Matthew Filer Acquires 1,000 Shares of Patrick Industries (NASDAQ:PATK) Stock

Key Points

• CFO Matthew Filer purchased 1,000 Patrick Industries shares on May 5 at an average price of $85.50 for $85,500, raising his holdings to 21,614 shares (a 4.85% increase) and disclosed in an SEC filing.
• Patrick Industries reported EPS $1.10 for the quarter (beat $1.08) on $997.17M revenue (down 0.6% YoY); the company has a $2.98B market cap and a MarketBeat consensus rating of "Moderate Buy" with a $122.63 target.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) CFO Matthew Filer bought 1,000 shares of the firm's stock in a transaction on Tuesday, May 5th. The stock was purchased at an average cost of $85.50 per share, for a total transaction of $85,500.00. Following the completion of the acquisition, the chief financial officer owned 21,614 shares in the company, valued at approximately $1,847,997. This trade represents a 4.85% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Patrick Industries Price Performance

PATK stock opened at $90.06 on Wednesday. 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, 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 P/E ratio of 23.09 and a beta of 1.12. The company's 50-day moving average price is $111.49 and its two-hundred day moving average price is $113.98.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its earnings results on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, beating 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 firm had revenue of $997.17 million for the quarter, compared to analyst estimates of $989.06 million. During the same period last year, the firm earned $1.11 EPS. The business's quarterly revenue was down .6% compared to the same quarter last year. On average, analysts anticipate that Patrick Industries, Inc. will post 5.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Patrick Industries

A number of hedge funds have recently made changes to their positions in PATK. First National Bank of Omaha acquired a new stake in Patrick Industries during the 3rd quarter worth approximately $601,000. Citizens Financial Group Inc. RI acquired a new stake in Patrick Industries during the 3rd quarter worth approximately $1,704,000. Tributary Capital Management LLC boosted its position in Patrick Industries by 52.0% during the 3rd quarter. Tributary Capital Management LLC now owns 371,608 shares of the construction company's stock worth $38,435,000 after buying an additional 127,099 shares during the period. Truist Financial Corp boosted its position in Patrick Industries by 133.6% during the 3rd quarter. Truist Financial Corp now owns 16,812 shares of the construction company's stock worth $1,739,000 after buying an additional 9,616 shares during the period. Finally, SG Americas Securities LLC boosted its position in Patrick Industries by 12,134.2% during the 4th quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company's stock worth $28,123,000 after buying an additional 257,245 shares during the period. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PATK has been the topic of several recent analyst reports. Truist Financial set a $126.00 target price on shares of Patrick Industries in a report on Friday, January 9th. Robert W. Baird set a $110.00 price target on shares of Patrick Industries in a research note on Friday. Roth Mkm set a $128.00 price target on shares of Patrick Industries in a research note on Tuesday. Raymond James Financial set a $108.00 price target on shares of Patrick Industries in a research note on Friday. Finally, BMO Capital Markets restated an "outperform" rating and issued a $150.00 price target (down from $155.00) on shares of Patrick Industries in a research note on Monday, April 20th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $122.63.

Patrick Industries Company Profile

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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