ELKHART, Ind.—Joel D. Duthie, the Chief Legal Officer and Secretary of Patrick Industries Inc. (NASDAQ:PATK), a company that has delivered an impressive 58% return over the past year and maintains a strong financial health rating according to InvestingPro, recently sold 718 shares of common stock in the company. The shares were sold at an average price of $137.11, amounting to a total value of $98,444. Following this transaction, Duthie owns 31,459 shares of Patrick Industries, which currently has a market capitalization of $3.06 billion. The sale was disclosed in a filing with the Securities and Exchange Commission, marking an important update for investors tracking insider activities at the motor vehicle parts and accessories company. InvestingPro analysis indicates the stock is currently trading above its Fair Value, with 10+ additional exclusive insights available for subscribers.
In other recent news, Patrick Industries reported a 6% increase in Q3 2024 revenue, reaching approximately $919 million, and a 3% rise in net income to $41 million. Adjusted EBITDA also saw a 7% boost, reaching $121 million. BMO Capital Markets, KeyBanc Capital Markets, and BofA Securities have all recently adjusted their outlook on Patrick Industries. BMO Capital Markets raised its price target from $150.00 to $155.00, maintaining an Outperform rating, while KeyBanc Capital Markets reiterated an Overweight rating with a $150.00 price target. BofA Securities increased the price target to $110.00 from the previous $95.00, while keeping an Underperform rating. These adjustments reflect Patrick Industries' robust acquisition pipeline, which is seen as a crucial component of its long-term growth strategy. The company has also reported sector performance, with housing revenue increasing by 13% and marine revenues jumping by 21%, while RV revenues were slightly down by 1%. These are recent developments shaping the trajectory of Patrick Industries.
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