Patrick Industries, Inc. (PATK) CEO Todd M. Cleveland Sells 7,626 Shares
Patrick Industries, Inc. (NASDAQ:PATK) CEO Todd M. Cleveland sold 7,626 shares of Patrick Industries stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $86.21, for a total value of $657,437.46. Following the transaction, the chief executive officer now directly owns 360,827 shares of the company’s stock, valued at $31,106,895.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Shares of Patrick Industries, Inc. (NASDAQ PATK) traded down 3.04% during mid-day trading on Wednesday, hitting $84.40. The stock had a trading volume of 70,505 shares. The company has a market capitalization of $1.42 billion, a P/E ratio of 20.64 and a beta of 0.89. Patrick Industries, Inc. has a 1-year low of $50.80 and a 1-year high of $87.90. The stock’s 50-day moving average price is $75.84 and its 200 day moving average price is $72.23.
Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, July 27th. The construction company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.12. The firm had revenue of $407.20 million during the quarter, compared to the consensus estimate of $384.54 million. Patrick Industries had a return on equity of 26.46% and a net margin of 4.66%. The company’s revenue was up 29.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.10 EPS. On average, analysts predict that Patrick Industries, Inc. will post $4.35 EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in the stock. Mesirow Financial Investment Management Inc. bought a new stake in shares of Patrick Industries during the 2nd quarter worth $416,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Patrick Industries during the 2nd quarter worth $873,000. Verition Fund Management LLC bought a new stake in shares of Patrick Industries during the 2nd quarter worth $391,000. Piedmont Investment Advisors LLC bought a new stake in shares of Patrick Industries during the 2nd quarter worth $251,000. Finally, Ameritas Investment Partners Inc. lifted its position in shares of Patrick Industries by 13.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock worth $104,000 after buying an additional 168 shares during the last quarter. Institutional investors and hedge funds own 89.73% of the company’s stock.
A number of research analysts have issued reports on the company. Zacks Investment Research cut Patrick Industries from a “buy” rating to a “hold” rating in a report on Friday, August 25th. BidaskClub cut Patrick Industries from a “buy” rating to a “hold” rating in a report on Saturday, July 8th. Finally, Wells Fargo & Company reissued 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. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $80.75.
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.
Receive News & Ratings for Patrick Industries Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries Inc. and related companies with MarketBeat.com's FREE daily email newsletter.