Charles Roeder Acquires 5,750 Shares of Patrick Industries (NASDAQ:PATK) Stock

Patrick Industries, Inc. (NASDAQ:PATK) insider Charles Roeder purchased 5,750 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were acquired at an average price of $87.83 per share, for a total transaction of $505,022.50. Following the purchase, the insider owned 42,147 shares in the company, valued at $3,701,771.01. The trade was a 15.80% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Patrick Industries Stock Performance

Shares of PATK opened at $90.06 on Wednesday. The company’s fifty day moving average is $111.49 and its 200-day moving average is $113.98. Patrick Industries, Inc. has a 12 month low of $80.35 and a 12 month high of $148.50. The firm has a market cap of $2.98 billion, a price-to-earnings ratio of 23.09 and a beta of 1.12. The company has a quick ratio of 1.04, a current ratio of 2.71 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK) last announced its quarterly 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 company had revenue of $997.17 million for the quarter, compared to analyst estimates of $989.06 million. During the same quarter in the prior year, the business posted $1.11 EPS. Patrick Industries’s quarterly revenue was down .6% on a year-over-year basis. Equities analysts expect that Patrick Industries, Inc. will post 5.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PATK. Wellington Management Group LLP grew its stake in Patrick Industries by 19.9% in 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 buying an additional 367,802 shares during the last quarter. SG Americas Securities LLC grew its stake in Patrick Industries by 12,134.2% in the 4th quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company’s stock valued at $28,123,000 after buying an additional 257,245 shares during the last quarter. Capital Research Global Investors grew its stake in Patrick Industries by 24.4% in 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 buying an additional 223,014 shares during the last quarter. Bessemer Group Inc. grew its stake in Patrick Industries by 3,602.4% in the 4th quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock valued at $16,255,000 after buying an additional 145,863 shares during the last quarter. Finally, Tributary Capital Management LLC grew its stake in Patrick Industries by 52.0% in the 3rd quarter. Tributary Capital Management LLC now owns 371,608 shares of the construction company’s stock valued at $38,435,000 after buying an additional 127,099 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PATK has been the topic of several analyst reports. Roth Mkm set a $128.00 price target on shares of Patrick Industries in a research note on Tuesday. Wall Street Zen lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. Weiss Ratings upgraded shares of Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Robert W. Baird set a $110.00 target price on shares of Patrick Industries in a research note on Friday. Finally, Truist Financial set a $126.00 target price on shares of Patrick Industries in a research note on Friday, January 9th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Patrick Industries has an average rating of “Moderate Buy” and a consensus target price of $122.63.

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.