Insider Selling: Patrick Industries, Inc. (NASDAQ:PATK) EVP Sells 2,885 Shares of Stock

Patrick Industries, Inc. (NASDAQ:PATK) EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the transaction, the executive vice president now directly owns 18,044 shares in the company, valued at approximately $1,543,303.32. The trade was a 13.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Patrick Industries Stock Performance

PATK stock traded down $2.08 during midday trading on Thursday, reaching $83.26. 314,249 shares of the company were exchanged, compared to its average volume of 318,865. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The business has a 50-day moving average price of $91.09 and a two-hundred day moving average price of $89.87. Patrick Industries, Inc. has a one year low of $67.72 and a one year high of $98.90. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of 20.21, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. Equities research analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 annualized dividend and a yield of 1.92%. Patrick Industries’s dividend payout ratio is 38.83%.

Institutional Investors Weigh In On Patrick Industries

Several institutional investors and hedge funds have recently bought and sold shares of PATK. Kestra Investment Management LLC bought a new stake in Patrick Industries during the fourth quarter worth about $25,000. Covestor Ltd lifted its position in Patrick Industries by 10,400.0% during the fourth quarter. Covestor Ltd now owns 315 shares of the construction company’s stock worth $26,000 after purchasing an additional 312 shares during the period. Quadrant Capital Group LLC lifted its position in Patrick Industries by 49.8% during the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock worth $27,000 after purchasing an additional 109 shares during the period. Nomura Asset Management Co. Ltd. lifted its position in Patrick Industries by 49.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock worth $29,000 after purchasing an additional 114 shares during the period. Finally, Smartleaf Asset Management LLC lifted its position in Patrick Industries by 812.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock worth $49,000 after purchasing an additional 528 shares during the period. Institutional investors own 93.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PATK shares. Truist Financial lifted their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, February 10th. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. KeyCorp lifted their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Benchmark lifted their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Finally, Raymond James lifted their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $97.96.

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.