Andy L. Nemeth Sells 10,000 Shares of Patrick Industries, Inc. (NASDAQ:PATK) Stock

Patrick Industries, Inc. (NASDAQ:PATK) CEO Andy L. Nemeth sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $140.64, for a total transaction of $1,406,400.00. Following the completion of the transaction, the chief executive officer now owns 243,119 shares of the company’s stock, valued at $34,192,256.16. This trade represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Patrick Industries Trading Down 1.5 %

PATK stock opened at $138.35 on Wednesday. The company has a market capitalization of $3.10 billion, a PE ratio of 19.88, a price-to-earnings-growth ratio of 1.48 and a beta of 1.62. Patrick Industries, Inc. has a one year low of $80.62 and a one year high of $148.35. The company’s 50 day moving average price is $136.73 and its two-hundred day moving average price is $124.36. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41.

Shares of Patrick Industries are scheduled to split on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly issued shares will be issued 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 the consensus estimate 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 during the quarter, compared to analysts’ expectations of $935.75 million. During the same period in the previous year, the firm earned $1.81 earnings per share. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. As a group, analysts predict that Patrick Industries, Inc. will post 6.43 earnings per share for the current fiscal year.

Patrick Industries Increases Dividend

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

Analyst Ratings Changes

A number of equities analysts have recently commented on PATK shares. Raymond James cut their price objective on shares of Patrick Industries from $160.00 to $136.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. KeyCorp raised their price objective on shares of Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. BMO Capital Markets raised their price objective on shares of Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. DA Davidson raised their price objective on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Finally, Robert W. Baird raised their price objective 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. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $139.88.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Sound Income Strategies LLC bought a new stake in Patrick Industries in the third quarter valued at $46,000. Northwestern Mutual Wealth Management Co. bought a new stake in Patrick Industries in the second quarter valued at $41,000. GAMMA Investing LLC boosted its holdings in 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 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 acquiring an additional 362 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted 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 in the last quarter. 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.