Patrick Industries, Inc. (PATK) Director Sells $2,238,750.00 in Stock

Patrick Industries, Inc. (NASDAQ:PATK) Director Jeffrey L. Et Al Gendell sold 25,000 shares of Patrick Industries stock in a transaction that occurred on Thursday, October 26th. The shares were sold at an average price of $89.55, for a total value of $2,238,750.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Shares of Patrick Industries, Inc. (NASDAQ:PATK) traded up 1.20% during trading on Monday, hitting $92.90. The stock had a trading volume of 98,540 shares. Patrick Industries, Inc. has a one year low of $50.80 and a one year high of $94.45. The stock’s 50-day moving average price is $82.81 and its 200 day moving average price is $74.79. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of 22.71 and a beta of 0.88.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, October 26th. The construction company reported $1.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.15. The company had revenue of $407.50 million during the quarter, compared to analyst estimates of $371.98 million. Patrick Industries had a net margin of 4.73% and a return on equity of 24.60%. The company’s revenue was up 34.0% on a year-over-year basis. During the same quarter last year, the business posted $0.79 earnings per share. On average, equities analysts forecast that Patrick Industries, Inc. will post $4.39 EPS for the current year.

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A number of brokerages have commented on PATK. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “buy” rating and set a $94.00 target price for the company in a research note on Friday, September 29th. Bank of America Corporation lifted their target price on Patrick Industries from $85.00 to $93.00 and gave the company a “buy” rating in a research note on Tuesday, October 24th. Robert W. Baird restated a “buy” rating on shares of Patrick Industries in a research note on Thursday, October 12th. Finally, BidaskClub downgraded Patrick Industries from a “buy” rating to a “hold” rating in a research note on Saturday, July 8th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Patrick Industries presently has a consensus rating of “Buy” and a consensus price target of $84.50.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. increased its holdings in shares of Patrick Industries by 13.4% during the second quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock worth $104,000 after buying an additional 168 shares in the last quarter. Pinebridge Investments L.P. increased its holdings in shares of Patrick Industries by 10.0% during the second quarter. Pinebridge Investments L.P. now owns 2,097 shares of the construction company’s stock worth $153,000 after buying an additional 191 shares in the last quarter. Advisor Group Inc. increased its holdings in shares of Patrick Industries by 12.1% during the second quarter. Advisor Group Inc. now owns 2,296 shares of the construction company’s stock worth $168,000 after buying an additional 247 shares in the last quarter. Pacad Investment Ltd. increased its holdings in shares of Patrick Industries by 76.9% during the second quarter. Pacad Investment Ltd. now owns 2,300 shares of the construction company’s stock worth $168,000 after buying an additional 1,000 shares in the last quarter. Finally, UBS Asset Management Americas Inc. acquired a new stake in shares of Patrick Industries during the second quarter worth approximately $202,000. 89.52% of the stock is owned by institutional investors.

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.

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