Patrick Industries (NASDAQ:PATK) Insider Jacob Petkovich Buys 1,300 Shares of Stock

Patrick Industries, Inc. (NASDAQ:PATK) insider Jacob Petkovich bought 1,300 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The shares were bought at an average price of $95.57 per share, with a total value of $124,241.00. Following the completion of the purchase, the insider owned 46,290 shares in the company, valued at approximately $4,423,935.30. The trade was a 2.89% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK traded up $3.03 on Wednesday, hitting $90.20. 635,237 shares of the company were exchanged, compared to its average volume of 355,624. The company’s 50 day moving average price is $92.61 and its two-hundred day moving average price is $110.62. Patrick Industries, Inc. has a one year low of $82.35 and a one year high of $148.50. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 2.71. The firm has a market capitalization of $2.97 billion, a price-to-earnings ratio of 23.13 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 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $989.06 million. During the same quarter in the prior year, the business earned $1.11 earnings per share. The firm’s revenue for the quarter was down .6% on a year-over-year basis. Research analysts expect that Patrick Industries, Inc. will post 4.94 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th were given a $0.47 dividend. The ex-dividend date was Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.1%. Patrick Industries’s dividend payout ratio (DPR) is currently 48.21%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Benchmark lowered their price objective on Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. BMO Capital Markets reiterated an “outperform” rating and set a $150.00 price target (down from $155.00) on shares of Patrick Industries in a research note on Monday, April 20th. KeyCorp dropped their price objective on shares of Patrick Industries from $140.00 to $125.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. Zacks Research cut shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Finally, Wall Street Zen downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $122.62.

Hedge Funds Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bessemer Group Inc. grew its position in Patrick Industries by 3,602.4% in the fourth quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock valued at $16,255,000 after acquiring an additional 145,863 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Patrick Industries by 12,134.2% during the fourth quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company’s stock valued at $28,123,000 after acquiring an additional 257,245 shares during the period. Copeland Capital Management LLC boosted its stake in shares of Patrick Industries by 23.4% in the 4th quarter. Copeland Capital Management LLC now owns 478,999 shares of the construction company’s stock valued at $51,938,000 after purchasing an additional 90,691 shares in the last quarter. Mairs & Power Inc. acquired a new stake in shares of Patrick Industries in the 3rd quarter valued at $2,419,000. Finally, Watchtower Advisors LP grew its holdings in shares of Patrick Industries by 50.0% in the 3rd quarter. Watchtower Advisors LP now owns 150,000 shares of the construction company’s stock worth $15,514,000 after purchasing an additional 50,000 shares during the last quarter. Institutional investors 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.