33. The company had a trading volume of 149,291 shares, compared to its average volume of 174,730. Patrick Industries, Inc. has a 1 year low of $70.15 and a 1 year high of $136.53. The company has a current ratio of 2.29, a quick ratio of 0.94 and a debt-to-equity ratio of 1.19. The company has a 50-day moving average of $123.75 and a 200 day moving average of $115.53. The company has a market cap of $3.03 billion, a P/E ratio of 20.05, a P/E/G ratio of 1.03 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.11. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $972.06 million. During the same period last year, the business earned $1.94 earnings per share. Patrick Industries’s revenue was up 10.8% compared to the same quarter last year. Sell-side analysts expect that Patrick Industries, Inc. will post 7.32 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were issued a dividend of $0.55 per share. The ex-dividend date was Monday, August 26th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.63%. Patrick Industries’s dividend payout ratio is currently 32.59%.

Institutional Trading of Patrick Industries

Several institutional investors have recently made changes to their positions in PATK. Pacer Advisors Inc. lifted its stake in shares of Patrick Industries by 20.1% in 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 last quarter. Massachusetts Financial Services Co. MA purchased a new position in Patrick Industries during the second quarter worth about $22,460,000. Norges Bank purchased a new stake in shares of Patrick Industries in the 4th quarter valued at approximately $14,782,000. Peregrine Capital Management LLC purchased a new position in shares of Patrick Industries during the 1st quarter worth approximately $8,546,000. Finally, Price T Rowe Associates Inc. MD raised its position in Patrick Industries by 10.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock valued at $33,078,000 after purchasing an additional 26,389 shares during the period. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PATK. DA Davidson lifted their price objective on Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Truist Financial lifted their price target on Patrick Industries from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Benchmark began coverage on Patrick Industries in a research note on Thursday, August 29th. They issued a “buy” rating and a $145.00 price objective for the company. Robert W. Baird lifted their target price on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Finally, BMO Capital Markets increased their target price on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $133.29.

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.