Andy L. Nemeth, Chief Executive Officer of Patrick Industries Inc. (NASDAQ:PATK), recently sold a total of 30,000 shares of the company's common stock. The transactions, disclosed in a recent SEC filing, took place on November 22 and November 25.
On November 22, Nemeth sold 20,000 shares at a price of $135 per share. This transaction was followed by an additional sale of 10,000 shares on November 25, at a weighted average price of $140.638 per share. The latter transaction involved multiple sales at prices ranging from $140.34 to $141.10.
Following these transactions, Nemeth retains direct ownership of 243,119 shares of Patrick Industries. The total value of these sales amounts to approximately $4.1 million.
In other recent news, Patrick Industries reported a 6% revenue growth in its third-quarter 2024 financial results, reaching approximately $919 million. The company's net income also saw a 3% rise, reaching $41 million. Adjusted EBITDA experienced a 7% increase, reaching $121 million. BMO Capital Markets has raised its price target on Patrick Industries' stock, maintaining an Outperform rating, following the company's recent acquisition of RecPro and its potential to drive future growth. The firm is optimistic about the company's margin outlook despite the challenges posed by industry wholesale and content headwinds. Housing revenue increased by 13% to $300 million, while marine revenues jumped by 21%, although RV revenues were slightly down by 1%. The company is preparing for its inaugural Investor Day on December 3, 2024, to discuss its long-term strategy and outlook for 2025. These are all recent developments in the company's trajectory.
InvestingPro Insights
Patrick Industries Inc. (NASDAQ:PATK) has demonstrated strong financial performance, as reflected in its recent stock price movements and financial metrics. According to InvestingPro data, the company's market capitalization stands at $3.11 billion, with a price-to-earnings (P/E) ratio of 19.34. This valuation comes on the heels of impressive stock performance, with a one-year price total return of 67.02% as of the latest data.
The recent insider sale by CEO Andy L. Nemeth occurs against a backdrop of positive company fundamentals. An InvestingPro Tip highlights that Patrick Industries has raised its dividend for 6 consecutive years, signaling management's confidence in the company's financial stability and future prospects. This is further supported by the company's dividend yield of 1.73% and a notable dividend growth of 33.33% over the last twelve months.
Another InvestingPro Tip indicates that Patrick Industries' liquid assets exceed short-term obligations, suggesting a strong balance sheet position. This financial health is particularly relevant in the context of the CEO's stock sale, as it implies the transaction may be more related to personal financial planning rather than concerns about the company's financial position.
Investors seeking a deeper understanding of Patrick Industries' performance and outlook may find value in exploring the additional 8 InvestingPro Tips available, which offer further insights into the company's financial health and market position.
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