Insider Selling: Patrick Industries, Inc. (NASDAQ:PATK) CEO Sells $2,700,000.00 in Stock

Patrick Industries, Inc. (NASDAQ:PATKGet Free Report) CEO Andy L. Nemeth sold 20,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $135.00, for a total transaction of $2,700,000.00. Following the transaction, the chief executive officer now owns 253,119 shares in the company, valued at approximately $34,171,065. This trade represents a 7.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK opened at $134.42 on Friday. Patrick Industries, Inc. has a 52 week low of $80.62 and a 52 week high of $148.35. The stock has a market capitalization of $3.01 billion, a P/E ratio of 19.31, a PEG ratio of 1.48 and a beta of 1.62. The firm has a fifty day simple moving average of $136.58 and a two-hundred day simple moving average of $124.59. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22.

Patrick Industries’s stock is scheduled to split on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly issued shares will be distributed to shareholders after the closing bell on Friday, December 13th.

Patrick Industries (NASDAQ:PATKGet Free Report) last issued its quarterly earnings data on Thursday, October 31st. The construction company reported $1.80 EPS for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The business had revenue of $919.44 million during the quarter, compared to analysts’ expectations of $935.75 million. During the same period in the previous year, the business earned $1.81 earnings per share. The business’s quarterly revenue was up 6.2% on a year-over-year basis. On average, analysts expect that Patrick Industries, Inc. will post 6.43 earnings per share for the current fiscal year.

Patrick Industries Increases Dividend

The firm also recently disclosed a — dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $50.00 dividend. This is a boost from Patrick Industries’s previous — dividend of $0.25. This represents a dividend yield of 1.7%. The ex-dividend date of this dividend is Monday, December 16th. Patrick Industries’s dividend payout ratio (DPR) is presently 34.48%.

Hedge Funds Weigh In On Patrick Industries

A number of large investors have recently made changes to their positions in the company. Tidal Investments LLC purchased a new position in shares of Patrick Industries during the 3rd quarter worth about $271,000. Teachers Retirement System of The State of Kentucky boosted its stake in shares of Patrick Industries by 6.6% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 16,513 shares of the construction company’s stock worth $2,351,000 after purchasing an additional 1,022 shares during the period. Geode Capital Management LLC boosted its stake in shares of Patrick Industries by 4.1% during the 3rd quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company’s stock worth $73,968,000 after purchasing an additional 20,694 shares during the period. Vestcor Inc boosted its stake in shares of Patrick Industries by 218.6% during the 3rd quarter. Vestcor Inc now owns 5,324 shares of the construction company’s stock worth $758,000 after purchasing an additional 3,653 shares during the period. Finally, MML Investors Services LLC boosted its stake in shares of Patrick Industries by 20.3% during the 3rd quarter. MML Investors Services LLC now owns 3,243 shares of the construction company’s stock worth $462,000 after purchasing an additional 547 shares during the period. 93.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PATK has been the topic of several analyst reports. Robert W. Baird lifted their price target on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Truist Financial lifted their price target on shares of Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Benchmark reiterated a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a research note on Monday, November 4th. Raymond James dropped their price target on shares of Patrick Industries from $160.00 to $136.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Finally, KeyCorp lifted their price target on shares of Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. 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 company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $139.88.

Check Out Our Latest Report on PATK

Patrick Industries Company Profile

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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.

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Insider Buying and Selling by Quarter for Patrick Industries (NASDAQ:PATK)

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