Stacey L. Neu Sells 2,885 Shares of Patrick Industries, Inc. (NASDAQ:PATK) Stock

Patrick Industries, Inc. (NASDAQ:PATK) EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the transaction, the executive vice president now owns 18,044 shares in the company, valued at $1,543,303.32. This trade represents a 13.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Patrick Industries Stock Up 2.9 %

Shares of Patrick Industries stock opened at $85.70 on Friday. The company has a fifty day moving average price of $91.11 and a 200 day moving average price of $89.82. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a twelve month low of $67.72 and a twelve month high of $98.90. The stock has a market cap of $2.88 billion, a price-to-earnings ratio of 20.80, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Equities research analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.87%. Patrick Industries’s payout ratio is currently 38.83%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Kestra Investment Management LLC acquired a new position in Patrick Industries in the 4th quarter worth $25,000. Covestor Ltd increased its position in shares of Patrick Industries by 10,400.0% during the fourth quarter. Covestor Ltd now owns 315 shares of the construction company’s stock worth $26,000 after acquiring an additional 312 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in shares of Patrick Industries by 49.8% in the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock worth $27,000 after acquiring an additional 109 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in Patrick Industries by 49.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock valued at $29,000 after purchasing an additional 114 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its stake in Patrick Industries by 812.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after purchasing an additional 528 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PATK has been the topic of several recent analyst reports. Benchmark increased their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Friday, February 7th. KeyCorp increased their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Raymond James upped their price objective on Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Finally, Truist Financial lifted their target price on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a report on Monday, February 10th. 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 stock. Based on data from MarketBeat.com, Patrick Industries currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.96.

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.