Michael Kitson Sells 4,572 Shares of Patrick Industries (NASDAQ:PATK) Stock

Patrick Industries, Inc. (NASDAQ:PATK) Director Michael Kitson sold 4,572 shares of Patrick Industries stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $112.67, for a total transaction of $515,127.24. Following the completion of the transaction, the director directly owned 11,850 shares in the company, valued at approximately $1,335,139.50. The trade was a 27.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Patrick Industries Stock Performance

Shares of PATK opened at $111.11 on Friday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.75 and a current ratio of 1.96. Patrick Industries, Inc. has a twelve month low of $72.99 and a twelve month high of $114.26. The firm’s 50 day moving average price is $99.02 and its two-hundred day moving average price is $90.58. The firm has a market cap of $3.70 billion, a P/E ratio of 30.11, a PEG ratio of 1.58 and a beta of 1.23.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.09. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.16 earnings per share. On average, analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 8th. Stockholders of record on Monday, August 25th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Monday, August 25th. Patrick Industries’s payout ratio is currently 43.36%.

Hedge Funds Weigh In On Patrick Industries

Institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its holdings in Patrick Industries by 2.8% during the first quarter. Principal Financial Group Inc. now owns 178,660 shares of the construction company’s stock worth $15,107,000 after buying an additional 4,841 shares during the last quarter. Private Trust Co. NA increased its holdings in shares of Patrick Industries by 432.4% in the first quarter. Private Trust Co. NA now owns 591 shares of the construction company’s stock valued at $50,000 after purchasing an additional 480 shares during the last quarter. Cerity Partners LLC acquired a new position in shares of Patrick Industries in the first quarter valued at $729,000. Nuveen Asset Management LLC increased its holdings in shares of Patrick Industries by 495.5% in the fourth quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company’s stock valued at $28,730,000 after purchasing an additional 287,739 shares during the last quarter. Finally, Teacher Retirement System of Texas acquired a new position in shares of Patrick Industries in the first quarter valued at $478,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on PATK shares. Roth Mkm reissued a “buy” rating and issued a $100.00 price objective (down previously from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. BMO Capital Markets boosted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Friday, August 1st. Benchmark boosted their price objective on shares of Patrick Industries from $102.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. KeyCorp boosted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Finally, Raymond James Financial boosted their price objective on shares of Patrick Industries from $95.00 to $109.00 and gave the stock an “outperform” rating in a research report on Friday, August 1st. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Patrick Industries currently has an average rating of “Moderate Buy” and a consensus target price of $104.86.

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.