Patrick Industries (NASDAQ:PATK) Director John Forbes Sells 2,704 Shares

Patrick Industries, Inc. (NASDAQ:PATK) Director John Forbes sold 2,704 shares of Patrick Industries stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $140.75, for a total value of $380,588.00. Following the completion of the transaction, the director directly owned 49,272 shares in the company, valued at $6,935,034. This represents a 5.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Patrick Industries Trading Up 0.6%

NASDAQ PATK opened at $141.63 on Tuesday. Patrick Industries, Inc. has a one year low of $72.99 and a one year high of $144.40. The company’s 50 day moving average price is $119.09 and its 200 day moving average price is $109.97. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. The firm has a market capitalization of $4.71 billion, a price-to-earnings ratio of 36.22, a PEG ratio of 1.48 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.10. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The company had revenue of $924.17 million during the quarter, compared to the consensus estimate of $858.62 million. During the same period in the previous year, the firm earned $0.52 earnings per share. Patrick Industries’s revenue for the quarter was up 9.2% on a year-over-year basis. On average, sell-side analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 9th. Shareholders of record on Monday, February 23rd will be given a $0.47 dividend. The ex-dividend date of this dividend is Monday, February 23rd. This represents a $1.88 annualized dividend and a yield of 1.3%. Patrick Industries’s dividend payout ratio (DPR) is 48.08%.

Wall Street Analyst Weigh In

PATK has been the topic of several analyst reports. Roth Mkm reiterated a “buy” rating and set a $157.00 target price on shares of Patrick Industries in a report on Monday. Truist Financial set a $126.00 price objective on shares of Patrick Industries in a research report on Friday, January 9th. Weiss Ratings lowered shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Loop Capital started coverage on shares of Patrick Industries in a research note on Friday, October 31st. They issued a “hold” rating and a $99.00 target price for the company. Finally, Benchmark reaffirmed a “buy” rating on shares of Patrick Industries in a report on Friday. Six equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $135.13.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Patrick Industries by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 2,470,559 shares of the construction company’s stock worth $267,883,000 after purchasing an additional 16,959 shares during the last quarter. Geode Capital Management LLC grew its stake in Patrick Industries by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 819,488 shares of the construction company’s stock worth $88,870,000 after purchasing an additional 4,816 shares in the last quarter. American Century Companies Inc. increased its holdings in Patrick Industries by 33.8% in the second quarter. American Century Companies Inc. now owns 712,383 shares of the construction company’s stock valued at $65,732,000 after buying an additional 180,092 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Patrick Industries by 2.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 578,733 shares of the construction company’s stock valued at $59,858,000 after buying an additional 15,582 shares in the last quarter. Finally, Copeland Capital Management LLC lifted its holdings in Patrick Industries by 23.4% during the 4th quarter. Copeland Capital Management LLC now owns 478,999 shares of the construction company’s stock worth $51,938,000 after buying an additional 90,691 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.