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ELKHART, Ind.—Joel D. Duthie, Chief Legal Officer and Secretary of Patrick Industries Inc. (NASDAQ:PATK), recently sold 7,300 shares of the company’s common stock. The transaction, dated February 7, 2025, was disclosed in a regulatory filing with the Securities and Exchange Commission. The company, with a market capitalization of $3.1 billion, currently maintains a "GOOD" financial health score according to InvestingPro analysis.
The shares were sold at a weighted average price of $95.173, resulting in a total transaction value of approximately $694,762. According to the filing, the shares were sold in multiple transactions at prices ranging from $93.80 to $96.07. Following the sale, Duthie retains ownership of 39,548 shares of Patrick Industries. The stock, which has shown notable volatility, is trading near its 52-week high of $98.90 and appears overvalued based on InvestingPro’s Fair Value analysis.
Patrick Industries, headquartered in Elkhart, Indiana, is a leading manufacturer and distributor of building products and materials for the recreational vehicle, manufactured housing, and marine industries. The company has demonstrated strong financial performance with a revenue of $3.7 billion in the last twelve months and maintains healthy liquidity with a current ratio of 2.33. Discover more insights about PATK and access comprehensive analysis through the Pro Research Report, available exclusively on InvestingPro.
In other recent news, Patrick Industries has been the focus of several analyst firms. Benchmark raised the price target for Patrick Industries to $102, citing robust results from the company’s diversification strategy. Truist Securities, however, adjusted its price target for the company from $110 to $105, maintaining a Buy rating and projecting potential for margin improvement. BofA Securities increased its price target for Patrick Industries to $110, highlighting the company’s robust acquisition pipeline, while KeyBanc Capital Markets held its price target at $150, expressing confidence in the company’s long-term growth opportunities.
Patrick Industries has reported an 8% increase in fourth-quarter net sales to $846 million and a 7% rise in full-year net sales to $3.7 billion, attributed to strategic acquisitions and increased revenue from the Housing and RV end markets. Despite the rise in sales, operating income saw a decline, with fourth-quarter operating income falling 31% to $40 million. The company also returned $55 million to shareholders through dividends and share repurchases in 2024.
These are recent developments and represent a snapshot of the company’s current financial landscape. As always, investors are encouraged to conduct their own thorough research before making investment decisions.
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