Insider Buying: Patrick Industries (NASDAQ:PATK) CEO Purchases $880,000.00 in Stock

Patrick Industries, Inc. (NASDAQ:PATK) CEO Andy Nemeth acquired 10,000 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were bought at an average cost of $88.00 per share, with a total value of $880,000.00. Following the completion of the acquisition, the chief executive officer directly owned 287,745 shares in the company, valued at $25,321,560. The trade was a 3.60% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Patrick Industries Stock Performance

Patrick Industries stock opened at $95.17 on Friday. The company has a quick ratio of 1.04, a current ratio of 2.71 and a debt-to-equity ratio of 1.16. The company has a market capitalization of $3.15 billion, a PE ratio of 24.40 and a beta of 1.12. The firm has a fifty day simple moving average of $110.13 and a two-hundred day simple moving average of $113.94. Patrick Industries, Inc. has a twelve month low of $82.24 and a twelve month high of $148.50.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.02. The business had revenue of $997.17 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the firm posted $1.11 earnings per share. Research analysts expect that Patrick Industries, Inc. will post 4.94 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Robert W. Baird set a $110.00 price objective on shares of Patrick Industries in a research note on Friday, May 1st. Zacks Research cut shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday. Roth Mkm set a $128.00 price target on shares of Patrick Industries in a research report on Tuesday. Raymond James Financial set a $108.00 price objective on shares of Patrick Industries in a report on Friday, May 1st. Finally, Truist Financial set a $126.00 price objective on shares of Patrick Industries in a report on Friday, January 9th. Six research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $122.63.

Institutional Investors Weigh In On Patrick Industries

Institutional investors have recently made changes to their positions in the company. Mackenzie Financial Corp grew its position in Patrick Industries by 4.0% in the 4th 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 boosted its stake in shares of Patrick Industries by 4.1% during the 4th quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company’s stock worth $245,000 after acquiring an additional 88 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of Patrick Industries by 1.1% during the 3rd quarter. Arizona State Retirement System now owns 9,387 shares of the construction company’s stock worth $971,000 after acquiring an additional 98 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its stake in shares of Patrick Industries by 4.1% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company’s stock worth $269,000 after acquiring an additional 98 shares during the last quarter. Finally, Strs Ohio boosted its stake in shares of Patrick Industries by 11.1% during the 3rd quarter. Strs Ohio now owns 1,000 shares of the construction company’s stock worth $103,000 after acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors 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.