Patrick Industries, Inc. (NASDAQ:PATK) Director Todd M. Cleveland Acquires 1,000 Shares of Stock

Patrick Industries, Inc. (NASDAQ:PATK) Director Todd M. Cleveland bought 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was bought at an average price of $82.75 per share, with a total value of $82,750.00. Following the acquisition, the director now directly owns 133,286 shares in the company, valued at $11,029,416.50. The trade was a 0.76% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink.

Patrick Industries Price Performance

Patrick Industries stock opened at $86.85 on Thursday. The stock has a market cap of $2.90 billion, a P/E ratio of 21.08, a price-to-earnings-growth ratio of 1.41 and a beta of 2.05. The company has a fifty day simple moving average of $82.70 and a 200-day simple moving average of $86.96. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90. 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 (NASDAQ:PATK) last released its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.13. The business had revenue of $1 billion during the quarter, compared to analysts’ expectations of $959.46 million. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.79 EPS. Equities analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 9th. Investors of record on Tuesday, May 27th will be given a $0.40 dividend. The ex-dividend date is Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a yield of 1.84%. Patrick Industries’s dividend payout ratio (DPR) is presently 38.37%.

Institutional Investors Weigh In On Patrick Industries

Institutional investors and hedge funds have recently bought and sold shares of the stock. Kestra Investment Management LLC purchased a new stake in Patrick Industries in the fourth quarter valued at $25,000. Covestor Ltd lifted its position in Patrick Industries by 10,400.0% in the fourth quarter. Covestor Ltd now owns 315 shares of the construction company’s stock valued at $26,000 after acquiring an additional 312 shares during the last quarter. Quadrant Capital Group LLC lifted its position in Patrick Industries by 49.8% in the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock valued at $27,000 after acquiring an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its position in Patrick Industries by 49.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock valued at $29,000 after acquiring an additional 114 shares during the last quarter. Finally, Strs Ohio purchased a new stake in Patrick Industries in the first quarter valued at $42,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PATK shares. Robert W. Baird decreased their price target on shares of Patrick Industries from $96.00 to $84.00 and set a “neutral” rating for the company in a research report on Friday, May 2nd. Wall Street Zen raised shares of Patrick Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, April 30th. Baird R W cut shares of Patrick Industries from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 4th. KeyCorp decreased their price target on shares of Patrick Industries from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Finally, Benchmark raised their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $95.67.

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.