Andy L. Nemeth Sells 20,000 Shares of Patrick Industries, Inc. (NASDAQ:PATK) Stock

Patrick Industries, Inc. (NASDAQ:PATK) CEO Andy L. Nemeth sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $135.00, for a total value of $2,700,000.00. Following the sale, the chief executive officer now directly owns 253,119 shares in the company, valued at $34,171,065. This trade represents a 7.32 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Patrick Industries Trading Down 1.5 %

Patrick Industries stock traded down $2.14 during trading on Tuesday, reaching $138.35. The company had a trading volume of 261,276 shares, compared to its average volume of 192,027. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41. The firm has a market capitalization of $3.10 billion, a price-to-earnings ratio of 19.88, a PEG ratio of 1.43 and a beta of 1.62. Patrick Industries, Inc. has a 12-month low of $80.62 and a 12-month high of $148.35. The stock’s 50 day moving average price is $136.73 and its two-hundred day moving average price is $124.36.

Shares of Patrick Industries are set to split before the market opens on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly minted shares will be distributed to shareholders after the closing bell on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.03). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The business had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. During the same quarter in the previous year, the firm posted $1.81 EPS. The business’s revenue was up 6.2% compared to the same quarter last year. As a group, equities analysts expect that Patrick Industries, Inc. will post 6.43 earnings per share for the current fiscal year.

Patrick Industries Increases Dividend

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

Institutional Trading of Patrick Industries

Large investors have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. acquired a new stake in Patrick Industries during the 2nd quarter valued at $41,000. Sound Income Strategies LLC purchased a new stake in shares of Patrick Industries during the third quarter worth about $46,000. GAMMA Investing LLC lifted its stake in shares of Patrick Industries by 76.2% in the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock worth $67,000 after acquiring an additional 205 shares in the last quarter. UMB Bank n.a. boosted its holdings in Patrick Industries by 176.6% in the third quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock valued at $81,000 after purchasing an additional 362 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its stake in Patrick Industries by 21.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock valued at $112,000 after purchasing an additional 139 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on PATK shares. Raymond James dropped their price target on Patrick Industries from $160.00 to $136.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Benchmark restated a “buy” rating and set a $145.00 target price on shares of Patrick Industries in a research report on Monday, November 4th. Robert W. Baird increased their price target on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Truist Financial lifted their price objective 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 cut Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $139.88.

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.