Patrick Industries president-RV sells over $2.6m in stock By Investing.com

In a recent move, Jeff Rodino, President-RV of Patrick Industries Inc. (NASDAQ:), a key player in the motor vehicle parts and accessories industry, sold a significant amount of company stock. The transaction, which took place on September 12, 2024, involved the sale of 20,000 shares at a weighted average price of $131.3704, resulting in a total value of $2,627,408.

The sale was part of a series of transactions that occurred over two days. Notably, the prices of the shares sold ranged from $130.70 to $132.0175. This information comes from a footnote in the official filing, which also states that Rodino is willing to provide full details of the transactions to Patrick Industries, its security holders, or the Securities and Exchange Commission upon request.

Following the sale, Rodino’s direct ownership in the company stands at 139,109 shares of common stock. Additionally, the filing revealed that on September 11, 2024, Rodino gifted 400 shares of common stock, a transaction that held no monetary value and did not affect the total shares he now owns.

Investors and market watchers often keep a close eye on insider transactions such as these for insights into executive sentiment regarding their company’s stock. The sale by Rodino is likely to be of interest to those following Patrick Industries’ stock performance and insider trading activity.

In other recent news, Patrick Industries reported robust Q2 earnings, with a notable 10% increase in revenue to approximately $1.02 billion and a 13% improvement in net income to $48 million. The company’s earnings per diluted share reached $2.16, despite market challenges. Analyst firms Roth/MKM and DA Davidson have responded to the company’s performance, with Roth/MKM raising the company’s price target to $134 and retaining a Buy rating, while DA Davidson increased the price target to $114, maintaining a neutral stance.

Recent developments include the launch of proprietary RV composite component solutions and Gear Glass, a fully integrated windshield system for the marine market. The company’s acquisitions of Sportech and Rockford Fosgate were also highlighted, emphasizing manufacturing capabilities and synergies in the Powersports space.

Despite a 30% decline in the marine segment revenue, the company projects a flat to 5% increase in total new housing starts and anticipates operating cash flow for the full year to be between $390 million to $410 million. These developments underscore Patrick Industries’ strategic approach to navigating current market conditions and its commitment to capitalize on future opportunities.

InvestingPro Insights

In light of the recent insider transactions by Jeff Rodino at Patrick Industries Inc. (NASDAQ:PATK), it is pertinent to consider the company’s financial health and market performance to better understand the context of these sales. Patrick Industries has been demonstrating a strong market presence, as reflected by a significant return over the last week, with a price total return of 8.14%. This is part of a broader trend, with the company achieving a robust 70.55% return over the past year, according to the latest data.

InvestingPro Tips reveal that Patrick Industries has raised its dividend for 5 consecutive years, showcasing a commitment to returning value to shareholders. Moreover, the company’s liquid assets exceed its short-term obligations, indicating a sound liquidity position. These factors may provide some reassurance to investors in light of the insider selling. It’s worth noting that the company is trading near its 52-week high, with the price at 99.12% of this peak, which could suggest that insiders like Rodino are taking advantage of the stock’s strong valuation.

From a valuation standpoint, Patrick Industries has a Price/Earnings (P/E) ratio of 18.9, which is slightly adjusted to 19.77 when considering the last twelve months as of Q2 2024. While the company’s revenue growth has seen a decline of 7.4% over the same period, its quarterly revenue growth stands at a positive 10.42%, indicating some recent positive momentum. For those interested in further insights, InvestingPro offers additional tips on Patrick Industries’ performance and future outlook.

Investors looking to delve deeper into Patrick Industries’ prospects can find a total of 12 InvestingPro Tips at https://www.investing.com/pro/PATK, offering a comprehensive analysis to guide investment decisions.

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