Patrick Industries (NASDAQ:PATK) Sees Strong Trading Volume - Here's What Happened

Key Points

• Patrick Industries saw unusually heavy trading volume, with 741,070 shares changing hands, up 56% from the prior session, while the stock finished essentially flat at about $84.98.
• Analysts remain mostly positive overall, with six Buy ratings, two Holds and one Sell; the consensus view is a Moderate Buy and an average price target of $122.62.
• The company recently beat quarterly earnings expectations, reporting $1.10 EPS versus $1.08 expected and revenue of $997.17 million, while also paying a quarterly dividend of $0.47 per share.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) saw unusually-high trading volume on Thursday . 741,070 shares changed hands during trading, an increase of 56% from the previous session's volume of 475,124 shares.The stock last traded at $84.9770 and had previously closed at $85.27.

Analyst Upgrades and Downgrades

Several research firms recently commented on PATK. Roth Mkm set a $128.00 price target on shares of Patrick Industries in a report on Tuesday, May 5th. Weiss Ratings downgraded shares of Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday. BMO Capital Markets reissued an "outperform" rating and issued a $150.00 price objective (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. Raymond James Financial set a $108.00 target price on shares of Patrick Industries in a research note on Friday, May 1st. Finally, Robert W. Baird set a $110.00 target price on shares of Patrick Industries in a report on Friday, May 1st. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $122.62.

Patrick Industries Stock Down 0.1%

The firm has a 50-day moving average of $91.25 and a 200 day moving average of $109.94. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of 21.88 and a beta of 1.09. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.02. The company 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%. Patrick Industries's revenue for the quarter was down .6% on a year-over-year basis. During the same quarter last year, the company earned $1.11 earnings per share. On average, sell-side analysts anticipate that Patrick Industries, Inc. will post 4.94 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Tuesday, May 26th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Tuesday, May 26th. Patrick Industries's dividend payout ratio (DPR) is presently 48.21%.

Insider Activity

In other news, insider Jacob R. Petkovich purchased 1,300 shares of the company's stock in a transaction that occurred on Wednesday, May 6th. The shares were purchased at an average price of $95.57 per share, with a total value of $124,241.00. Following the purchase, the insider directly owned 46,290 shares of the company's stock, valued at approximately $4,423,935.30. This represents a 2.89% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director M Scott Welch acquired 10,050 shares of the business's stock in a transaction on Tuesday, May 5th. The stock was purchased at an average price of $88.23 per share, for a total transaction of $886,711.50. Following the acquisition, the director directly owned 156,000 shares in the company, valued at $13,763,880. This represents a 6.89% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 28,700 shares of company stock worth $2,532,880 over the last three months. 3.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Wellington Management Group LLP grew its stake in Patrick Industries by 19.9% during the 4th quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company's stock valued at $240,401,000 after purchasing an additional 367,802 shares in the last quarter. SG Americas Securities LLC grew its position 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 worth $28,123,000 after buying an additional 257,245 shares in the last quarter. Capital Research Global Investors grew its position in shares of Patrick Industries by 24.4% during the fourth quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company's stock worth $123,342,000 after buying an additional 223,014 shares in the last quarter. Bessemer Group Inc. increased its stake in shares of Patrick Industries by 3,602.4% in the fourth quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company's stock worth $16,255,000 after buying an additional 145,863 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Patrick Industries by 17.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 748,904 shares of the construction company's stock worth $81,205,000 after buying an additional 112,766 shares during the last quarter. Institutional investors and hedge funds 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.

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