Patrick Industries, Inc. (NASDAQ:PATK) CEO Andy L. Nemeth Sells 10,000 Shares

Patrick Industries, Inc. (NASDAQ:PATK) CEO Andy L. Nemeth sold 10,000 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $140.64, for a total value of $1,406,400.00. Following the sale, the chief executive officer now directly owns 243,119 shares of the company’s stock, valued at $34,192,256.16. The trade was a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Patrick Industries Trading Down 2.8 %

Shares of Patrick Industries stock opened at $134.42 on Friday. The company has a 50-day moving average of $136.58 and a two-hundred day moving average of $124.59. Patrick Industries, Inc. has a 12-month low of $80.62 and a 12-month high of $148.35. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The stock has a market cap of $3.01 billion, a PE ratio of 19.31, a price-to-earnings-growth ratio of 1.48 and a beta of 1.62.

Patrick Industries shares are going to split before the market opens on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly created shares will be issued to shareholders after the closing bell on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.83 by ($0.03). The firm had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.81 earnings per share. On average, research analysts anticipate that Patrick Industries, Inc. will post 6.43 EPS for the current fiscal year.

Patrick Industries Increases Dividend

The firm also recently disclosed a — dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a $50.00 dividend. The ex-dividend date is Monday, December 16th. This is a positive change from Patrick Industries’s previous — dividend of $0.25. This represents a dividend yield of 1.7%. Patrick Industries’s payout ratio is currently 34.48%.

Institutional Investors Weigh In On Patrick Industries

A number of large investors have recently added to or reduced their stakes in PATK. Xponance Inc. lifted its holdings in shares of Patrick Industries by 4.1% in the second quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock valued at $230,000 after purchasing an additional 83 shares in the last quarter. Trust Point Inc. grew its holdings in Patrick Industries by 1.1% during the 3rd quarter. Trust Point Inc. now owns 8,964 shares of the construction company’s stock valued at $1,276,000 after buying an additional 96 shares during the last quarter. SummerHaven Investment Management LLC grew its holdings in Patrick Industries by 1.5% during the 2nd quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company’s stock valued at $977,000 after buying an additional 135 shares during the last quarter. Amalgamated Bank raised its holdings in shares of Patrick Industries by 2.1% in the third quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock worth $936,000 after acquiring an additional 136 shares during the last quarter. Finally, First Horizon Advisors Inc. raised its holdings in shares of Patrick Industries by 21.4% in the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock worth $112,000 after acquiring an additional 139 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PATK shares. Benchmark reaffirmed a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a report on Monday, November 4th. StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, November 14th. Truist Financial boosted their price target on shares of Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. KeyCorp increased their price target on shares of Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Finally, DA Davidson lifted their price objective on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a report on Monday, August 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $139.88.

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.