Patrick Industries, Inc. (PATK) President Sells $255,660.00 in Stock
Patrick Industries, Inc. (NASDAQ:PATK) President Andy L. Nemeth sold 3,000 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $85.22, for a total transaction of $255,660.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.
Patrick Industries, Inc. (NASDAQ PATK) traded down 3.04% during midday trading on Wednesday, reaching $84.40. 70,505 shares of the company’s stock were exchanged. Patrick Industries, Inc. has a 52 week low of $50.80 and a 52 week high of $87.90. The firm has a market capitalization of $1.42 billion, a P/E ratio of 20.64 and a beta of 0.89. The stock’s 50 day moving average is $75.84 and its 200 day moving average is $72.23.
Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, July 27th. The construction company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.12. Patrick Industries had a net margin of 4.66% and a return on equity of 26.46%. The company had revenue of $407.20 million during the quarter, compared to the consensus estimate of $384.54 million. During the same period in the previous year, the firm earned $1.10 earnings per share. Patrick Industries’s revenue for the quarter was up 29.2% on a year-over-year basis. On average, analysts expect that Patrick Industries, Inc. will post $4.35 EPS for the current fiscal year.
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A number of institutional investors and hedge funds have recently added to or reduced their stakes in PATK. Ameritas Investment Partners Inc. grew its stake in Patrick Industries by 13.4% during the second 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 period. Pinebridge Investments L.P. grew its stake in Patrick Industries by 10.0% during the second quarter. Pinebridge Investments L.P. now owns 2,097 shares of the construction company’s stock worth $153,000 after buying an additional 191 shares during the period. Pacad Investment Ltd. grew its stake in Patrick Industries by 76.9% during the second quarter. Pacad Investment Ltd. now owns 2,300 shares of the construction company’s stock worth $168,000 after buying an additional 1,000 shares during the period. Advisor Group Inc. grew its stake in Patrick Industries by 12.1% during the second quarter. Advisor Group Inc. now owns 2,296 shares of the construction company’s stock worth $168,000 after buying an additional 247 shares during the period. Finally, UBS Asset Management Americas Inc. purchased a new stake in Patrick Industries during the second quarter worth approximately $202,000. Institutional investors own 89.73% of the company’s stock.
A number of equities research analysts have issued reports on PATK shares. Zacks Investment Research lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Friday, August 25th. BidaskClub upgraded shares of Patrick Industries from a “hold” rating to a “buy” rating in a report on Friday, June 9th. Finally, Wells Fargo & Company reiterated a “market perform” rating and set a $75.00 target price (up from $72.00) on shares of Patrick Industries in a report on Monday, June 19th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $80.75.
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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