Insider Selling: Patrick Industries, Inc. (NASDAQ:PATK) EVP Sells $246,754.05 in Stock

Patrick Industries, Inc. (NASDAQ:PATK) EVP Stacey L. Neu sold 2,885 shares of the company’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the transaction, the executive vice president now owns 18,044 shares of the company’s stock, valued at $1,543,303.32. This represents a 13.78 % 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 Up 2.9 %

Shares of PATK opened at $85.70 on Friday. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90. The firm has a 50-day moving average price of $91.16 and a 200 day moving average price of $89.82. The firm has a market capitalization of $2.88 billion, a P/E ratio of 20.80, a P/E/G ratio of 1.41 and a beta of 2.37.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. Sell-side analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 1.87%. Patrick Industries’s payout ratio is currently 38.83%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Centaurus Financial Inc. lifted its position in Patrick Industries by 37.8% in the fourth quarter. Centaurus Financial Inc. now owns 58,347 shares of the construction company’s stock valued at $4,847,000 after buying an additional 16,002 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in Patrick Industries by 50.0% in the fourth quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company’s stock valued at $68,000 after buying an additional 273 shares during the last quarter. Investment Management Corp VA ADV acquired a new position in Patrick Industries in the fourth quarter valued at about $52,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Patrick Industries by 104.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 66,698 shares of the construction company’s stock valued at $5,541,000 after buying an additional 34,082 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new position in Patrick Industries in the fourth quarter valued at about $3,238,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Wall Street Analyst Weigh In

PATK has been the subject of a number of research analyst reports. Benchmark upped their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Raymond James upped their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Truist Financial upped their target price on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, February 10th. Finally, KeyCorp upped their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $97.96.

Patrick Industries Company Profile

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.