Patrick Industries, Inc. (NASDAQ:PATK) EVP Sells $162,945.00 in Stock

Patrick Industries, Inc. (NASDAQ:PATK) EVP Jeff Rodino sold 2,414 shares of the stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $67.50, for a total transaction of $162,945.00. Following the completion of the sale, the executive vice president now directly owns 109,902 shares of the company’s stock, valued at $7,418,385. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

PATK opened at $63.68 on Monday. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of 16.45, a PEG ratio of 13.06 and a beta of 2.48. The company has a fifty day moving average of $59.32 and a 200 day moving average of $48.24. Patrick Industries, Inc. has a fifty-two week low of $16.70 and a fifty-two week high of $67.50. 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 posted its earnings results on Thursday, April 30th. The construction company reported $0.91 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.17. Patrick Industries had a net margin of 3.88% and a return on equity of 18.62%. The company had revenue of $589.23 million during the quarter, compared to analysts’ expectations of $584.16 million. During the same period last year, the company posted $0.90 earnings per share. Patrick Industries’s quarterly revenue was down 3.1% on a year-over-year basis. On average, equities research analysts forecast that Patrick Industries, Inc. will post 2.3 earnings per share for the current year.

A number of hedge funds have recently added to or reduced their stakes in the business. James Investment Research Inc. lifted its position in Patrick Industries by 5.8% during the second quarter. James Investment Research Inc. now owns 34,731 shares of the construction company’s stock valued at $2,127,000 after purchasing an additional 1,915 shares during the last quarter. Ziegler Capital Management LLC lifted its position in Patrick Industries by 15.0% during the second quarter. Ziegler Capital Management LLC now owns 224,694 shares of the construction company’s stock valued at $13,763,000 after purchasing an additional 29,306 shares during the last quarter. Congress Asset Management Co. MA bought a new position in Patrick Industries during the second quarter valued at $1,722,000. Stone Ridge Asset Management LLC bought a new position in Patrick Industries during the second quarter valued at $387,000. Finally, First Trust Advisors LP lifted its position in Patrick Industries by 6.0% during the second quarter. First Trust Advisors LP now owns 35,522 shares of the construction company’s stock valued at $2,176,000 after purchasing an additional 2,008 shares during the last quarter. Institutional investors and hedge funds own 88.16% of the company’s stock.

A number of brokerages have recently issued reports on PATK. Bank of America raised shares of Patrick Industries from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $34.00 to $74.00 in a research note on Thursday, July 16th. ValuEngine raised shares of Patrick Industries from a “sell” rating to a “hold” rating in a research note on Friday, June 5th. KeyCorp increased their price objective on shares of Patrick Industries from $47.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 10th. BofA Securities raised shares of Patrick Industries from an “underperform” rating to a “neutral” rating in a research note on Thursday, July 16th. Finally, Wells Fargo & Co raised their target price on shares of Patrick Industries from $33.00 to $42.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 6th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Patrick Industries presently has an average rating of “Buy” and a consensus target price of $61.00.

About Patrick Industries

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.

See Also: Accumulation/Distribution

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

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