Hugo Gonzalez Sells 13,514 Shares of Patrick Industries (NASDAQ:PATK) Stock

Patrick Industries, Inc. (NASDAQ:PATK) COO Hugo Gonzalez sold 13,514 shares of the stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $113.10, for a total value of $1,528,433.40. Following the transaction, the chief operating officer owned 33,864 shares of the company’s stock, valued at approximately $3,830,018.40. The trade was a 28.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Patrick Industries Trading Up 1.0%

NASDAQ:PATK opened at $114.31 on Friday. The company 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 business has a 50 day moving average price of $127.42 and a two-hundred day moving average price of $113.65. The company has a quick ratio of 0.80, a current ratio of 2.51 and a debt-to-equity ratio of 1.08.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The company had revenue of $924.17 million for the quarter, compared to the consensus estimate of $858.62 million. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The firm’s revenue was up 9.2% compared to the same quarter last year. During the same period last year, the company earned $0.52 earnings per share. As a group, analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 9th. Investors of record on Monday, February 23rd were given 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 (DPR) is 48.08%.

Analyst Ratings Changes

Several equities research analysts have commented on PATK shares. Benchmark restated a “buy” rating on shares of Patrick Industries in a research note on Friday, February 6th. Weiss Ratings raised Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Roth Mkm reissued a “buy” rating and set a $157.00 price target on shares of Patrick Industries in a research report on Monday, February 9th. Robert W. Baird set a $140.00 price target on Patrick Industries in a research note on Friday, February 6th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $155.00 price target on shares of Patrick Industries in a research report on Friday, February 6th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $135.13.

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Patrick Industries by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock valued at $1,632,000 after purchasing an additional 851 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Patrick Industries by 5.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company’s stock worth $5,957,000 after buying an additional 3,748 shares during the period. Strs Ohio acquired a new position in Patrick Industries in the 1st quarter valued at about $42,000. Bank of Montreal Can raised its holdings in Patrick Industries by 2.1% in the 2nd quarter. Bank of Montreal Can now owns 5,200 shares of the construction company’s stock valued at $480,000 after acquiring an additional 106 shares during the period. Finally, Campbell & CO Investment Adviser LLC bought a new position in Patrick Industries in the 2nd quarter valued at about $369,000. 93.29% of the stock is owned by institutional investors.

About Patrick Industries

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.