Patrick Industries, Inc. (PATK) President Andy L. Nemeth Sells 3,000 Shares of Stock
Patrick Industries, Inc. (NASDAQ:PATK) President Andy L. Nemeth sold 3,000 shares of the company’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $85.22, for a total value of $255,660.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.
Shares of Patrick Industries, Inc. (PATK) traded down 0.36% on Thursday, reaching $84.10. The company had a trading volume of 26,209 shares. Patrick Industries, Inc. has a 52 week low of $50.80 and a 52 week high of $87.90. The company has a market capitalization of $1.41 billion, a P/E ratio of 20.56 and a beta of 0.89. The company has a 50 day moving average of $75.84 and a 200-day moving average of $72.23.
Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, July 27th. The construction company reported $1.28 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.12. The company had revenue of $407.20 million during the quarter, compared to the consensus estimate of $384.54 million. Patrick Industries had a return on equity of 26.46% and a net margin of 4.66%. Patrick Industries’s revenue for the quarter was up 29.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.10 EPS. Analysts predict that Patrick Industries, Inc. will post $4.35 earnings per share for the current fiscal year.
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PATK has been the subject of a number of analyst reports. BidaskClub upgraded Patrick Industries from a “hold” rating to a “buy” rating in a research note on Friday, June 9th. Wells Fargo & Company reaffirmed a “market perform” rating and set a $75.00 target price (up from $72.00) on shares of Patrick Industries in a research report on Monday, June 19th. Finally, Zacks Investment Research lowered Patrick Industries from a “buy” rating to a “hold” rating in a research report on Friday, August 18th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Patrick Industries presently has an average rating of “Hold” and an average price target of $80.75.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Mesirow Financial Investment Management Inc. purchased a new stake in Patrick Industries during the 2nd quarter worth about $416,000. Dynamic Technology Lab Private Ltd purchased a new stake in Patrick Industries during the 2nd quarter worth about $873,000. Verition Fund Management LLC purchased a new stake in Patrick Industries during the 2nd quarter worth about $391,000. Piedmont Investment Advisors LLC purchased a new stake in Patrick Industries during the 2nd quarter worth about $251,000. Finally, Ameritas Investment Partners Inc. lifted its holdings in Patrick Industries by 13.4% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock worth $104,000 after buying an additional 168 shares during the last quarter. 89.73% of the stock is owned by institutional investors.
About Patrick Industries
Patrick Industries, Inc is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industrial markets for customers throughout the United States and Canada. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets.
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