Key Points
- Insider buying: Patrick Industries insider Jacob Petkovich bought 1,300 shares at an average price of $95.57, increasing his holdings by 2.89% to 46,290 shares valued at about $4.42 million.
- Recent earnings beat: The company reported quarterly EPS of $1.10, topping analyst estimates of $1.08, and revenue of $997.17 million versus expectations of $989.06 million.
- Analyst outlook remains positive: Wall Street maintains a Moderate Buy consensus on PATK, with six Buy ratings and an average target price of $122.62, though several firms trimmed their price targets recently.
Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) insider Jacob Petkovich purchased 1,300 shares of the firm's stock in a transaction that occurred on Wednesday, May 6th. The shares were bought at an average cost of $95.57 per share, for a total transaction of $124,241.00. Following the completion of the acquisition, the insider directly owned 46,290 shares in the company, valued at $4,423,935.30. The trade was a 2.89% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Patrick Industries Price Performance
PATK stock opened at $90.20 on Thursday. The company has a 50 day simple moving average of $92.61 and a 200 day simple moving average of $110.62. The stock has a market cap of $2.97 billion, a price-to-earnings ratio of 23.13 and a beta of 1.09. Patrick Industries, Inc. has a 1 year low of $82.35 and a 1 year 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.
Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, beating analysts' consensus estimates of $1.08 by $0.02. The firm had revenue of $997.17 million for the quarter, compared to analyst estimates of $989.06 million. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The company's quarterly revenue was down .6% on a year-over-year basis. During the same quarter last year, the business posted $1.11 earnings per share. Research analysts anticipate that Patrick Industries, Inc. will post 4.94 EPS for the current fiscal year.
Patrick Industries Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Tuesday, May 26th. Patrick Industries's dividend payout ratio is presently 48.21%.
Institutional Trading of Patrick Industries
Institutional investors have recently modified their holdings of the business. Torren Management LLC bought a new position in Patrick Industries during the 4th quarter worth $26,000. Advisory Services Network LLC bought a new stake in shares of Patrick Industries in the 3rd quarter valued at about $25,000. Allworth Financial LP increased its stake in shares of Patrick Industries by 181.2% in the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company's stock valued at $34,000 after buying an additional 203 shares during the period. Farther Finance Advisors LLC increased its stake in shares of Patrick Industries by 200.9% in the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company's stock valued at $37,000 after buying an additional 229 shares during the period. Finally, Strs Ohio bought a new position in shares of Patrick Industries during the first quarter worth about $42,000. Institutional investors own 93.29% of the company's stock.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on the company. BMO Capital Markets restated an "outperform" rating and set a $150.00 price objective (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. Benchmark dropped their target price on Patrick Industries from $150.00 to $135.00 and set a "buy" rating for the company in a research report on Friday, May 1st. Raymond James Financial set a $108.00 price target on Patrick Industries in a research note on Friday, May 1st. KeyCorp reduced their price target on Patrick Industries from $140.00 to $125.00 and set an "overweight" rating on the stock in a report on Friday, May 1st. Finally, Robert W. Baird set a $110.00 price objective on Patrick Industries in a research note on Friday, May 1st. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $122.62.
Read Our Latest Stock Report on PATK
About Patrick Industries
(
Get Free Report)
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.
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