Patrick Industries, Inc. (NASDAQ:PATK) Director Todd M. Cleveland Buys 6,000 Shares

Patrick Industries, Inc. (NASDAQ:PATK) Director Todd M. Cleveland bought 6,000 shares of Patrick Industries stock in a transaction dated Thursday, May 15th. The stock was purchased at an average price of $85.80 per share, with a total value of $514,800.00. Following the purchase, the director now directly owns 125,286 shares in the company, valued at approximately $10,749,538.80. This trade represents a 5.03% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through this link.

Patrick Industries Stock Down 2.6%

Shares of NASDAQ PATK opened at $87.17 on Thursday. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90. The firm has a 50-day moving average price of $82.61 and a 200 day moving average price of $86.87. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of 21.16, a price-to-earnings-growth ratio of 1.41 and a beta of 2.05.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, beating the consensus estimate of $0.98 by $0.13. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. The firm had revenue of $1 billion during the quarter, compared to analysts’ expectations of $959.46 million. During the same quarter last year, the business earned $1.79 earnings per share. The business’s revenue for the quarter was up 7.5% compared to the same quarter last year. Equities research analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date is Tuesday, May 27th. Patrick Industries’s payout ratio is currently 38.37%.

Analysts Set New Price Targets

Several research firms have recently commented on PATK. Truist Financial reduced their target price on shares of Patrick Industries from $120.00 to $110.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Benchmark raised their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Baird R W cut shares of Patrick Industries from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 4th. StockNews.com upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a research note on Wednesday, April 30th. Finally, Raymond James reduced their target price on shares of Patrick Industries from $103.00 to $95.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $96.29.

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 business. Quadrant Capital Group LLC raised its position in Patrick Industries by 49.8% during the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock worth $27,000 after acquiring an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its position in Patrick Industries by 49.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock worth $29,000 after acquiring an additional 114 shares during the last quarter. James Investment Research Inc. raised its position in Patrick Industries by 0.8% during the first quarter. James Investment Research Inc. now owns 15,654 shares of the construction company’s stock worth $1,324,000 after acquiring an additional 125 shares during the last quarter. Smartleaf Asset Management LLC raised its position in Patrick Industries by 27.0% during the first quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company’s stock worth $63,000 after acquiring an additional 160 shares during the last quarter. Finally, Hancock Whitney Corp raised its position in Patrick Industries by 7.7% during the first quarter. Hancock Whitney Corp now owns 2,703 shares of the construction company’s stock worth $229,000 after acquiring an additional 194 shares during 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.