Andy Nemeth Sells 25,000 Shares of Patrick Industries (NASDAQ:PATK) Stock

Patrick Industries, Inc. (NASDAQ:PATK) CEO Andy Nemeth sold 25,000 shares of the business’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the completion of the sale, the chief executive officer owned 301,641 shares in the company, valued at approximately $34,688,715. This trade represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Patrick Industries Price Performance

Shares of PATK opened at $110.70 on Friday. The firm has a 50-day simple moving average of $104.79 and a two-hundred day simple moving average of $102.67. The stock has a market cap of $3.68 billion, a PE ratio of 31.63, a P/E/G ratio of 1.47 and a beta of 1.34. Patrick Industries, Inc. has a 1-year low of $72.99 and a 1-year high of $116.78. The company has a debt-to-equity ratio of 1.13, a current ratio of 2.34 and a quick ratio of 0.86.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, October 30th. The construction company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.95 by $0.06. The firm had revenue of $975.63 million for the quarter, compared to analyst estimates of $900.35 million. Patrick Industries had a net margin of 3.11% and a return on equity of 12.44%. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.80 EPS. As a group, analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were issued a dividend of $0.47 per share. This is a positive change from Patrick Industries’s previous quarterly dividend of $0.40. The ex-dividend date was Monday, December 1st. This represents a $1.88 dividend on an annualized basis and a yield of 1.7%. Patrick Industries’s dividend payout ratio (DPR) is 53.71%.

Institutional Trading of Patrick Industries

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Patrick Industries by 4.2% during the 1st quarter. Vanguard Group Inc. now owns 2,423,512 shares of the construction company’s stock worth $204,932,000 after acquiring an additional 97,250 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Patrick Industries by 0.9% in the second quarter. Geode Capital Management LLC now owns 812,740 shares of the construction company’s stock valued at $75,000,000 after purchasing an additional 7,011 shares in the last quarter. American Century Companies Inc. increased its stake in Patrick Industries by 33.8% in the second quarter. American Century Companies Inc. now owns 712,383 shares of the construction company’s stock valued at $65,732,000 after purchasing an additional 180,092 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Patrick Industries by 2.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 578,733 shares of the construction company’s stock worth $59,858,000 after purchasing an additional 15,582 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Patrick Industries by 0.4% during the 1st quarter. Northern Trust Corp now owns 415,657 shares of the construction company’s stock worth $35,148,000 after buying an additional 1,602 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. BMO Capital Markets restated an “outperform” rating and issued a $115.00 price objective on shares of Patrick Industries in a report on Friday, October 31st. Roth Capital set a $115.00 price target on shares of Patrick Industries and gave the stock a “buy” rating in a research note on Friday, October 31st. Truist Financial set a $114.00 price objective on Patrick Industries and gave the company a “buy” rating in a research note on Wednesday, October 15th. KeyCorp reissued an “overweight” rating and set a $120.00 target price (up from $115.00) on shares of Patrick Industries in a research note on Wednesday, December 10th. Finally, Loop Capital initiated coverage on Patrick Industries in a report on Friday, October 31st. They set a “hold” rating and a $99.00 price target on the stock. Seven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Patrick Industries currently has an average rating of “Moderate Buy” and a consensus price target of $108.56.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.