Key Points
- COO Hugo Gonzalez sold 13,514 shares on March 12 at an average price of $113.10 for proceeds of $1.53M, cutting his ownership by 28.52% to 33,864 shares.
- Patrick Industries beat expectations for the quarter with EPS of $0.84 versus $0.74 estimated and revenue of $924.17M (up 9.2% year-over-year).
- Analysts are largely positive—seven Buys and two Holds—with a consensus rating of “Moderate Buy” and an average price target of $135.13; the company also pays a $0.47 quarterly dividend (≈1.6% yield).
Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) COO Hugo Gonzalez sold 13,514 shares of the firm's stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $113.10, for a total transaction of $1,528,433.40. Following the sale, the chief operating officer owned 33,864 shares in the company, valued at $3,830,018.40. This trade represents a 28.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.
Patrick Industries Stock Performance
Shares of PATK opened at $114.31 on Friday. The firm has a market cap of $3.80 billion, a P/E ratio of 29.24 and a beta of 1.33. Patrick Industries, Inc. has a twelve month low of $72.99 and a twelve month high of $148.50. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. The firm's 50 day moving average price is $127.42 and its two-hundred day moving average price is $113.65.
Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.10. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The company had revenue of $924.17 million during the quarter, compared to the consensus estimate of $858.62 million. During the same quarter in the prior year, the firm earned $0.52 earnings per share. The firm's revenue was up 9.2% compared to the same quarter last year. On average, analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.
Patrick Industries Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Monday, March 9th. Investors of record on Monday, February 23rd were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, February 23rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.6%. Patrick Industries's dividend payout ratio is presently 48.08%.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on the company. BMO Capital Markets reissued an "outperform" rating and issued a $155.00 price target on shares of Patrick Industries in a research note on Friday, February 6th. Roth Mkm reaffirmed a "buy" rating and set a $157.00 price objective on shares of Patrick Industries in a research report on Monday, February 9th. KeyCorp reiterated an "overweight" rating and set a $155.00 price objective (up from $135.00) on shares of Patrick Industries in a report on Friday, February 6th. Weiss Ratings upgraded Patrick Industries from a "hold (c)" rating to a "buy (b-)" rating in a research note on Monday, February 23rd. Finally, Robert W. Baird set a $140.00 price target on Patrick Industries in a research report on Friday, February 6th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $135.13.
View Our Latest Report on Patrick Industries
Hedge Funds Weigh In On Patrick Industries
A number of large investors have recently modified their holdings of the business. Salomon & Ludwin LLC bought a new position in shares of Patrick Industries in the 3rd quarter valued at about $25,000. Advisory Services Network LLC bought a new stake in Patrick Industries during the third quarter worth about $25,000. Torren Management LLC bought a new stake in Patrick Industries during the fourth quarter worth about $26,000. Cornerstone Planning Group LLC acquired a new position in Patrick Industries during the third quarter valued at approximately $31,000. Finally, Allworth Financial LP boosted its position in Patrick Industries by 181.3% during the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company's stock valued at $34,000 after purchasing an additional 203 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.
Patrick Industries Company Profile
(
Get Free Report)
Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.
Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.
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