Todd M. Cleveland Buys 1,000 Shares of Patrick Industries, Inc. (NASDAQ:PATK) Stock

Patrick Industries, Inc. (NASDAQ:PATK) Director Todd M. Cleveland bought 1,000 shares of the firm’s stock in a transaction dated Tuesday, June 3rd. The stock was acquired at an average cost of $82.75 per share, with a total value of $82,750.00. Following the transaction, the director now owns 133,286 shares of the company’s stock, valued at $11,029,416.50. This trade represents a 0.76% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Patrick Industries Stock Up 4.3%

Shares of NASDAQ PATK opened at $90.59 on Friday. Patrick Industries, Inc. has a 1 year low of $67.72 and a 1 year high of $98.90. The firm has a market capitalization of $3.03 billion, a PE ratio of 21.99, a price-to-earnings-growth ratio of 1.41 and a beta of 2.05. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The firm’s 50-day moving average is $82.83 and its 200-day moving average is $86.98.

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

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 9th. Investors of record on Tuesday, May 27th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date is Tuesday, May 27th. Patrick Industries’s dividend payout ratio is presently 38.37%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PATK. KeyCorp dropped their price objective on Patrick Industries from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Raymond James reduced their price objective on shares of Patrick Industries from $103.00 to $95.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. Truist Financial increased their price target on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday. Baird R W lowered Patrick Industries from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 4th. Finally, Wall Street Zen raised Patrick Industries from a “sell” rating to a “hold” rating in a report on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $95.67.

Institutional Trading of Patrick Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. KBC Group NV raised its holdings in Patrick Industries by 168.4% during the fourth quarter. KBC Group NV now owns 1,578 shares of the construction company’s stock worth $131,000 after acquiring an additional 990 shares in the last quarter. Yousif Capital Management LLC boosted its holdings in shares of Patrick Industries by 47.2% in the 4th quarter. Yousif Capital Management LLC now owns 12,700 shares of the construction company’s stock valued at $1,055,000 after buying an additional 4,070 shares during the last quarter. Yorktown Management & Research Co Inc raised its position in Patrick Industries by 50.0% during the fourth quarter. Yorktown Management & Research Co Inc now owns 5,550 shares of the construction company’s stock worth $461,000 after acquiring an additional 1,850 shares in the last quarter. Meritage Portfolio Management grew its position in shares of Patrick Industries by 64.3% in the 4th quarter. Meritage Portfolio Management now owns 13,712 shares of the construction company’s stock valued at $1,139,000 after acquiring an additional 5,368 shares during the period. Finally, State of Alaska Department of Revenue raised its holdings in shares of Patrick Industries by 49.2% in the 4th quarter. State of Alaska Department of Revenue now owns 19,068 shares of the construction company’s stock valued at $1,584,000 after purchasing an additional 6,285 shares during the period. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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.