Todd M. Cleveland Sells 2,898 Shares of Patrick Industries, Inc. (NASDAQ:PATK) Stock
Patrick Industries, Inc. (NASDAQ:PATK) CEO Todd M. Cleveland sold 2,898 shares of Patrick Industries stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $52.78, for a total transaction of $152,956.44. Following the sale, the chief executive officer now owns 629,053 shares of the company’s stock, valued at $33,201,417.34. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.
Shares of PATK traded down $1.44 during trading hours on Friday, hitting $51.46. The stock had a trading volume of 74,700 shares, compared to its average volume of 217,218. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.31 and a current ratio of 2.61. The firm has a 50-day moving average price of $50.11 and a 200 day moving average price of $44.54. Patrick Industries, Inc. has a fifty-two week low of $27.32 and a fifty-two week high of $55.87. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of 11.07, a PEG ratio of 2.05 and a beta of 2.13.
Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, October 24th. The construction company reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.04). Patrick Industries had a net margin of 4.16% and a return on equity of 20.73%. The firm had revenue of $566.19 million during the quarter, compared to analyst estimates of $576.97 million. During the same quarter in the prior year, the firm earned $1.15 earnings per share. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. As a group, analysts predict that Patrick Industries, Inc. will post 3.75 EPS for the current fiscal year.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Comerica Bank lifted its stake in shares of Patrick Industries by 53.0% in the 3rd quarter. Comerica Bank now owns 32,959 shares of the construction company’s stock valued at $1,469,000 after purchasing an additional 11,414 shares during the period. Elkfork Partners LLC lifted its stake in shares of Patrick Industries by 20.4% in the 2nd quarter. Elkfork Partners LLC now owns 3,762 shares of the construction company’s stock valued at $185,000 after purchasing an additional 638 shares during the period. BlackRock Inc. lifted its stake in shares of Patrick Industries by 0.8% in the 2nd quarter. BlackRock Inc. now owns 3,334,069 shares of the construction company’s stock valued at $164,002,000 after purchasing an additional 26,617 shares during the period. Panagora Asset Management Inc. lifted its stake in shares of Patrick Industries by 334.5% in the 2nd quarter. Panagora Asset Management Inc. now owns 10,446 shares of the construction company’s stock valued at $514,000 after purchasing an additional 8,042 shares during the period. Finally, TimesSquare Capital Management LLC acquired a new position in shares of Patrick Industries in the 2nd quarter valued at $20,429,000. Hedge funds and other institutional investors own 89.17% of the company’s stock.
PATK has been the subject of several research reports. Bank of America decreased their price objective on shares of Patrick Industries from $51.00 to $36.00 and set an “underperform” rating for the company in a research note on Wednesday, September 4th. BidaskClub cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Zacks Investment Research cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Saturday, October 5th. Robert W. Baird lifted their price objective on shares of Patrick Industries from $46.00 to $54.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. They noted that the move was a valuation call. Finally, ValuEngine cut shares of Patrick Industries from a “sell” rating to a “strong sell” rating in a research note on Tuesday, November 19th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $49.80.
Patrick Industries Company Profile
Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; decorative vinyl and paper laminated panels; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.
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