Insider Selling: Patrick Industries, Inc. (NASDAQ:PATK) EVP Sells 2,885 Shares of Stock

Patrick Industries, Inc. (NASDAQ:PATK) EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the sale, the executive vice president now directly owns 18,044 shares in the company, valued at $1,543,303.32. This represents a 13.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Patrick Industries Stock Performance

Shares of Patrick Industries stock opened at $85.70 on Friday. 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, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The firm’s 50 day moving average is $91.16 and its two-hundred day moving average is $89.82.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 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%. Research analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

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

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds have recently modified their holdings of PATK. Wellington Management Group LLP grew its position in shares of Patrick Industries by 391.8% during the fourth quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company’s stock worth $168,462,000 after acquiring an additional 1,615,412 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Patrick Industries by 49.3% during the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company’s stock worth $193,266,000 after acquiring an additional 768,102 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Patrick Industries by 48.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company’s stock worth $154,823,000 after acquiring an additional 609,036 shares during the last quarter. Capital Research Global Investors purchased a new position in shares of Patrick Industries during the fourth quarter worth approximately $38,275,000. Finally, Schroder Investment Management Group purchased a new position in shares of Patrick Industries during the fourth quarter worth approximately $26,602,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on PATK shares. Raymond James increased their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Truist Financial increased their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, February 10th. Benchmark raised 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. KeyCorp raised 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. Finally, StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently 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.