Jacob Petkovich Buys 1,300 Shares of Patrick Industries (NASDAQ:PATK) Stock

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

Patrick Industries Stock Up 2.7%

PATK stock opened at $92.68 on Friday. Patrick Industries, Inc. has a fifty-two week low of $82.35 and a fifty-two week high of $148.50. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04. The stock has a market capitalization of $3.05 billion, a price-to-earnings ratio of 23.76 and a beta of 1.09. The business’s fifty day moving average price is $92.24 and its two-hundred day moving average price is $110.52.

Patrick Industries (NASDAQ:PATK) last released 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. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The business had revenue of $997.17 million for the quarter, compared to the consensus estimate of $989.06 million. During the same period in the prior year, the company posted $1.11 earnings per share. Patrick Industries’s revenue was down .6% compared to the same quarter last year. On average, equities analysts anticipate that Patrick Industries, Inc. will post 4.94 earnings per share for the current year.

Patrick Industries Dividend Announcement

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

Institutional Trading of Patrick Industries

A number of institutional investors and hedge funds have recently made changes to their positions in PATK. Advisory Services Network LLC acquired a new stake in shares of Patrick Industries during the 3rd quarter worth approximately $25,000. Torren Management LLC acquired a new position in Patrick Industries during the fourth quarter valued at approximately $26,000. Allworth Financial LP lifted its stake in Patrick Industries by 181.2% during the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock worth $34,000 after purchasing an additional 203 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Patrick Industries by 200.9% in the 4th quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock valued at $37,000 after purchasing an additional 229 shares in the last quarter. Finally, Strs Ohio acquired a new stake in shares of Patrick Industries in the 1st quarter valued at $42,000. Institutional investors own 93.29% of the company’s stock.

Analyst Upgrades and Downgrades

PATK has been the subject of a number of analyst reports. Zacks Research downgraded shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Benchmark reduced their price target 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. Wall Street Zen lowered Patrick Industries from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. Weiss Ratings cut Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, June 4th. Finally, Robert W. Baird set a $110.00 target price on Patrick Industries in a report on Friday, May 1st. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Patrick Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of $122.62.

About Patrick Industries

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.