Insider Buying: Patrick Industries, Inc. (PATK) Director Buys 1,272 Shares of Stock

Patrick Industries, Inc. (NASDAQ:PATK) Director M Scott Welch bought 1,272 shares of Patrick Industries stock in a transaction that occurred on Thursday, February 22nd. The stock was purchased at an average price of $62.47 per share, for a total transaction of $79,461.84. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Shares of Patrick Industries, Inc. (NASDAQ PATK) traded up $0.60 on Friday, hitting $62.30. The company’s stock had a trading volume of 174,866 shares, compared to its average volume of 311,762. The firm has a market capitalization of $1,570.00, a PE ratio of 17.95, a PEG ratio of 1.35 and a beta of 0.84. Patrick Industries, Inc. has a 12 month low of $40.07 and a 12 month high of $72.35. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.72 and a current ratio of 2.01.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 15th. The construction company reported $0.87 EPS for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.14. The company had revenue of $475.57 million for the quarter, compared to analysts’ expectations of $415.87 million. Patrick Industries had a return on equity of 23.60% and a net margin of 5.24%. The firm’s quarterly revenue was up 46.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.59 earnings per share. analysts predict that Patrick Industries, Inc. will post 4.14 EPS for the current year.

Patrick Industries declared that its Board of Directors has approved a share buyback program on Tuesday, January 30th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the construction company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Large investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. lifted its stake in shares of Patrick Industries by 13.4% in the second quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock worth $104,000 after acquiring an additional 168 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new position in shares of Patrick Industries in the fourth quarter worth about $160,000. UBS Asset Management Americas Inc. acquired a new position in shares of Patrick Industries in the second quarter worth about $202,000. 361 Capital LLC acquired a new position in shares of Patrick Industries in the third quarter worth about $206,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Patrick Industries in the fourth quarter worth about $210,000. Institutional investors and hedge funds own 75.89% of the company’s stock.

PATK has been the topic of a number of recent research reports. Robert W. Baird restated a “buy” rating and set a $72.00 price objective on shares of Patrick Industries in a research note on Friday, December 22nd. BidaskClub upgraded Patrick Industries from a “hold” rating to a “buy” rating in a research note on Friday, January 26th. Wells Fargo & Co restated a “market perform” rating and set a $66.00 price objective (down previously from $90.00) on shares of Patrick Industries in a research note on Thursday, December 14th. Zacks Investment Research upgraded Patrick Industries from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a research note on Thursday, October 26th. Finally, KeyCorp initiated coverage on Patrick Industries in a research note on Friday, December 15th. They set an “overweight” rating and a $80.00 price objective on the stock. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $73.60.

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Patrick Industries Company Profile

Patrick Industries, Inc is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industrial markets for customers throughout the United States and Canada. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets.

Insider Buying and Selling by Quarter for Patrick Industries (NASDAQ:PATK)

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