Director Michael Kitson Sells 3,290 Shares of Patrick Industries Inc (PATK)
On February 15, 2024, Director Michael Kitson sold 3,290 shares of Patrick Industries Inc (NASDAQ:PATK), as reported in a recent SEC filing. The transaction was executed with the shares priced at $110.87 each, resulting in a total sale amount of $364,762.30.
Patrick Industries Inc is a major manufacturer of component products and distributor of building products serving the recreational vehicle, marine, manufactured housing, and various industrial markets including hospitality, institutional, and commercial. The company operates through two segments: Manufacturing and Distribution, which work collaboratively to design and produce a wide range of high-quality products that are distributed throughout the United States.
Over the past year, the insider has sold a total of 3,290 shares and has not made any purchases of the company's stock. The insider transaction history for Patrick Industries Inc shows a pattern of 20 insider sells and no insider buys over the past year.
Shares of Patrick Industries Inc were trading at $110.87 on the day of the insider's recent sale, giving the company a market cap of $2.461 billion. The price-earnings ratio of the stock stands at 17.08, which is slightly lower than the industry median of 17.88 but higher than the companys historical median price-earnings ratio.
According to the GuruFocus Value chart, with a current price of $110.87 and a GF Value of $68.74, Patrick Industries Inc is considered Significantly Overvalued, with a price-to-GF-Value ratio of 1.61. The GF Value is an intrinsic value estimate that takes into account historical trading multiples, a GuruFocus adjustment factor based on past returns and growth, and future business performance estimates from Morningstar analysts.
The recent insider sell by Director Michael Kitson may provide investors with an indication of the insider's perspective on the stock's current valuation. However, investors should consider a wide range of factors, including the company's fundamentals, industry trends, and broader market conditions, when making investment decisions.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
This article first appeared on GuruFocus.
