Insider Buying: Patrick Industries (NASDAQ:PATK) CAO Purchases $139,910.00 in Stock

Patrick Industries, Inc. (NASDAQ:PATK) CAO Matthew Filer acquired 1,000 shares of the firm’s stock in a transaction on Friday, February 6th. The shares were purchased at an average cost of $139.91 per share, for a total transaction of $139,910.00. Following the completion of the purchase, the chief accounting officer directly owned 20,614 shares of the company’s stock, valued at approximately $2,884,104.74. The trade was a 5.10% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Patrick Industries Stock Up 2.3%

Shares of PATK opened at $145.75 on Thursday. The company has a market capitalization of $4.85 billion, a P/E ratio of 37.28, a PEG ratio of 1.50 and a beta of 1.34. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.51 and a quick ratio of 0.80. Patrick Industries, Inc. has a one year low of $72.99 and a one year high of $146.01. The business’s 50 day simple moving average is $120.52 and its 200-day simple moving average is $110.51.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The firm had revenue of $924.17 million during the quarter, compared to analysts’ expectations of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The business’s revenue was up 9.2% on a year-over-year basis. During the same period last year, the firm posted $0.52 EPS. As a group, sell-side analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Investors of record on Monday, February 23rd will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, February 23rd. Patrick Industries’s payout ratio is currently 48.08%.

Analyst Ratings Changes

A number of equities analysts have weighed in on PATK shares. Robert W. Baird set a $140.00 target price on shares of Patrick Industries in a research note on Friday, February 6th. Weiss Ratings lowered shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. KeyCorp reaffirmed an “overweight” rating and set a $155.00 price objective (up previously from $135.00) on shares of Patrick Industries in a report on Friday, February 6th. Loop Capital initiated coverage on Patrick Industries in a research report on Friday, October 31st. They issued a “hold” rating and a $99.00 price objective on the stock. Finally, Roth Mkm restated a “buy” rating and set a $157.00 target price on shares of Patrick Industries in a research report on Monday. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Patrick Industries currently has an average rating of “Moderate Buy” and an average target price of $135.13.

Institutional Trading of Patrick Industries

A number of institutional investors have recently bought and sold shares of PATK. CIBC Asset Management Inc lifted its stake in shares of 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 purchasing an additional 88 shares during the period. Arizona State Retirement System lifted its stake in Patrick Industries by 1.1% in the third quarter. Arizona State Retirement System now owns 9,387 shares of the construction company’s stock valued at $971,000 after buying an additional 98 shares during the period. Hennion & Walsh Asset Management Inc. lifted its stake in Patrick Industries by 4.1% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company’s stock valued at $269,000 after buying an additional 98 shares during the period. Strs Ohio boosted its holdings in Patrick Industries by 11.1% during the third quarter. Strs Ohio now owns 1,000 shares of the construction company’s stock worth $103,000 after buying an additional 100 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund grew its position in shares of Patrick Industries by 1.3% during 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. Institutional investors and hedge funds own 93.29% of the company’s stock.

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.