Insider Selling: Patrick Industries, Inc. (PATK) Director Sells 26,058 Shares of Stock
Patrick Industries, Inc. (NASDAQ:PATK) Director Jeffrey L. Et Al Gendell sold 26,058 shares of Patrick Industries stock in a transaction on Tuesday, October 3rd. The stock was sold at an average price of $85.70, for a total transaction of $2,233,170.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Patrick Industries, Inc. (NASDAQ PATK) traded down 3.04% during midday trading on Wednesday, hitting $84.40. 70,505 shares of the stock traded hands. Patrick Industries, Inc. has a one year low of $50.80 and a one year high of $87.90. The company has a 50-day moving average price of $75.84 and a 200 day moving average price of $72.23. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of 20.64 and a beta of 0.89.
Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, July 27th. The construction company reported $1.28 EPS for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.12. The firm had revenue of $407.20 million for the quarter, compared to the consensus estimate of $384.54 million. Patrick Industries had a net margin of 4.66% and a return on equity of 26.46%. The company’s revenue was up 29.2% on a year-over-year basis. During the same period last year, the firm posted $1.10 EPS. Equities research analysts anticipate that Patrick Industries, Inc. will post $4.35 earnings per share for the current year.
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Several equities research analysts have recently commented on PATK shares. Zacks Investment Research upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating and set a $83.00 price objective for the company in a research note on Saturday, September 16th. BidaskClub upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating in a research note on Friday, June 9th. 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 research note on Monday, June 19th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $80.75.
A number of large investors have recently modified their holdings of the stock. Royal Bank of Canada boosted its stake in Patrick Industries by 1.1% during the 2nd quarter. Royal Bank of Canada now owns 1,665,617 shares of the construction company’s stock worth $121,340,000 after purchasing an additional 18,443 shares during the period. Vanguard Group Inc. boosted its stake in Patrick Industries by 3.2% during the 2nd quarter. Vanguard Group Inc. now owns 812,130 shares of the construction company’s stock worth $59,164,000 after purchasing an additional 24,830 shares during the period. Dimensional Fund Advisors LP boosted its stake in Patrick Industries by 2.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 672,959 shares of the construction company’s stock worth $49,026,000 after purchasing an additional 15,321 shares during the period. Neuberger Berman Group LLC boosted its stake in Patrick Industries by 10.6% during the 2nd quarter. Neuberger Berman Group LLC now owns 510,710 shares of the construction company’s stock worth $37,205,000 after purchasing an additional 49,035 shares during the period. Finally, State of New Jersey Common Pension Fund D boosted its stake in Patrick Industries by 8.1% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 400,000 shares of the construction company’s stock worth $29,140,000 after purchasing an additional 30,000 shares during the period. Hedge funds and other institutional investors own 89.73% of the company’s stock.
Patrick Industries Company Profile
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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