Patrick Industries, Inc. (NASDAQ:PATK – Get Free Report) CEO Andy L. Nemeth sold 20,000 shares of Patrick Industries stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $135.00, for a total transaction of $2,700,000.00. Following the completion of the transaction, the chief executive officer now owns 253,119 shares of the company’s stock, valued at $34,171,065. This trade represents a 7.32 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.
Patrick Industries Stock Performance
PATK stock opened at $134.42 on Thursday. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. Patrick Industries, Inc. has a twelve month low of $80.62 and a twelve month high of $148.35. The business’s fifty day moving average is $136.70 and its 200-day moving average is $124.52. The company has a market cap of $3.01 billion, a P/E ratio of 19.88, a price-to-earnings-growth ratio of 1.48 and a beta of 1.62.
Patrick Industries shares are set to split on the morning of Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly issued shares will be distributed to shareholders after the closing bell on Friday, December 13th.
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 given a $50.00 dividend. This represents a yield of 1.7%. The ex-dividend date of this dividend is Monday, December 16th. This is a positive change from Patrick Industries’s previous — dividend of $0.25. Patrick Industries’s dividend payout ratio (DPR) is currently 34.48%.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on PATK. Raymond James cut their price objective on Patrick Industries from $160.00 to $136.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Truist Financial lifted their price target on Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a report on Friday, September 20th. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, November 14th. Benchmark reaffirmed a “buy” rating and issued a $145.00 target price on shares of Patrick Industries in a research note on Monday, November 4th. Finally, KeyCorp increased their price target on shares of Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $139.88.
Get Our Latest Analysis on PATK
Hedge Funds Weigh In On Patrick Industries
Large investors have recently bought and sold shares of the company. Boston Partners acquired a new stake in shares of Patrick Industries in the first quarter valued at approximately $1,645,000. Assetmark Inc. increased its stake in Patrick Industries by 1,589.0% in the 3rd quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock valued at $938,000 after buying an additional 6,197 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in Patrick Industries by 35.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock worth $13,869,000 after buying an additional 25,556 shares in the last quarter. Fiera Capital Corp bought a new stake in Patrick Industries during the 3rd quarter worth about $27,888,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Patrick Industries by 10.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock valued at $33,078,000 after acquiring an additional 26,389 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.
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.
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