Insider Buying: Patrick Industries, Inc. (NASDAQ:PATK) Director Acquires 5,000 Shares of Stock

Patrick Industries, Inc. (NASDAQ:PATK) Director Todd M. Cleveland purchased 5,000 shares of Patrick Industries stock in a transaction dated Monday, May 19th. The shares were bought at an average cost of $87.49 per share, for a total transaction of $437,450.00. Following the transaction, the director now directly owns 130,286 shares of the company’s stock, valued at approximately $11,398,722.14. The trade was a 3.99% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Patrick Industries Trading Down 2.6%

Shares of NASDAQ PATK opened at $87.17 on Thursday. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90. The company has a market cap of $2.91 billion, a price-to-earnings ratio of 21.16, a price-to-earnings-growth ratio of 1.41 and a beta of 2.05. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The stock’s 50 day simple moving average is $82.61 and its 200 day simple moving average is $86.87.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.13. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. The company had revenue of $1 billion for the quarter, compared to analysts’ expectations of $959.46 million. During the same period last year, the business posted $1.79 earnings per share. The firm’s quarterly revenue was up 7.5% compared to the same quarter last year. Equities research analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date is Tuesday, May 27th. Patrick Industries’s payout ratio is 38.37%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Arizona State Retirement System boosted its position in shares of Patrick Industries by 51.3% during the fourth quarter. Arizona State Retirement System now owns 9,271 shares of the construction company’s stock worth $770,000 after buying an additional 3,143 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Patrick Industries by 27.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company’s stock worth $10,222,000 after acquiring an additional 26,558 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Patrick Industries by 55.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock worth $45,592,000 after purchasing an additional 195,138 shares in the last quarter. Xponance Inc. grew its stake in shares of Patrick Industries by 13.8% in the fourth quarter. Xponance Inc. now owns 3,070 shares of the construction company’s stock worth $255,000 after purchasing an additional 372 shares in the last quarter. Finally, IFP Advisors Inc increased its holdings in shares of Patrick Industries by 35.8% during the fourth quarter. IFP Advisors Inc now owns 1,044 shares of the construction company’s stock valued at $87,000 after purchasing an additional 275 shares during the period. Institutional investors own 93.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Truist Financial cut their price objective on Patrick Industries from $120.00 to $110.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Raymond James lowered their price target on Patrick Industries from $103.00 to $95.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. Roth Mkm restated a “buy” rating and set a $100.00 price objective (down from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Robert W. Baird decreased their price objective on shares of Patrick Industries from $96.00 to $84.00 and set a “neutral” rating for the company in a report on Friday, May 2nd. Finally, Baird R W cut shares of Patrick Industries from a “strong-buy” rating to a “hold” rating in a report on Friday, April 4th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $96.29.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.