Patrick Industries (NASDAQ:PATK) CEO Andy Nemeth Purchases 10,000 Shares

Key Points

• CEO Andy Nemeth bought 10,000 shares on May 5 at an average price of $88 (a $880,000 purchase), raising his stake 3.6% to 287,745 shares valued at about $25.32 million, per an SEC filing.
• Patrick Industries beat Q1 estimates with $1.10 EPS versus $1.08 expected and revenue of $997.17 million versus $989.06 million expected, though revenue was down 0.6% year‑over‑year.
• Analysts hold a consensus rating of "Moderate Buy" (seven Buys, two Holds) with a consensus target price of $122.63.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) CEO Andy Nemeth acquired 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The stock was acquired at an average price of $88.00 per share, for a total transaction of $880,000.00. Following the completion of the acquisition, the chief executive officer directly owned 287,745 shares of the company's stock, valued at $25,321,560. The trade was a 3.60% increase in their position. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

Patrick Industries Trading Up 5.8%

PATK opened at $90.06 on Wednesday. Patrick Industries, Inc. has a one year low of $80.35 and a one year high of $148.50. The stock has a market capitalization of $2.98 billion, a PE ratio of 23.09 and a beta of 1.12. The business's 50 day moving average price is $111.49 and its 200 day moving average price is $113.98. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 2.71.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released 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 return on equity of 13.24% and a net margin of 3.46%.The firm had revenue of $997.17 million for the quarter, compared to analysts' expectations of $989.06 million. During the same period in the prior year, the firm posted $1.11 earnings per share. The firm's quarterly revenue was down .6% on a year-over-year basis. As a group, equities research analysts expect that Patrick Industries, Inc. will post 5.03 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Weiss Ratings upgraded Patrick Industries from a "hold (c)" rating to a "buy (b-)" rating in a research note on Monday, February 23rd. Truist Financial set a $126.00 price target on Patrick Industries in a research note on Friday, January 9th. KeyCorp decreased their price target 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. Benchmark decreased their price target on Patrick Industries from $150.00 to $135.00 and set a "buy" rating on the stock in a research note on Friday, May 1st. Finally, Wall Street Zen cut Patrick Industries from a "buy" rating to a "hold" rating in a research note on Sunday, April 12th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $122.63.

Institutional Trading of Patrick Industries

A number of large investors have recently modified their holdings of the stock. First National Bank of Omaha purchased a new position in Patrick Industries in the third quarter valued at $601,000. Citizens Financial Group Inc. RI purchased a new position in Patrick Industries in the third quarter valued at $1,704,000. Tributary Capital Management LLC increased its holdings in Patrick Industries by 52.0% in the third 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. SG Americas Securities LLC increased its holdings in Patrick Industries by 12,134.2% in the fourth 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. Finally, Truist Financial Corp increased its holdings in Patrick Industries by 133.6% in the third quarter. Truist Financial Corp now owns 16,812 shares of the construction company's stock valued at $1,739,000 after buying an additional 9,616 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.

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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