Patrick Industries (NASDAQ:PATK) Sees Large Volume Increase – Should You Buy?

Patrick Industries, Inc. (NASDAQ:PATK) shares saw unusually-high trading volume on Thursday . Approximately 741,070 shares changed hands during trading, an increase of 56% from the previous session’s volume of 475,124 shares.The stock last traded at $84.9770 and had previously closed at $85.27.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PATK shares. BMO Capital Markets restated an “outperform” rating and issued a $150.00 target price (down from $155.00) on shares of Patrick Industries in a research note on Monday, April 20th. Roth Mkm set a $128.00 price target on Patrick Industries in a research note on Tuesday, May 5th. Zacks Research lowered Patrick Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. KeyCorp cut their price objective on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Finally, Benchmark reduced their target price on Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $122.62.

Patrick Industries Stock Performance

The stock’s 50-day moving average price is $91.25 and its 200-day moving average price is $109.94. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16. The company has a market capitalization of $2.80 billion, a P/E ratio of 21.88 and a beta of 1.09.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data 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 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 company’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.11 EPS. As a group, equities analysts expect that Patrick Industries, Inc. will post 4.94 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.88 annualized dividend and a dividend yield of 2.2%. Patrick Industries’s dividend payout ratio is 48.21%.

Insider Buying and Selling at Patrick Industries

In related news, insider Charles R. Roeder acquired 5,750 shares of Patrick Industries stock in a transaction that occurred on Tuesday, May 5th. The stock was acquired at an average price of $87.83 per share, for a total transaction of $505,022.50. Following the transaction, the insider directly owned 42,147 shares of the company’s stock, valued at $3,701,771.01. This trade represents a 15.80% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Blake Augsburger acquired 400 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were bought at an average price of $85.19 per share, with a total value of $34,076.00. Following the completion of the purchase, the director owned 2,125 shares in the company, valued at $181,028.75. The trade was a 23.19% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders acquired 28,700 shares of company stock worth $2,532,880. Corporate insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently modified their holdings of PATK. Vanguard Group Inc. grew its position in shares of Patrick Industries by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 2,470,559 shares of the construction company’s stock worth $267,883,000 after acquiring an additional 16,959 shares during the last quarter. Wellington Management Group LLP boosted its stake in Patrick Industries by 19.9% during the 4th quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company’s stock valued at $240,401,000 after purchasing an additional 367,802 shares during the period. Capital Research Global Investors boosted its stake in Patrick Industries by 24.4% during the 4th quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock valued at $123,342,000 after purchasing an additional 223,014 shares during the period. Geode Capital Management LLC grew its position in Patrick Industries by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 819,488 shares of the construction company’s stock worth $88,870,000 after purchasing an additional 4,816 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Patrick Industries by 17.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 748,904 shares of the construction company’s stock worth $81,205,000 after purchasing an additional 112,766 shares during the last quarter. 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.