Patrick Industries Stock to Split on Monday, December 16th (NASDAQ:PATK)

Patrick Industries, Inc. (NASDAQ:PATK) shares are scheduled to split on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly created shares will be distributed to shareholders after the closing bell on Friday, December 13th.

Patrick Industries Stock Performance

Patrick Industries stock opened at $134.14 on Wednesday. Patrick Industries has a twelve month low of $82.74 and a twelve month high of $148.35. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. The firm has a fifty day simple moving average of $135.94 and a two-hundred day simple moving average of $125.09. The company has a market capitalization of $9.01 billion, a PE ratio of 57.82, a P/E/G ratio of 4.28 and a beta of 2.22.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The firm had revenue of $919.44 million during the quarter, compared to analysts’ expectations of $935.75 million. During the same quarter in the previous year, the firm posted $1.81 EPS. Patrick Industries’s revenue was up 6.2% compared to the same quarter last year. Research analysts expect that Patrick Industries will post 2.14 EPS for the current year.

Patrick Industries Increases Dividend

The business also recently announced a — dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $50.00 per share. This is a positive change from Patrick Industries’s previous — dividend of $0.25. The ex-dividend date of this dividend is Monday, December 16th. This represents a dividend yield of 1.7%. Patrick Industries’s payout ratio is presently 34.48%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PATK shares. BMO Capital Markets upped their price target on Patrick Industries from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Benchmark reissued a “buy” rating and issued a $145.00 target price on shares of Patrick Industries in a report on Monday, November 4th. Raymond James decreased their price objective on shares of Patrick Industries from $160.00 to $136.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Truist Financial raised their target price on Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Finally, StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Patrick Industries currently has an average rating of “Moderate Buy” and a consensus target price of $139.88.

Insiders Place Their Bets

In other news, CEO Andy L. Nemeth sold 10,000 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $140.64, for a total transaction of $1,406,400.00. Following the completion of the transaction, the chief executive officer now directly owns 243,119 shares in the company, valued at approximately $34,192,256.16. This represents a 3.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd M. Cleveland sold 7,500 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.05, for a total transaction of $982,875.00. Following the completion of the sale, the director now owns 82,374 shares in the company, valued at approximately $10,795,112.70. This trade represents a 8.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 57,500 shares of company stock worth $7,716,675 in the last three months. 4.70% of the stock is owned by company insiders.

Institutional Trading of Patrick Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Assetmark Inc. boosted its position in Patrick Industries by 1,589.0% in the 3rd quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock valued at $938,000 after buying an additional 6,197 shares during the period. Allspring Global Investments Holdings LLC grew its stake in Patrick Industries by 35.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock valued at $13,869,000 after purchasing an additional 25,556 shares during the last quarter. Fiera Capital Corp purchased a new position in shares of Patrick Industries in the 3rd quarter worth approximately $27,888,000. Argent Capital Management LLC increased its position in shares of Patrick Industries by 758.4% during the third quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock worth $21,498,000 after purchasing an additional 133,413 shares in the last quarter. Finally, Public Sector Pension Investment Board increased its position in Patrick Industries by 8.7% during the 2nd quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock valued at $5,032,000 after buying an additional 3,705 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

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.