Patrick Industries, Inc. (NASDAQ:PATK) Chairman Todd M. Cleveland sold 8,350 shares of Patrick Industries stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $60.12, for a total transaction of $502,002.00. Following the completion of the transaction, the chairman now owns 299,380 shares in the company, valued at approximately $17,998,725.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Shares of Patrick Industries stock opened at $60.98 on Thursday. The firm has a market cap of $1.41 billion, a PE ratio of 15.76 and a beta of 2.46. Patrick Industries, Inc. has a 1 year low of $16.70 and a 1 year high of $64.38. The firm’s 50-day simple moving average is $52.11 and its 200-day simple moving average is $47.07. The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.17 and a current ratio of 2.32.
Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, April 30th. The construction company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.74 by $0.17. Patrick Industries had a return on equity of 18.62% and a net margin of 3.88%. The company had revenue of $589.23 million during the quarter, compared to analyst estimates of $584.16 million. During the same quarter last year, the firm earned $0.90 EPS. The business’s revenue was down 3.1% on a year-over-year basis. On average, equities analysts predict that Patrick Industries, Inc. will post 2.1 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date was Friday, May 29th. Patrick Industries’s dividend payout ratio is presently 25.97%.
Several equities research analysts have commented on the company. KeyCorp upped their price target on Patrick Industries from $47.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 10th. ValuEngine raised shares of Patrick Industries from a “sell” rating to a “hold” rating in a research report on Friday, June 5th. BidaskClub downgraded Patrick Industries from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 16th. Wells Fargo & Co upped their target price on Patrick Industries from $33.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Finally, Sidoti raised their target price on Patrick Industries from $51.00 to $59.00 and gave the company a “buy” rating in a report on Thursday, May 21st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $54.67.
A number of hedge funds have recently modified their holdings of PATK. First Trust Advisors LP raised its position in shares of Patrick Industries by 30.4% during the 4th quarter. First Trust Advisors LP now owns 49,116 shares of the construction company’s stock worth $2,575,000 after purchasing an additional 11,454 shares during the period. Rhumbline Advisers grew its position in shares of Patrick Industries by 4.2% during the fourth quarter. Rhumbline Advisers now owns 73,166 shares of the construction company’s stock worth $3,836,000 after acquiring an additional 2,936 shares during the last quarter. Swiss National Bank lifted its position in Patrick Industries by 2.1% in the 4th quarter. Swiss National Bank now owns 43,375 shares of the construction company’s stock valued at $2,274,000 after purchasing an additional 900 shares during the last quarter. Crossmark Global Holdings Inc. grew its position in Patrick Industries by 9.3% in the 4th quarter. Crossmark Global Holdings Inc. now owns 6,910 shares of the construction company’s stock worth $362,000 after purchasing an additional 590 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of Patrick Industries by 21.7% during the fourth quarter. Victory Capital Management Inc. now owns 16,953 shares of the construction company’s stock valued at $889,000 after buying an additional 3,019 shares during the last quarter. Institutional investors own 88.35% of the company’s stock.
Patrick Industries Company Profile
Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; decorative vinyl and paper laminated panels; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.
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