Insider Selling: Patrick Industries (NASDAQ:PATK) Director Sells $380,588.00 in Stock

Patrick Industries, Inc. (NASDAQ:PATK) Director John Forbes sold 2,704 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $140.75, for a total transaction of $380,588.00. Following the completion of the sale, the director owned 49,272 shares in the company, valued at $6,935,034. This represents a 5.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Patrick Industries Stock Up 2.3%

Shares of PATK opened at $145.75 on Thursday. The stock has a market capitalization of $4.85 billion, a price-to-earnings ratio of 37.28, a PEG ratio of 1.50 and a beta of 1.34. Patrick Industries, Inc. has a 52 week low of $72.99 and a 52 week high of $146.01. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. The stock has a fifty day moving average of $120.52 and a 200-day moving average of $110.51.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.74 by $0.10. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The firm had revenue of $924.17 million during the quarter, compared to the consensus estimate of $858.62 million. During the same period last year, the company earned $0.52 earnings per share. The business’s quarterly revenue was up 9.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 9th. Investors of record on Monday, February 23rd will be given a dividend of $0.47 per share. The ex-dividend date is Monday, February 23rd. This represents a $1.88 annualized dividend and a yield of 1.3%. Patrick Industries’s dividend payout ratio (DPR) is currently 48.08%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. BMO Capital Markets reiterated an “outperform” rating and set a $155.00 price target on shares of Patrick Industries in a report on Friday, February 6th. Weiss Ratings downgraded Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Roth Mkm reissued a “buy” rating and issued a $157.00 price target on shares of Patrick Industries in a research note on Monday. Robert W. Baird set a $140.00 price objective on Patrick Industries in a research note on Friday, February 6th. Finally, Benchmark reiterated a “buy” rating on shares of Patrick Industries in a report on Friday, February 6th. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $135.13.

Hedge Funds Weigh In On Patrick Industries

A number of institutional investors have recently modified their holdings of the company. Torren Management LLC acquired a new position in shares of Patrick Industries during the fourth quarter valued at about $26,000. Advisory Services Network LLC bought a new position in Patrick Industries in the 3rd quarter valued at about $25,000. Salomon & Ludwin LLC acquired a new position in Patrick Industries during the 3rd quarter valued at about $25,000. Cornerstone Planning Group LLC bought a new stake in Patrick Industries during the 3rd quarter worth approximately $31,000. Finally, Allworth Financial LP raised its stake in shares of Patrick Industries by 181.3% in the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock worth $34,000 after purchasing an additional 203 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Company Profile

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.