Patrick Industries, Inc. (PATK) Director Jeffrey L. Et Al Gendell Sells 222,347 Shares

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Patrick Industries, Inc. (NASDAQ:PATK) Director Jeffrey L. Et Al Gendell sold 222,347 shares of the company’s stock in a transaction dated Monday, December 17th. The shares were sold at an average price of $30.34, for a total value of $6,746,007.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Shares of Patrick Industries stock opened at $29.86 on Wednesday. Patrick Industries, Inc. has a 1 year low of $28.99 and a 1 year high of $72.35. The stock has a market capitalization of $698.12 million, a price-to-earnings ratio of 9.39, a price-to-earnings-growth ratio of 0.42 and a beta of 1.19. The company has a quick ratio of 0.85, a current ratio of 2.24 and a debt-to-equity ratio of 1.43.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, October 25th. The construction company reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.09. Patrick Industries had a return on equity of 28.73% and a net margin of 5.52%. The company had revenue of $575.14 million during the quarter, compared to the consensus estimate of $565.23 million. On average, research analysts predict that Patrick Industries, Inc. will post 4.62 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in the business. Raymond James & Associates increased its holdings in shares of Patrick Industries by 22.9% in the second quarter. Raymond James & Associates now owns 4,937 shares of the construction company’s stock worth $281,000 after acquiring an additional 921 shares in the last quarter. State Board of Administration of Florida Retirement System increased its holdings in shares of Patrick Industries by 7.1% in the second quarter. State Board of Administration of Florida Retirement System now owns 15,774 shares of the construction company’s stock worth $897,000 after acquiring an additional 1,050 shares in the last quarter. IndexIQ Advisors LLC increased its holdings in shares of Patrick Industries by 3.9% in the third quarter. IndexIQ Advisors LLC now owns 36,754 shares of the construction company’s stock worth $2,176,000 after acquiring an additional 1,387 shares in the last quarter. Essex Investment Management Co. LLC increased its holdings in shares of Patrick Industries by 3.3% in the third quarter. Essex Investment Management Co. LLC now owns 47,602 shares of the construction company’s stock worth $2,818,000 after acquiring an additional 1,511 shares in the last quarter. Finally, Catalyst Capital Advisors LLC increased its holdings in shares of Patrick Industries by 10.5% in the third quarter. Catalyst Capital Advisors LLC now owns 16,800 shares of the construction company’s stock worth $995,000 after acquiring an additional 1,600 shares in the last quarter. Institutional investors own 91.61% of the company’s stock.

A number of equities research analysts recently commented on PATK shares. ValuEngine downgraded Patrick Industries from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. BidaskClub downgraded Patrick Industries from a “hold” rating to a “sell” rating in a report on Wednesday, September 26th. Zacks Investment Research downgraded Patrick Industries from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 17th. Wells Fargo & Co reiterated a “market perform” rating and issued a $30.00 price objective (down previously from $67.00) on shares of Patrick Industries in a report on Tuesday. Finally, Sidoti dropped their price objective on Patrick Industries from $90.00 to $81.00 and set a “buy” rating for the company in a report on Tuesday, October 23rd. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $66.20.

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About Patrick Industries

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; 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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