Patrick Industries (NASDAQ:PATK) COO Hugo Gonzalez Sells 13,514 Shares

Patrick Industries, Inc. (NASDAQ:PATK) COO Hugo Gonzalez sold 13,514 shares of Patrick Industries stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $113.10, for a total transaction of $1,528,433.40. Following the transaction, the chief operating officer directly owned 33,864 shares in the company, valued at $3,830,018.40. This represents a 28.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Patrick Industries Price Performance

Shares of NASDAQ PATK traded up $1.17 during midday trading on Friday, reaching $114.31. The stock had a trading volume of 286,262 shares, compared to its average volume of 291,990. The stock has a 50-day moving average of $127.42 and a 200-day moving average of $113.65. 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 company has a market capitalization of $3.80 billion, a price-to-earnings ratio of 29.24 and a beta of 1.33. Patrick Industries, Inc. has a 12-month low of $72.99 and a 12-month high of $148.50.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The company had revenue of $924.17 million for the quarter, compared to analysts’ expectations of $858.62 million. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. Patrick Industries’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.52 EPS. As a group, research analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 9th. Investors of record on Monday, February 23rd were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Monday, February 23rd. Patrick Industries’s dividend payout ratio (DPR) is 48.08%.

Hedge Funds Weigh In On Patrick Industries

Institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP increased its holdings in shares of Patrick Industries by 19.9% in the 4th quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company’s stock worth $240,401,000 after buying an additional 367,802 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Patrick Industries by 12,134.2% in the 4th quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company’s stock valued at $28,123,000 after acquiring an additional 257,245 shares during the last quarter. Capital Research Global Investors grew its position in Patrick Industries by 24.4% in the fourth quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock worth $123,342,000 after acquiring an additional 223,014 shares in the last quarter. American Century Companies Inc. grew its position 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 worth $65,732,000 after acquiring an additional 180,092 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in Patrick Industries by 3,602.4% during the fourth quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock worth $16,255,000 after acquiring an additional 145,863 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. BMO Capital Markets reaffirmed an “outperform” rating and set a $155.00 price objective on shares of Patrick Industries in a report on Friday, February 6th. Truist Financial set a $126.00 target price on shares of Patrick Industries in a research report on Friday, January 9th. Roth Mkm reaffirmed a “buy” rating and issued a $157.00 target price on shares of Patrick Industries in a report on Monday, February 9th. Robert W. Baird set a $140.00 target price on Patrick Industries in a research report on Friday, February 6th. Finally, Weiss Ratings raised Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $135.13.

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.