Patrick Industries, Inc. (NASDAQ:PATK) Director Todd M. Cleveland Sells 7,000 Shares

Patrick Industries, Inc. (NASDAQ:PATKGet Rating) Director Todd M. Cleveland sold 7,000 shares of the company’s stock in a transaction on Tuesday, January 24th. The shares were sold at an average price of $67.83, for a total transaction of $474,810.00. Following the sale, the director now owns 140,916 shares of the company’s stock, valued at $9,558,332.28. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $67.70 on Wednesday. Patrick Industries, Inc. has a twelve month low of $41.75 and a twelve month high of $73.48. The stock has a market capitalization of $1.53 billion, a PE ratio of 4.71, a price-to-earnings-growth ratio of 2.45 and a beta of 1.83. The firm’s 50 day moving average price is $60.06 and its 200-day moving average price is $54.70. The company has a quick ratio of 0.86, a current ratio of 2.54 and a debt-to-equity ratio of 1.41.

Patrick Industries (NASDAQ:PATKGet Rating) last released its earnings results on Thursday, October 27th. The construction company reported $2.43 EPS for the quarter, topping analysts’ consensus estimates of $2.02 by $0.41. Patrick Industries had a net margin of 6.87% and a return on equity of 42.22%. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Equities research analysts expect that Patrick Industries, Inc. will post 13.48 EPS for the current year.

Patrick Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 12th. Shareholders of record on Monday, November 28th were paid a dividend of $0.45 per share. This is a boost from Patrick Industries’s previous quarterly dividend of $0.33. The ex-dividend date was Friday, November 25th. This represents a $1.80 dividend on an annualized basis and a yield of 2.66%. Patrick Industries’s dividend payout ratio (DPR) is presently 12.52%.

Analysts Set New Price Targets

PATK has been the subject of several research reports. Robert W. Baird decreased their price objective on shares of Patrick Industries from $90.00 to $75.00 and set an “outperform” rating for the company in a report on Friday, October 28th. MKM Partners reduced their target price on shares of Patrick Industries from $86.00 to $66.00 and set a “buy” rating on the stock in a research report on Monday, October 3rd. Truist Financial reduced their target price on shares of Patrick Industries from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Wednesday, October 5th. Finally, StockNews.com initiated coverage on shares of Patrick Industries in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $65.67.

Institutional Investors Weigh In On Patrick Industries

Several institutional investors and hedge funds have recently modified their holdings of the stock. KFG Wealth Management LLC bought a new stake in shares of Patrick Industries during the fourth quarter valued at approximately $429,000. Congress Asset Management Co. MA raised its position in shares of Patrick Industries by 1.0% during the fourth quarter. Congress Asset Management Co. MA now owns 89,596 shares of the construction company’s stock valued at $5,429,000 after buying an additional 899 shares during the last quarter. Maryland State Retirement & Pension System bought a new stake in shares of Patrick Industries during the fourth quarter valued at approximately $537,000. Copeland Capital Management LLC raised its position in shares of Patrick Industries by 28.6% during the fourth quarter. Copeland Capital Management LLC now owns 701 shares of the construction company’s stock valued at $42,000 after buying an additional 156 shares during the last quarter. Finally, Centaurus Financial Inc. raised its position in shares of Patrick Industries by 3.2% during the third quarter. Centaurus Financial Inc. now owns 58,994 shares of the construction company’s stock valued at $2,586,000 after buying an additional 1,803 shares during the last quarter. Institutional investors own 89.53% of the company’s stock.

About Patrick Industries

(Get Rating)

Patrick Industries, Inc manufactures and distributes components, building products, and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, China, and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, wall, countertop, and cabinet product; cabinet door, fiberglass bath fixture, and tile system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum product; fiberglass and plastic components; RV painting; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinet; polymer-based flooring product; dash panels; and other products.

Further Reading

Insider Buying and Selling by Quarter for Patrick Industries (NASDAQ:PATK)

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