Patrick Industries (NASDAQ:PATK) Share Price Passes Above 200-Day Moving Average - Should You Sell?

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report)'s share price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $126.42 and traded as high as $137.74. Patrick Industries shares last traded at $134.59, with a volume of 217,650 shares.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. StockNews.com downgraded Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, November 14th. Raymond James lowered their target price on shares of Patrick Industries from $106.67 to $90.67 and set an "outperform" rating on the stock in a research note on Friday, November 1st. Benchmark reiterated a "buy" rating and issued a $96.67 price target on shares of Patrick Industries in a research note on Monday, November 4th. KeyCorp increased their price objective on shares of Patrick Industries from $90.00 to $100.00 and gave the company an "overweight" rating in a research report on Wednesday, October 23rd. Finally, BMO Capital Markets lifted their target price on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an "outperform" rating in a research report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Patrick Industries currently has an average rating of "Moderate Buy" and a consensus target price of $93.25.

Patrick Industries Stock Performance

The business's 50-day moving average price is $89.80 and its 200-day moving average price is $84.34. The stock has a market cap of $3.01 billion, a P/E ratio of 19.34, a P/E/G ratio of 1.70 and a beta of 2.24. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41.

Shares of Patrick Industries are going to split before the market opens on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly minted shares will be issued to shareholders after the closing bell on Friday, December 13th.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The construction company reported $1.20 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.22 by ($0.02). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The firm had revenue of $919.44 million during the quarter, compared to analysts' expectations of $935.75 million. During the same period last year, the company earned $1.21 earnings per share. The business's revenue for the quarter was up 6.2% on a year-over-year basis. As a group, sell-side analysts expect that Patrick Industries, Inc. will post 6.43 earnings per share for the current fiscal year.

Patrick Industries Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Stockholders of record on Monday, November 25th were given a $0.40 dividend. The ex-dividend date of this dividend was Monday, November 25th. This represents a $1.60 annualized dividend and a dividend yield of 1.19%. Patrick Industries's payout ratio is 34.48%.

Insider Transactions at Patrick Industries

In other news, CEO Andy L. Nemeth sold 15,000 shares of the business's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $93.76, for a total value of $1,406,400.00. Following the transaction, the chief executive officer now owns 364,678 shares of the company's stock, valued at approximately $34,192,209.28. The trade was a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.70% of the company's stock.

Institutional Trading of Patrick Industries

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Sound Income Strategies LLC purchased a new stake in shares of Patrick Industries during the 3rd quarter worth approximately $46,000. Northwestern Mutual Wealth Management Co. purchased a new stake in Patrick Industries during the second quarter valued at $41,000. GAMMA Investing LLC raised its stake in Patrick Industries by 76.2% during the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company's stock valued at $67,000 after purchasing an additional 205 shares in the last quarter. UMB Bank n.a. lifted its position in Patrick Industries by 176.6% during the third quarter. UMB Bank n.a. now owns 567 shares of the construction company's stock valued at $81,000 after purchasing an additional 362 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its stake in shares of Patrick Industries by 21.4% in the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company's stock worth $112,000 after buying an additional 139 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.