Patrick Industries, Inc. (NASDAQ:PATK) Chairman Sells $667,300.00 in Stock

Patrick Industries, Inc. (NASDAQ:PATK) Chairman Todd M. Cleveland sold 10,000 shares of the business’s stock in a transaction dated Wednesday, July 22nd. The stock was sold at an average price of $66.73, for a total value of $667,300.00. Following the completion of the sale, the chairman now owns 287,730 shares in the company, valued at $19,200,222.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Shares of PATK stock opened at $63.68 on Monday. Patrick Industries, Inc. has a 1 year low of $16.70 and a 1 year high of $67.50. The company has a debt-to-equity ratio of 1.50, a current ratio of 2.32 and a quick ratio of 1.17. The stock’s 50 day simple moving average is $59.32 and its two-hundred day simple moving average is $48.24. The company has a market cap of $1.50 billion, a PE ratio of 16.45, a price-to-earnings-growth ratio of 13.06 and a beta of 2.48.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, April 30th. The construction company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.17. The business had revenue of $589.23 million for the quarter, compared to the consensus estimate of $584.16 million. Patrick Industries had a return on equity of 18.62% and a net margin of 3.88%. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.90 earnings per share. Equities research analysts expect that Patrick Industries, Inc. will post 2.3 EPS for the current year.

A number of research firms recently commented on PATK. BidaskClub upgraded Patrick Industries from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 18th. ValuEngine upgraded Patrick Industries from a “sell” rating to a “hold” rating in a research report on Friday, June 5th. Bank of America upgraded Patrick Industries from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $34.00 to $74.00 in a research report on Thursday, July 16th. KeyCorp upped their price objective on Patrick Industries from $47.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, June 10th. Finally, BofA Securities upgraded Patrick Industries from an “underperform” rating to a “neutral” rating in a research report on Thursday, July 16th. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Patrick Industries has an average rating of “Buy” and an average price target of $61.00.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Squarepoint Ops LLC bought a new position in shares of Patrick Industries during the first quarter valued at approximately $1,440,000. Norges Bank bought a new position in shares of Patrick Industries during the fourth quarter valued at approximately $16,090,000. AXA bought a new position in shares of Patrick Industries during the first quarter valued at approximately $422,000. Baird Financial Group Inc. bought a new position in shares of Patrick Industries during the fourth quarter valued at approximately $4,827,000. Finally, Congress Asset Management Co. MA bought a new position in shares of Patrick Industries during the second quarter valued at approximately $1,722,000. 88.16% of the stock is currently owned by hedge funds and other institutional investors.

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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