Patrick Industries, Inc. (NASDAQ:PATK) Director Walter E. Wells Sells 3,000 Shares
Patrick Industries, Inc. (NASDAQ:PATK) Director Walter E. Wells sold 3,000 shares of the stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $72.12, for a total transaction of $216,360.00. Following the transaction, the director now owns 44,240 shares in the company, valued at $3,190,588.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website.
Patrick Industries, Inc. (NASDAQ PATK) traded up 0.98% during mid-day trading on Friday, reaching $72.45. 66,030 shares of the company were exchanged. The company has a market cap of $1.22 billion, a P/E ratio of 17.71 and a beta of 0.92. Patrick Industries, Inc. has a 12 month low of $50.80 and a 12 month high of $86.10. The stock’s 50-day moving average is $73.84 and its 200-day moving average is $73.22.
Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, July 27th. The construction company reported $1.28 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.12. The business had revenue of $407.20 million during the quarter, compared to analyst estimates of $384.54 million. Patrick Industries had a return on equity of 26.46% and a net margin of 4.66%. The firm’s revenue was up 29.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.10 EPS. Equities analysts expect that Patrick Industries, Inc. will post $4.34 earnings per share for the current year.
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Several research analysts have recently weighed in on the stock. Robert W. Baird assumed coverage on shares of Patrick Industries in a report on Friday, April 21st. They set an “outperform” rating and a $74.00 price objective on the stock. Zacks Investment Research upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a report on Tuesday, May 23rd. Bank of America Corporation assumed coverage on shares of Patrick Industries in a report on Monday, April 17th. They set a “buy” rating and a $80.00 price objective on the stock. BidaskClub lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Saturday, July 8th. Finally, Wells Fargo & Company reiterated a “market perform” rating and set a $75.00 price objective (up from $72.00) on shares of Patrick Industries in a report on Monday, June 19th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $76.00.
Several large investors have recently made changes to their positions in PATK. Public Employees Retirement System of Ohio raised its stake in shares of Patrick Industries by 2.3% in the first quarter. Public Employees Retirement System of Ohio now owns 84,005 shares of the construction company’s stock valued at $5,956,000 after buying an additional 1,877 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Patrick Industries by 12.1% in the first quarter. Nuveen Asset Management LLC now owns 6,329 shares of the construction company’s stock valued at $449,000 after buying an additional 682 shares in the last quarter. GW&K Investment Management LLC purchased a new stake in shares of Patrick Industries during the second quarter valued at about $22,840,000. State of Alaska Department of Revenue raised its stake in shares of Patrick Industries by 78.0% in the second quarter. State of Alaska Department of Revenue now owns 3,132 shares of the construction company’s stock valued at $228,000 after buying an additional 1,372 shares in the last quarter. Finally, Eqis Capital Management Inc. purchased a new stake in shares of Patrick Industries during the second quarter valued at about $226,000. Institutional investors and hedge funds own 90.97% of the company’s stock.
About Patrick Industries
Patrick Industries, Inc is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industrial markets for customers throughout the United States and Canada. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets.
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