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 stock in a transaction 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 of the company’s stock, valued at $34,171,065. This trade represents a 7.32 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Patrick Industries Trading Down 1.5 %

PATK traded down $2.14 during mid-day trading on Tuesday, hitting $138.35. 261,276 shares of the stock were exchanged, compared to its average volume of 192,027. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The company has a market cap of $3.10 billion, a PE ratio of 19.88, a PEG ratio of 1.43 and a beta of 1.62. The firm’s fifty day moving average is $136.73 and its two-hundred day moving average is $124.36. Patrick Industries, Inc. has a 1-year low of $80.62 and a 1-year high of $148.35.

Patrick Industries shares are going to split on the morning of Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly created shares will be payable to shareholders after the closing bell on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last issued its earnings results 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 firm 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 for the quarter was up 6.2% on a year-over-year basis. Equities analysts forecast that Patrick Industries, Inc. will post 6.43 earnings per share for the current fiscal year.

Patrick Industries Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. BMO Capital Markets increased their price target on shares of Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Robert W. Baird boosted their target price on Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. DA Davidson raised their price target on Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Benchmark restated a “buy” rating and issued a $145.00 target price on shares of Patrick Industries in a report on Monday, November 4th. Finally, Raymond James reduced their price objective on shares of Patrick Industries from $160.00 to $136.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Patrick Industries has a consensus rating of “Moderate Buy” and a consensus target price of $139.88.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. purchased a new position in Patrick Industries during the second quarter worth about $41,000. Sound Income Strategies LLC acquired a new stake in shares of Patrick Industries in the 3rd quarter valued at approximately $46,000. GAMMA Investing LLC boosted 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 valued at $67,000 after buying an additional 205 shares in the last quarter. UMB Bank n.a. raised its position in Patrick Industries by 176.6% in the third quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock worth $81,000 after acquiring an additional 362 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its holdings in Patrick Industries by 21.4% in the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock valued at $112,000 after acquiring an additional 139 shares during the period. 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.