Andy Nemeth Sells 25,000 Shares of Patrick Industries (NASDAQ:PATK) Stock

Patrick Industries, Inc. (NASDAQ:PATK) CEO Andy Nemeth sold 25,000 shares of the company’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $115.00, for a total value of $2,875,000.00. Following the sale, the chief executive officer owned 301,641 shares in the company, valued at approximately $34,688,715. This trade represents a 7.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Patrick Industries Stock Down 0.6%

PATK stock traded down $0.68 during midday trading on Thursday, reaching $110.96. 302,726 shares of the company were exchanged, compared to its average volume of 284,889. The stock’s 50-day simple moving average is $104.52 and its 200 day simple moving average is $102.48. Patrick Industries, Inc. has a 1-year low of $72.99 and a 1-year high of $116.78. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.86 and a current ratio of 2.34. The company has a market cap of $3.69 billion, a price-to-earnings ratio of 31.70, a price-to-earnings-growth ratio of 1.48 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, October 30th. The construction company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.06. Patrick Industries had a return on equity of 12.44% and a net margin of 3.11%.The business had revenue of $975.63 million during the quarter, compared to the consensus estimate of $900.35 million. During the same period in the prior year, the company earned $1.80 earnings per share. The company’s revenue was up 6.1% compared to the same quarter last year. On average, equities analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 1.7%. This is an increase from Patrick Industries’s previous quarterly dividend of $0.40. The ex-dividend date was Monday, December 1st. Patrick Industries’s dividend payout ratio (DPR) is 53.71%.

Analysts Set New Price Targets

PATK has been the subject of a number of research analyst reports. Benchmark increased their target price on shares of Patrick Industries from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Roth Capital set a $115.00 price target on shares of Patrick Industries and gave the company a “buy” rating in a report on Friday, October 31st. Truist Financial set a $114.00 price objective on shares of Patrick Industries and gave the stock a “buy” rating in a report on Wednesday, October 15th. BMO Capital Markets reiterated an “outperform” rating and issued a $115.00 price target on shares of Patrick Industries in a report on Friday, October 31st. Finally, Loop Capital began coverage on shares of Patrick Industries in a research note on Friday, October 31st. They set a “hold” rating and a $99.00 price objective on the stock. Seven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Patrick Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.56.

Hedge Funds Weigh In On Patrick Industries

Institutional investors have recently bought and sold shares of the stock. Salomon & Ludwin LLC acquired a new position in shares of Patrick Industries during the 3rd quarter valued at about $25,000. Advisory Services Network LLC bought a new position in shares of Patrick Industries in the third quarter valued at approximately $25,000. Cornerstone Planning Group LLC acquired a new position in Patrick Industries in the 3rd quarter valued at $31,000. Strs Ohio bought a new stake in Patrick Industries during the 1st quarter valued at approximately $42,000. Finally, Parkside Financial Bank & Trust increased its position in Patrick Industries by 87.5% during the third quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company’s stock worth $49,000 after acquiring an additional 223 shares during the period. 93.29% of the stock is currently owned by institutional investors.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.