Patrick Industries, Inc. (PATK) President Sells $415,150.00 in Stock

Patrick Industries, Inc. (NASDAQ:PATK) President Andy L. Nemeth sold 5,000 shares of the stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $83.03, for a total transaction of $415,150.00. Following the completion of the transaction, the president now directly owns 69,193 shares in the company, valued at $5,745,094.79. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Shares of Patrick Industries, Inc. (PATK) opened at 84.10 on Monday. Patrick Industries, Inc. has a 12-month low of $50.80 and a 12-month high of $86.10. The stock’s 50 day moving average price is $73.03 and its 200-day moving average price is $71.46. The firm has a market cap of $1.41 billion, a P/E ratio of 20.56 and a beta of 0.88.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, July 27th. The construction company reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.12. Patrick Industries had a net margin of 4.66% and a return on equity of 26.46%. The company had revenue of $407.20 million for the quarter, compared to analysts’ expectations of $384.54 million. During the same quarter in the previous year, the firm posted $1.10 EPS. Patrick Industries’s revenue was up 29.2% on a year-over-year basis. On average, analysts predict that Patrick Industries, Inc. will post $4.35 earnings per share for the current fiscal year.

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A number of large investors have recently added to or reduced their stakes in the business. Neuberger Berman Group LLC raised its stake in shares of Patrick Industries by 10.6% in the second quarter. Neuberger Berman Group LLC now owns 510,710 shares of the construction company’s stock valued at $37,205,000 after buying an additional 49,035 shares during the period. Legal & General Group Plc lifted its position in shares of Patrick Industries by 9.7% during the 2nd quarter. Legal & General Group Plc now owns 28,863 shares of the construction company’s stock valued at $2,105,000 after buying an additional 2,548 shares during the last quarter. Thompson Siegel & Walmsley LLC purchased a new position in shares of Patrick Industries during the 2nd quarter valued at $5,240,000. Algert Global LLC lifted its position in shares of Patrick Industries by 386.1% during the 2nd quarter. Algert Global LLC now owns 27,826 shares of the construction company’s stock valued at $2,027,000 after buying an additional 22,102 shares during the last quarter. Finally, Cadence Capital Management LLC lifted its position in shares of Patrick Industries by 53.2% during the 2nd quarter. Cadence Capital Management LLC now owns 23,487 shares of the construction company’s stock valued at $1,711,000 after buying an additional 8,159 shares during the last quarter. 89.73% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts have recently issued reports on PATK shares. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “buy” rating and set a $94.00 price objective for the company in a report on Friday. BidaskClub lowered Patrick Industries from a “buy” rating to a “hold” rating in a research note on Saturday, July 8th. Finally, Wells Fargo & Company reiterated a “market perform” rating and set a $75.00 target price (up previously from $72.00) on shares of Patrick Industries in a research note on Monday, June 19th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $80.75.

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.

Insider Buying and Selling by Quarter for Patrick Industries (NASDAQ:PATK)

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