Patrick Industries, Inc. (PATK) CEO Todd M. Cleveland Buys 15,000 Shares

Patrick Industries, Inc. (NASDAQ:PATK) CEO Todd M. Cleveland bought 15,000 shares of the firm’s stock in a transaction dated Thursday, December 13th. The shares were acquired at an average cost of $31.72 per share, with a total value of $475,800.00. Following the completion of the transaction, the chief executive officer now owns 601,219 shares in the company, valued at $19,070,666.68. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

PATK stock opened at $29.08 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 2.24 and a debt-to-equity ratio of 1.43. The firm has a market cap of $726.93 million, a PE ratio of 9.14, a PEG ratio of 0.44 and a beta of 1.19. Patrick Industries, Inc. has a fifty-two week low of $28.99 and a fifty-two week high of $72.35.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, October 25th. The construction company reported $1.15 EPS for the quarter, topping the consensus estimate of $1.06 by $0.09. Patrick Industries had a return on equity of 28.73% and a net margin of 5.52%. The business had revenue of $575.14 million during the quarter, compared to the consensus estimate of $565.23 million. On average, equities analysts forecast that Patrick Industries, Inc. will post 4.62 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of PATK. Alps Advisors Inc. boosted its stake in Patrick Industries by 30.8% in the 2nd quarter. Alps Advisors Inc. now owns 9,414 shares of the construction company’s stock worth $654,000 after purchasing an additional 2,218 shares during the period. Wells Fargo & Company MN boosted its stake in Patrick Industries by 22.9% in the 2nd quarter. Wells Fargo & Company MN now owns 367,736 shares of the construction company’s stock worth $20,906,000 after purchasing an additional 68,447 shares during the period. First Trust Advisors LP boosted its stake in Patrick Industries by 20.8% in the 2nd quarter. First Trust Advisors LP now owns 50,260 shares of the construction company’s stock worth $2,857,000 after purchasing an additional 8,666 shares during the period. KBC Group NV bought a new position in Patrick Industries in the 2nd quarter worth about $1,451,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in Patrick Industries in the 2nd quarter worth about $283,000. Institutional investors and hedge funds own 91.61% of the company’s stock.

Several research analysts have recently weighed in on PATK shares. Sidoti cut their price target on Patrick Industries from $90.00 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, October 23rd. TheStreet downgraded Patrick Industries from a “b-” rating to a “c+” rating in a research note on Wednesday, December 12th. Zacks Investment Research downgraded Patrick Industries from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 17th. ValuEngine downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. Finally, BidaskClub downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research note on Wednesday, September 26th. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $73.40.

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Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes building products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, walls, countertops, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, solid surface, granite, and quartz countertop fabrication products; RV paintings; fabricated aluminum products; fiberglass and plastic components; softwoods lumber; custom cabinets; polymer-based flooring products; and electrical systems and components, including instrument and dash panels, and other products.

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Insider Buying and Selling by Quarter for Patrick Industries (NASDAQ:PATK)

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