Patrick Industries, Inc. (NASDAQ:PATK) Director Todd M. Cleveland Buys 5,000 Shares of Stock

Patrick Industries, Inc. (NASDAQ:PATK) Director Todd M. Cleveland acquired 5,000 shares of the stock in a transaction on Monday, May 19th. The shares were purchased at an average price of $87.49 per share, with a total value of $437,450.00. Following the completion of the transaction, the director now owns 130,286 shares of the company’s stock, valued at approximately $11,398,722.14. This represents a 3.99% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link.

Patrick Industries Trading Down 0.9%

PATK opened at $87.75 on Tuesday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. Patrick Industries, Inc. has a fifty-two week low of $67.72 and a fifty-two week high of $98.90. The company’s 50 day moving average price is $82.46 and its two-hundred day moving average price is $86.85. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of 21.30, a PEG ratio of 1.41 and a beta of 2.05.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.13. The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $959.46 million. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Patrick Industries’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.79 earnings per share. As a group, research analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.82%. Patrick Industries’s dividend payout ratio (DPR) is 38.37%.

Hedge Funds Weigh In On Patrick Industries

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Arizona State Retirement System raised its holdings in Patrick Industries by 51.3% during the 4th quarter. Arizona State Retirement System now owns 9,271 shares of the construction company’s stock worth $770,000 after purchasing an additional 3,143 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Patrick Industries by 27.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company’s stock worth $10,222,000 after buying an additional 26,558 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Patrick Industries by 55.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock valued at $45,592,000 after buying an additional 195,138 shares during the period. Xponance Inc. boosted its position in Patrick Industries by 13.8% during the fourth quarter. Xponance Inc. now owns 3,070 shares of the construction company’s stock valued at $255,000 after acquiring an additional 372 shares during the last quarter. Finally, IFP Advisors Inc boosted its position in Patrick Industries by 35.8% during the fourth quarter. IFP Advisors Inc now owns 1,044 shares of the construction company’s stock valued at $87,000 after acquiring an additional 275 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PATK shares. StockNews.com upgraded Patrick Industries from a “sell” rating to a “hold” rating in a research note on Wednesday, April 30th. Raymond James lowered their target price on Patrick Industries from $103.00 to $95.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Roth Mkm reissued a “buy” rating and issued a $100.00 target price (down previously from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. KeyCorp decreased their price target on shares of Patrick Industries from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Finally, Truist Financial lowered their price objective on shares of Patrick Industries from $120.00 to $110.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $96.29.

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.