Insider Selling: Patrick Industries, Inc. (NASDAQ:PATK) Insider Sells $2,627,400.00 in Stock

Patrick Industries, Inc. (NASDAQ:PATK) insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the sale, the insider now owns 139,109 shares of the company’s stock, valued at $18,274,749.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Patrick Industries Stock Up 2.9 %

PATK opened at $135.33 on Monday. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.29 and a quick ratio of 0.94. The company has a market capitalization 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 business has a 50-day moving average of $123.75 and a 200-day moving average of $115.51. Patrick Industries, Inc. has a fifty-two week low of $70.15 and a fifty-two week high of $136.53.

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

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.63%. The ex-dividend date was Monday, August 26th. Patrick Industries’s payout ratio is currently 32.59%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. DA Davidson raised their target price on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Benchmark assumed coverage on shares of Patrick Industries in a research report on Thursday, August 29th. They set a “buy” rating and a $145.00 target price on the stock. Truist Financial lifted their price target on shares of Patrick Industries from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. BMO Capital Markets lifted their price target on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Finally, Robert W. Baird boosted their target price on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $133.29.

Hedge Funds Weigh In On Patrick Industries

Hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Patrick Industries during the 2nd quarter worth about $41,000. Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Patrick Industries by 78.5% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock valued at $205,000 after purchasing an additional 840 shares during the last quarter. Heritage Family Offices LLP acquired a new stake in shares of Patrick Industries in the 2nd quarter valued at approximately $227,000. Xponance Inc. raised its position in shares of Patrick Industries by 4.1% in the 2nd quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock valued at $230,000 after acquiring an additional 83 shares during the period. Finally, Algert Global LLC acquired a new stake in shares of Patrick Industries in the 2nd quarter valued at approximately $233,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

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.