Patrick Industries (NASDAQ:PATK) Insider Buys $124,241.00 in Stock

Patrick Industries, Inc. (NASDAQ:PATK) insider Jacob Petkovich acquired 1,300 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The shares were bought at an average cost of $95.57 per share, for a total transaction of $124,241.00. Following the purchase, the insider owned 46,290 shares of the company’s stock, valued at approximately $4,423,935.30. The trade was a 2.89% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Patrick Industries Trading Up 2.9%

Shares of PATK stock opened at $95.33 on Friday. The firm has a 50-day moving average price of $92.16 and a 200 day moving average price of $110.41. Patrick Industries, Inc. has a twelve month low of $82.35 and a twelve month high of $148.50. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of 24.44 and a beta of 1.09. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.02. The company had revenue of $997.17 million for the quarter, compared to analysts’ expectations of $989.06 million. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period last year, the company earned $1.11 EPS. Research analysts forecast that Patrick Industries, Inc. will post 4.94 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Tuesday, May 26th were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.88 annualized dividend and a dividend yield of 2.0%. Patrick Industries’s dividend payout ratio is presently 48.21%.

Analyst Upgrades and Downgrades

PATK has been the subject of several analyst reports. BMO Capital Markets reiterated an “outperform” rating and issued a $150.00 price target (down from $155.00) on shares of Patrick Industries in a report on Monday, April 20th. Wall Street Zen cut Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Robert W. Baird set a $110.00 price objective on Patrick Industries in a research report on Friday, May 1st. Weiss Ratings lowered Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, June 4th. Finally, Benchmark reduced their target price on Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $122.62.

Hedge Funds Weigh In On Patrick Industries

Hedge funds have recently made changes to their positions in the stock. Torren Management LLC acquired a new stake in shares of Patrick Industries during the 4th quarter worth $26,000. Advisory Services Network LLC acquired a new position in Patrick Industries in the third quarter valued at $25,000. Allworth Financial LP grew its position in Patrick Industries by 181.2% during the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after acquiring an additional 203 shares during the period. Farther Finance Advisors LLC increased its stake in Patrick Industries by 200.9% during the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock worth $37,000 after acquiring an additional 229 shares during the last quarter. Finally, Strs Ohio acquired a new stake in Patrick Industries during the first quarter worth about $42,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.