Todd M. Cleveland, a director at Patrick Industries, Inc., sold a total of 10,000 shares of the company’s stock in a transaction on January 9, 2019. (NASDAQ: PATK). A total of $657,700.00 was received for the sale of the shares, which works out to a price of $65.77 per share on average. Following the conclusion of the sale, the director is now the owner of 156,316 shares. The total value of these shares is $10,280,903.32, so the director’s investment is doing quite well. You will be taken to a legal file submitted to the SEC if you click on the link we have provided, where you will find additional information regarding the sale.
On Thursday, October 27, Patrick Industries (NASDAQ: PATK) shared its most recent quarterly earnings report with the public. The construction company reported $2.43 per share earnings for the quarter, which is $0.41 higher than the estimate that market analysts compiled as a consensus. The revenue for the quarter came in at $1.11 billion, which was less than the $1.12 billion that analysts had anticipated would be generated during the period. It can be seen that Patrick Industries had a successful performance by looking at their net margin of 6.87% and their return on equity of 42.22%. According to the forecasts offered by analysts specializing in market research, Patrick Industries, Inc. should bring in a profit per share of 13.48 dollars during the current fiscal year.
Additionally, the company declared a quarterly dividend, which was paid out on December 12 and distributed the following day, December 12. On Monday, November 28, shareholders of record were each given a dividend payment of $0.45. This payment was made. An annual calculation reveals that this equates to a dividend payment of $1.80 and a yield of 2.73%. On November 25, shareholders will no longer be eligible to receive a dividend payment for this payment. Compared to the previous quarterly dividend payment amount of $0.33 that Patrick Industries made, this represents an increase in the total amount of the dividend payment. At the moment, Patrick Industries is providing shareholders with a dividend payout rate of 12.52%.
The price of one share of Patrick Industries’ stock increased by $0.54 to $65.96 during the trading session that took place at noon on Wednesday. The average daily trading volume in the company’s stock is 173,026 shares, but there were only 145,184 trades today. This is a significant decrease in volume. Patrick Industries, Inc. recorded a $41.75 as its 52-week low, while the company reached a price of $78.69 as its 52-week high. The company has a PE ratio of 4.55, a P/E/G ratio of 2.43, and a beta value of 1.83. Its market capitalization is currently sitting at $1.49 billion at this time. The stock has been trading at $53.87 on average over the past 50 trading days, while its moving average price over the past 200 trading days has been $56.88. The debt-to-equity ratio was calculated to be 1.41, the quick ratio was calculated to be 0.86, and the current ratio was calculated to be 2.54.
During recent years, significant shareholders in the company have been active in taking action to bring about change. During the second quarter, FinTrust Capital Advisors LLC achieved a 75.4% increase in the proportion of Patrick Industries owned by the company. FinTrust Capital Advisors LLC now has 491 shares of the construction company’s stock, valued at $29,000, after purchasing an additional 211 shares during the most recent quarter. These shares were acquired through the purchase of additional options. During the second quarter, Wilen Investment Management Corporation grew its stake in Patrick Industries by 36.2%. This increase occurred due to the company purchasing additional shares of the company’s stock. Because of the purchase of an additional 300 shares during the most recent quarter, Wilen Investment Management Corp. now directly owns 1,129 shares of the construction company. These shares are valued at $58,000 thanks to the recent acquisition of additional shares. By purchasing a new holding in the company during the second quarter, Quantbot Technologies LP raised its overall stake in Patrick Industries and brought its total investment to approximately $71,000 more. During the third quarter, the Public Employees Retirement System of Ohio made a 12.1% purchase of additional Patrick Industries stock, bringing the total amount of the company’s shares it owned to 58.4%. The Public Employees Retirement System of Ohio now has 1,800 shares of the construction company’s stock, which are currently valued at $79,000 after purchasing an additional 195 shares during the most recent quarter. This brings the total number of shares the system owns in the construction company to 1,800. The most recent fiscal quarter was used for the purchase of these shares.
Last but not least, during the second quarter, Counterpoint Mutual Funds LLC spent close to $96,000 to acquire a new holding in Patrick Industries. This was the company’s most recent investment. This was the most recent investment that the company had made. Institutional investors and hedge funds control a combined total of 89.53% of the outstanding shares.
There have been many research papers written about PATK that have been published. Some of these papers are listed here. In a research report published on Wednesday, October 5, Trust Financial lowered its “buy” rating and price objective on Patrick Industries from $65.00 to $60.00. The report was about the company’s stock. The report’s subject matter was the company. The coverage of StockNews.com on October 12, a Wednesday, was expanded to include Patrick Industries. They advised their clients to “hold” the stock moving forward. MKM Partners downgraded Patrick Industries from a “buy” rating to a “hold” rating and decreased their target price on the stock from $80.00 to $60.00 in a report published on Monday, October 3. In addition, the target price for the stock was decreased. In a research report that was made public on Friday, October 28, Robert W. Baird lowered their price objective on shares of Patrick Industries from $90.00 to $75.00. The report was about the company’s stock. Despite this modification, they maintained their “outperform” rating on the stock. One of the research analysts who cover the company has suggested selling the stock, while two others have given it a rating of “hold,” and four others have given it a rating of “buy.” The information provided by Bloomberg indicates that the current rating for Patrick Industries is “Hold” and that the price target has been established at $65.67.