Paul E. Hassler Sells 10,000 Shares of Patrick Industries, Inc. (PATK) Stock
Patrick Industries, Inc. (NASDAQ:PATK) Director Paul E. Hassler sold 10,000 shares of the business’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $77.00, for a total transaction of $770,000.00. Following the completion of the sale, the director now directly owns 32,911 shares of the company’s stock, valued at $2,534,147. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.
Shares of Patrick Industries, Inc. (NASDAQ:PATK) opened at 77.90 on Thursday. Patrick Industries, Inc. has a 12 month low of $50.80 and a 12 month high of $86.10. The stock has a 50 day moving average of $73.03 and a 200 day moving average of $71.46. The stock has a market cap of $1.31 billion, a PE ratio of 19.05 and a beta of 0.91.
Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, July 27th. The construction company reported $1.28 EPS for the quarter, beating the Thomson Reuters’ 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 business had revenue of $407.20 million during the quarter, compared to analyst estimates of $384.54 million. During the same quarter last year, the firm posted $1.10 earnings per share. The business’s revenue for the quarter was up 29.2% compared to the same quarter last year. On average, equities analysts anticipate that Patrick Industries, Inc. will post $4.35 earnings per share for the current fiscal year.
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Hedge funds and other institutional investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. boosted its stake in shares of Patrick Industries by 13.4% in the second quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock valued at $104,000 after purchasing an additional 168 shares during the period. Pinebridge Investments L.P. boosted its stake in shares of Patrick Industries by 10.0% in the second quarter. Pinebridge Investments L.P. now owns 2,097 shares of the construction company’s stock valued at $153,000 after purchasing an additional 191 shares during the period. Advisor Group Inc. boosted its stake in shares of Patrick Industries by 12.1% in the second quarter. Advisor Group Inc. now owns 2,296 shares of the construction company’s stock valued at $168,000 after purchasing an additional 247 shares during the period. Pacad Investment Ltd. boosted its stake in shares of Patrick Industries by 76.9% in the second quarter. Pacad Investment Ltd. now owns 2,300 shares of the construction company’s stock valued at $168,000 after purchasing an additional 1,000 shares during the period. Finally, UBS Asset Management Americas Inc. purchased a new position in shares of Patrick Industries in the second quarter valued at approximately $202,000. 89.73% of the stock is owned by institutional investors and hedge funds.
PATK has been the subject of several research reports. Zacks Investment Research raised 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 report on Saturday, September 16th. BidaskClub raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a research report on Friday, June 9th. Finally, Wells Fargo & Company reaffirmed a “market perform” rating and issued a $75.00 price target (up previously from $72.00) on shares of Patrick Industries in a research report on Monday, June 19th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $78.00.
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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