Todd M. Cleveland Sells 7,500 Shares of Patrick Industries, Inc. (NASDAQ:PATK) Stock

Patrick Industries, Inc. (NASDAQ:PATK) Director Todd M. Cleveland sold 7,500 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total value of $982,875.00. Following the completion of the transaction, the director now directly owns 82,374 shares in the company, valued at approximately $10,795,112.70. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Patrick Industries Trading Up 2.9 %

NASDAQ:PATK opened at $135.33 on Friday. Patrick Industries, Inc. has a 12-month low of $70.15 and a 12-month high of $136.53. The firm has a market cap of $3.03 billion, a PE ratio of 20.05, a price-to-earnings-growth ratio of 1.03 and a beta of 1.62. The company has a current ratio of 2.29, a quick ratio of 0.94 and a debt-to-equity ratio of 1.19. The stock has a fifty day moving average price of $123.75 and a 200 day moving average price of $115.52.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.11. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The business had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $972.06 million. During the same quarter last year, the business posted $1.94 EPS. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. Sell-side analysts anticipate that Patrick Industries, Inc. will post 7.32 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date was Monday, August 26th. Patrick Industries’s dividend payout ratio is presently 32.59%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. DA Davidson upped their target price on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Benchmark started coverage on shares of Patrick Industries in a report on Thursday, August 29th. They issued a “buy” rating and a $145.00 target price for the company. BMO Capital Markets upped their price target on Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. KeyCorp lifted their price objective on Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Finally, Robert W. Baird increased their target price on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $133.29.

Institutional Investors Weigh In On Patrick Industries

Several institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its holdings in Patrick Industries by 1.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company’s stock valued at $144,828,000 after buying an additional 21,735 shares during the last quarter. Pacer Advisors Inc. increased its holdings in shares of Patrick Industries by 20.1% in the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after acquiring an additional 221,904 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Patrick Industries by 10.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock worth $33,078,000 after acquiring an additional 26,389 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in Patrick Industries during the second quarter worth approximately $22,460,000. Finally, Tributary Capital Management LLC boosted its holdings in Patrick Industries by 0.3% in the second quarter. Tributary Capital Management LLC now owns 205,788 shares of the construction company’s stock valued at $22,338,000 after purchasing an additional 613 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

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.