Patrick Industries, Inc. (NASDAQ:PATK) EVP Stacey L. Neu Sells 2,885 Shares

Patrick Industries, Inc. (NASDAQ:PATK) EVP Stacey L. Neu sold 2,885 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total transaction of $246,754.05. Following the transaction, the executive vice president now directly owns 18,044 shares in the company, valued at approximately $1,543,303.32. The trade was a 13.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

Patrick Industries Stock Performance

Shares of Patrick Industries stock opened at $83.26 on Friday. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of 20.21, a PEG ratio of 1.41 and a beta of 2.37. The firm’s 50-day moving average is $91.09 and its 200 day moving average is $89.87. Patrick Industries, Inc. has a 1 year low of $67.72 and a 1 year high of $98.90. 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 (NASDAQ:PATK) last posted its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate 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 anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.92%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s dividend payout ratio is currently 38.83%.

Hedge Funds Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Patrick Industries by 49.3% during the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company’s stock valued at $193,266,000 after acquiring an additional 768,102 shares during the period. Wellington Management Group LLP increased its position in shares of Patrick Industries by 391.8% during the 4th quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company’s stock valued at $168,462,000 after purchasing an additional 1,615,412 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Patrick Industries by 48.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company’s stock valued at $154,823,000 after purchasing an additional 609,036 shares during the last quarter. Capital World Investors increased its position in shares of Patrick Industries by 50.0% during the 4th quarter. Capital World Investors now owns 944,319 shares of the construction company’s stock valued at $78,454,000 after purchasing an additional 314,773 shares during the last quarter. Finally, State Street Corp increased its position in shares of Patrick Industries by 3.5% during the 3rd quarter. State Street Corp now owns 816,031 shares of the construction company’s stock valued at $116,178,000 after purchasing an additional 27,669 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PATK. Raymond James boosted their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Truist Financial boosted their target price on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a report on Monday, February 10th. Benchmark boosted their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a report on Friday, February 7th. StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Finally, KeyCorp boosted their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the company 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 company. According to MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and an average target price of $97.96.

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.