Patrick Industries, Inc. (NASDAQ:PATK) Chairman Sells $201,819.12 in Stock

Patrick Industries, Inc. (NASDAQ:PATKGet Rating) Chairman Todd M. Cleveland sold 3,103 shares of the business’s stock in a transaction dated Wednesday, May 11th. The shares were sold at an average price of $65.04, for a total value of $201,819.12. Following the transaction, the chairman now owns 212,414 shares in the company, valued at approximately $13,815,406.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Shares of PATK traded up $2.63 during mid-day trading on Friday, reaching $67.84. The company had a trading volume of 231,880 shares, compared to its average volume of 243,650. The company has a debt-to-equity ratio of 1.86, a quick ratio of 0.96 and a current ratio of 2.37. The firm has a 50-day moving average price of $63.21 and a 200 day moving average price of $71.22. Patrick Industries, Inc. has a 52 week low of $54.80 and a 52 week high of $92.67. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of 5.38, a price-to-earnings-growth ratio of 0.81 and a beta of 1.95.

Patrick Industries (NASDAQ:PATKGet Rating) last issued its quarterly earnings results on Thursday, April 28th. The construction company reported $4.93 EPS for the quarter, topping analysts’ consensus estimates of $2.89 by $2.04. Patrick Industries had a return on equity of 39.75% and a net margin of 6.35%. The firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the previous year, the firm posted $1.80 EPS. The business’s revenue for the quarter was up 57.8% compared to the same quarter last year. As a group, research analysts forecast that Patrick Industries, Inc. will post 13.16 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, March 21st. Stockholders of record on Monday, March 7th were given a $0.33 dividend. The ex-dividend date of this dividend was Friday, March 4th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.95%. Patrick Industries’s dividend payout ratio is currently 10.88%.

A number of research analysts recently issued reports on the company. Bank of America assumed coverage on Patrick Industries in a report on Monday, April 4th. They set an “underperform” rating and a $60.00 price target on the stock. MKM Partners assumed coverage on Patrick Industries in a report on Thursday, May 5th. They set a “buy” rating and a $93.00 price target on the stock. Truist Financial assumed coverage on Patrick Industries in a report on Tuesday, April 12th. They set a “buy” rating and a $75.00 price target on the stock. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “strong-buy” rating and set a $78.00 price target on the stock in a report on Thursday, May 5th. Finally, StockNews.com started coverage on Patrick Industries in a research report on Thursday, March 31st. They set a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Patrick Industries presently has a consensus rating of “Buy” and a consensus price target of $83.33.

Several institutional investors and hedge funds have recently modified their holdings of PATK. Norges Bank bought a new stake in shares of Patrick Industries in the 4th quarter worth approximately $19,427,000. BlackRock Inc. boosted its position in shares of Patrick Industries by 5.8% in the 1st quarter. BlackRock Inc. now owns 3,691,563 shares of the construction company’s stock worth $222,602,000 after purchasing an additional 201,274 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Patrick Industries by 275.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 194,068 shares of the construction company’s stock worth $15,660,000 after purchasing an additional 142,443 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in Patrick Industries in the 4th quarter valued at approximately $9,596,000. Finally, Vanguard Group Inc. lifted its position in Patrick Industries by 6.4% in the 1st quarter. Vanguard Group Inc. now owns 1,627,903 shares of the construction company’s stock valued at $98,163,000 after acquiring an additional 97,558 shares in the last quarter. 94.85% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Company Profile (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.

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