Patrick Industries, Inc. (NASDAQ:PATK) COO Hugo E. Gonzalez Sells 1,911 Shares of Stock

Patrick Industries, Inc. (NASDAQ:PATK) COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the sale, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at $3,091,283.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Patrick Industries Stock Up 0.5 %

PATK opened at $129.22 on Friday. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.29 and a quick ratio of 0.94. Patrick Industries, Inc. has a one year low of $70.15 and a one year high of $136.00. The firm has a market capitalization of $2.89 billion, a P/E ratio of 19.14, a price-to-earnings-growth ratio of 1.01 and a beta of 1.65. The company has a fifty day moving average price of $119.77 and a 200-day moving average price of $114.39.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, August 1st. The construction company reported $2.16 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.11. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $972.06 million. During the same quarter in the prior year, the firm earned $1.94 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. Equities research analysts expect that Patrick Industries, Inc. will post 7.32 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 9th. Shareholders of record on Monday, August 26th will be paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.70%. The ex-dividend date is Monday, August 26th. Patrick Industries’s dividend payout ratio (DPR) is currently 32.59%.

Hedge Funds Weigh In On Patrick Industries

A number of large investors have recently modified their holdings of PATK. Pacer Advisors Inc. boosted its holdings in shares of Patrick Industries by 20.1% during the second quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock worth $143,889,000 after purchasing an additional 221,904 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in shares of Patrick Industries in the 2nd quarter worth approximately $22,460,000. Norges Bank purchased a new position in shares of Patrick Industries during the fourth quarter valued at approximately $14,782,000. Peregrine Capital Management LLC bought a new position in shares of Patrick Industries during the first quarter valued at approximately $8,546,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in Patrick Industries by 10.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock worth $33,078,000 after acquiring an additional 26,389 shares during the period. 93.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PATK has been the subject of several recent research reports. Roth Mkm reissued a “buy” rating and issued a $126.00 price objective (up previously from $120.00) on shares of Patrick Industries in a report on Monday, May 6th. Benchmark began coverage on shares of Patrick Industries in a research report on Thursday. They issued a “buy” rating and a $145.00 price target on the stock. Robert W. Baird raised their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Truist Financial lifted their price objective on shares of Patrick Industries from $130.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Finally, DA Davidson lifted their price target on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $133.29.

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.