Key Points
- CEO Andy Nemeth sold 25,000 shares on December 16 at an average price of $115 for a $2.875 million transaction, trimming his holding by 7.65% to 301,641 shares (about $34.69 million).
- Patrick Industries raised its quarterly dividend to $0.47 (annualized $1.88) from $0.40, implying a 1.7% yield and a payout ratio of about 53.7%.
- The company beat third-quarter estimates with $1.01 EPS (vs. $0.95 expected) and $975.6M revenue (vs. $900.4M expected), and analysts hold a consensus "Moderate Buy" with a $108.56 target while the market cap is roughly $3.69 billion.
Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) CEO Andy Nemeth sold 25,000 shares of the business's stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the completion of the sale, the chief executive officer directly owned 301,641 shares of the company's stock, valued at approximately $34,688,715. The trade was a 7.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.
Patrick Industries Price Performance
NASDAQ:PATK opened at $110.96 on Friday. Patrick Industries, Inc. has a 52 week low of $72.99 and a 52 week high of $116.78. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.86 and a current ratio of 2.34. The firm's 50-day simple moving average is $104.52 and its 200 day simple moving average is $102.48. The firm has a market cap of $3.69 billion, a price-to-earnings ratio of 31.70, a P/E/G ratio of 1.48 and a beta of 1.34.
Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its earnings results on Thursday, October 30th. The construction company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.95 by $0.06. The company had revenue of $975.63 million for the quarter, compared to analysts' expectations of $900.35 million. Patrick Industries had a net margin of 3.11% and a return on equity of 12.44%. The business's revenue for the quarter was up 6.1% on a year-over-year basis. During the same period last year, the firm earned $1.80 earnings per share. As a group, sell-side analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.
Patrick Industries Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, December 1st. This represents a $1.88 annualized dividend and a yield of 1.7%. This is a boost from Patrick Industries's previous quarterly dividend of $0.40. Patrick Industries's payout ratio is presently 53.71%.
Analysts Set New Price Targets
A number of research firms recently commented on PATK. Loop Capital started coverage on Patrick Industries in a research note on Friday, October 31st. They issued a "hold" rating and a $99.00 price target for the company. KeyCorp reissued an "overweight" rating and issued a $120.00 target price (up from $115.00) on shares of Patrick Industries in a report on Wednesday, December 10th. Benchmark upped their price target on shares of Patrick Industries from $110.00 to $115.00 and gave the stock a "buy" rating in a report on Tuesday, November 4th. Weiss Ratings cut shares of Patrick Industries from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Saturday, October 25th. Finally, BMO Capital Markets restated an "outperform" rating and set a $115.00 target price on shares of Patrick Industries in a research note on Friday, October 31st. Seven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Patrick Industries presently has a consensus rating of "Moderate Buy" and a consensus target price of $108.56.
View Our Latest Stock Analysis on PATK
Institutional Investors Weigh In On Patrick Industries
Several hedge funds and other institutional investors have recently made changes to their positions in PATK. Advisory Services Network LLC acquired a new position in Patrick Industries during the 3rd quarter worth approximately $25,000. Salomon & Ludwin LLC bought a new stake in shares of Patrick Industries during the third quarter worth $25,000. Cornerstone Planning Group LLC acquired a new position in shares of Patrick Industries during the third quarter worth $31,000. Parkside Financial Bank & Trust lifted its stake in shares of Patrick Industries by 87.5% in the 3rd quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company's stock valued at $49,000 after acquiring an additional 223 shares during the last quarter. Finally, Strs Ohio acquired a new stake in shares of Patrick Industries during the 1st quarter valued at $42,000. 93.29% of the stock is owned by institutional investors.
About Patrick Industries
(
Get Free Report)
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.
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