Patrick Industries (NASDAQ:PATK) Insider Charles Roeder Buys 5,750 Shares

Key Points

• Charles Roeder, an insider at Patrick Industries, bought 5,750 shares on May 5 at an average price of $87.83 (≈$505,022), increasing his holdings to 42,147 shares — a 15.8% rise in his position.
• Patrick Industries beat quarterly estimates with $1.10 EPS versus $1.08 expected and revenue of $997.17M (vs. $989.06M), though revenue was down 0.6% year-over-year and net margin was 3.46%.
• Analysts view PATK as a "Moderate Buy" (7 Buys, 2 Holds) with a consensus price target of $122.63; shares recently traded around $90 with a 52-week range of $80.35–$148.50.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) insider Charles Roeder purchased 5,750 shares of Patrick Industries stock in a transaction that occurred on Tuesday, May 5th. The stock was purchased at an average price of $87.83 per share, with a total value of $505,022.50. Following the transaction, the insider owned 42,147 shares in the company, valued at $3,701,771.01. This represents a 15.80% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

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Patrick Industries Stock Up 5.8%

Shares of NASDAQ:PATK opened at $90.06 on Wednesday. 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 company has a market cap of $2.98 billion, a PE ratio of 23.09 and a beta of 1.12. Patrick Industries, Inc. has a 52 week low of $80.35 and a 52 week high of $148.50. The firm has a 50 day simple moving average of $111.49 and a 200 day simple moving average of $113.98.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Torren Management LLC acquired a new position in Patrick Industries in the 4th quarter valued at approximately $26,000. Advisory Services Network LLC acquired a new position in shares of Patrick Industries during the 3rd quarter worth $25,000. Salomon & Ludwin LLC acquired a new position in shares of Patrick Industries during the 3rd quarter worth $25,000. Cornerstone Planning Group LLC acquired a new position in shares of Patrick Industries during the 3rd quarter worth $31,000. Finally, Allworth Financial LP increased its stake in shares of Patrick Industries by 181.3% during the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company's stock worth $34,000 after purchasing an additional 203 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Wall Street Analyst Weigh In

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

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