Insider Buying: Patrick Industries (NASDAQ:PATK) Insider Buys 1,300 Shares of Stock

Patrick Industries, Inc. (NASDAQ:PATK) insider Jacob Petkovich bought 1,300 shares of the stock in a transaction on Wednesday, May 6th. The stock was purchased at an average price of $95.57 per share, for a total transaction of $124,241.00. Following the purchase, the insider directly owned 46,290 shares of the company’s stock, valued at approximately $4,423,935.30. This represents a 2.89% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Patrick Industries Stock Up 3.5%

Shares of PATK traded up $3.03 during midday trading on Wednesday, reaching $90.20. 635,237 shares of the stock were exchanged, compared to its average volume of 355,624. The company has a market cap of $2.97 billion, a price-to-earnings ratio of 23.13 and a beta of 1.09. The company has a quick ratio of 1.04, a current ratio of 2.71 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 12-month low of $82.35 and a 12-month high of $148.50. The firm has a 50 day simple moving average of $92.61 and a 200-day simple moving average of $110.62.

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

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th were paid a dividend of $0.47 per share. The ex-dividend date was Tuesday, May 26th. This represents a $1.88 annualized dividend and a dividend yield of 2.1%. Patrick Industries’s dividend payout ratio is 48.21%.

Institutional Investors Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Mackenzie Financial Corp increased its stake in shares of Patrick Industries by 4.0% in the fourth quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company’s stock worth $231,000 after purchasing an additional 80 shares during the period. CIBC Asset Management Inc grew its holdings in Patrick Industries by 4.1% in the 4th quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company’s stock valued at $245,000 after buying an additional 88 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its position in Patrick Industries by 4.1% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company’s stock worth $269,000 after buying an additional 98 shares during the period. Oregon Public Employees Retirement Fund increased its position in Patrick Industries by 1.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 7,576 shares of the construction company’s stock worth $821,000 after buying an additional 100 shares during the period. Finally, California State Teachers Retirement System lifted its holdings in shares of Patrick Industries by 0.5% during the second quarter. California State Teachers Retirement System now owns 29,535 shares of the construction company’s stock worth $2,725,000 after buying an additional 154 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PATK. Raymond James Financial set a $108.00 price objective on shares of Patrick Industries in a report on Friday, May 1st. Weiss Ratings cut Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, June 4th. Zacks Research downgraded Patrick Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Robert W. Baird set a $110.00 price objective on Patrick Industries in a report on Friday, May 1st. Finally, Benchmark reduced their target price on Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a report on Friday, May 1st. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Patrick Industries currently has an average rating of “Moderate Buy” and an average price target of $122.62.

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.