Andy L. Nemeth Sells 10,000 Shares of Patrick Industries, Inc. (NASDAQ:PATK) Stock

Patrick Industries, Inc. (NASDAQ:PATK) CEO Andy L. Nemeth sold 10,000 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $140.64, for a total value of $1,406,400.00. Following the completion of the sale, the chief executive officer now directly owns 243,119 shares of the company’s stock, valued at approximately $34,192,256.16. This trade represents a 3.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Patrick Industries Stock Down 1.5 %

Shares of NASDAQ:PATK traded down $2.14 during midday trading on Tuesday, reaching $138.35. The company’s stock had a trading volume of 261,276 shares, compared to its average volume of 192,027. Patrick Industries, Inc. has a 12-month low of $80.62 and a 12-month high of $148.35. The firm has a market capitalization of $3.10 billion, a P/E ratio of 19.88, a PEG ratio of 1.43 and a beta of 1.62. The firm has a 50 day moving average of $136.73 and a 200-day moving average of $124.36. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22.

Shares of Patrick Industries are scheduled to split before the market opens on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly created shares will be distributed to shareholders after the market closes on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). The company had revenue of $919.44 million for the quarter, compared to analysts’ expectations of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.81 EPS. On average, research analysts anticipate that Patrick Industries, Inc. will post 6.43 earnings per share for the current year.

Patrick Industries Increases Dividend

The company also recently declared a — dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a dividend of $50.00 per share. The ex-dividend date is Monday, December 16th. This represents a dividend yield of 1.7%. This is an increase from Patrick Industries’s previous — dividend of $0.25. Patrick Industries’s dividend payout ratio (DPR) is 34.48%.

Hedge Funds Weigh In On Patrick Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. raised its stake in shares of Patrick Industries by 20.1% in the second quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock worth $143,889,000 after purchasing an additional 221,904 shares during the last quarter. State Street Corp lifted its stake in Patrick Industries by 3.5% during the 3rd quarter. State Street Corp now owns 816,031 shares of the construction company’s stock valued at $116,178,000 after acquiring an additional 27,669 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Patrick Industries by 4.1% during the 3rd quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company’s stock valued at $73,968,000 after acquiring an additional 20,694 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Patrick Industries by 2.5% in the third quarter. Wellington Management Group LLP now owns 412,296 shares of the construction company’s stock worth $58,699,000 after acquiring an additional 9,917 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Patrick Industries by 5.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 353,633 shares of the construction company’s stock valued at $50,347,000 after purchasing an additional 17,747 shares during the period. 93.29% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PATK shares. DA Davidson increased their price objective on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Truist Financial raised their price target on shares of Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Friday, September 20th. KeyCorp upped their price objective on shares of Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, November 14th. Finally, Raymond James dropped their price objective on Patrick Industries from $160.00 to $136.00 and set an “outperform” rating for the company in a report on Friday, November 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $139.88.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.