Patrick Industries (NASDAQ:PATK) CFO Buys $85,500.00 in Stock

Patrick Industries, Inc. (NASDAQ:PATK) CFO Matthew Filer bought 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were acquired at an average price of $85.50 per share, for a total transaction of $85,500.00. Following the completion of the transaction, the chief financial officer owned 21,614 shares in the company, valued at $1,847,997. This trade represents a 4.85% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Patrick Industries Stock Up 5.8%

NASDAQ:PATK opened at $90.06 on Wednesday. The firm’s 50 day simple moving average is $111.49 and its 200 day simple moving average is $113.98. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04. Patrick Industries, Inc. has a one year low of $80.35 and a one year high of $148.50. The company has a market cap of $2.98 billion, a PE ratio of 23.09 and a beta of 1.12.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, topping 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 last year, the company earned $1.11 EPS. The firm’s revenue was down .6% compared to the same quarter last year. On average, research analysts anticipate that Patrick Industries, Inc. will post 5.03 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently commented on PATK. Robert W. Baird set a $110.00 target price on shares of Patrick Industries in a research report on Friday. Weiss Ratings upgraded shares of Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Benchmark lowered their price target on shares of Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a report on Friday, May 1st. Wall Street Zen lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Finally, Roth Mkm set a $128.00 price target on shares of Patrick Industries in a report on Tuesday. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $122.63.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Illinois Municipal Retirement Fund raised its holdings in Patrick Industries by 6.6% during the 1st quarter. Illinois Municipal Retirement Fund now owns 18,206 shares of the construction company’s stock worth $2,022,000 after purchasing an additional 1,122 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Patrick Industries in the 1st quarter valued at $5,220,000. Fifth Third Bancorp increased its stake in shares of Patrick Industries by 2,460.9% in the 1st quarter. Fifth Third Bancorp now owns 11,780 shares of the construction company’s stock valued at $1,308,000 after acquiring an additional 11,320 shares in the last quarter. Hodges Capital Management Inc. bought a new stake in shares of Patrick Industries in the 1st quarter valued at $1,955,000. Finally, Abel Hall LLC increased its stake in shares of Patrick Industries by 37.2% in the 1st quarter. Abel Hall LLC now owns 2,767 shares of the construction company’s stock valued at $307,000 after acquiring an additional 750 shares in the last quarter. 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.