Insider Selling: Patrick Industries, Inc. (NASDAQ:PATK) Chairman Sells $16,486.00 in Stock

Patrick Industries, Inc. (NASDAQ:PATK) Chairman Todd M. Cleveland sold 200 shares of Patrick Industries stock in a transaction on Friday, February 19th. The shares were sold at an average price of $82.43, for a total value of $16,486.00. Following the completion of the transaction, the chairman now owns 269,419 shares of the company’s stock, valued at $22,208,208.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Shares of NASDAQ PATK opened at $81.95 on Monday. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of 23.96, a price-to-earnings-growth ratio of 1.34 and a beta of 2.41. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.10 and a quick ratio of 0.99. The business has a 50-day moving average of $72.77 and a two-hundred day moving average of $64.40. Patrick Industries, Inc. has a 1 year low of $16.70 and a 1 year high of $82.43.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, February 11th. The construction company reported $1.64 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.49 by $0.15. Patrick Industries had a return on equity of 15.75% and a net margin of 3.50%. As a group, equities research analysts expect that Patrick Industries, Inc. will post 4.06 earnings per share for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of PATK. Louisiana State Employees Retirement System increased its position in shares of Patrick Industries by 69.2% during the third quarter. Louisiana State Employees Retirement System now owns 10,200 shares of the construction company’s stock worth $587,000 after purchasing an additional 4,170 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of Patrick Industries by 36.1% during the third quarter. Nisa Investment Advisors LLC now owns 2,450 shares of the construction company’s stock worth $141,000 after purchasing an additional 650 shares in the last quarter. Alberta Investment Management Corp acquired a new stake in shares of Patrick Industries during the third quarter worth about $604,000. M&G Investment Management Ltd. acquired a new stake in shares of Patrick Industries during the third quarter worth about $574,000. Finally, Parallel Advisors LLC acquired a new stake in shares of Patrick Industries during the third quarter worth about $112,000. Institutional investors and hedge funds own 88.50% of the company’s stock.

A number of analysts have issued reports on the company. Zacks Investment Research raised Patrick Industries from a “hold” rating to a “buy” rating and set a $78.00 price target for the company in a report on Wednesday, January 6th. TheStreet raised Patrick Industries from a “c+” rating to a “b-” rating in a report on Monday, December 7th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $74.40.

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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