Patrick Industries (NASDAQ:PATK) Sees Unusually-High Trading Volume – Time to Buy?

Shares of Patrick Industries, Inc. (NASDAQ:PATK) saw unusually-strong trading volume on Thursday . 741,070 shares traded 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.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PATK. Raymond James Financial set a $108.00 price target on shares of Patrick Industries in a research report on Friday, May 1st. Roth Mkm set a $128.00 price objective on shares of Patrick Industries in a research report on Tuesday, May 5th. Robert W. Baird set a $110.00 target price on Patrick Industries in a research note on Friday, May 1st. Benchmark reduced their target price on Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Finally, Weiss Ratings lowered Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday. Six equities research 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 MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus target price of $122.62.

Patrick Industries Stock Performance

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 firm has a market cap of $2.80 billion, a price-to-earnings ratio of 21.80 and a beta of 1.11. The business has a fifty day simple moving average of $90.56 and a 200-day simple moving average of $109.55.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. The firm had revenue of $997.17 million for the quarter, compared to analyst estimates of $989.06 million. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The business’s revenue for the quarter was down .6% on a year-over-year basis. During the same period last year, the firm posted $1.11 earnings per share. As a group, equities analysts forecast that Patrick Industries, Inc. will post 4.89 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Tuesday, May 26th were given a dividend of $0.47 per share. The ex-dividend date was Tuesday, May 26th. This represents a $1.88 annualized dividend and a yield of 2.2%. Patrick Industries’s dividend payout ratio (DPR) is currently 48.21%.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, Director Blake Augsburger purchased 400 shares of the company’s stock in a transaction dated Tuesday, May 5th. The stock was purchased at an average price of $85.19 per share, with a total value of $34,076.00. Following the completion of the purchase, the director owned 2,125 shares of the company’s stock, valued at approximately $181,028.75. The trade was a 23.19% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Charles R. Roeder purchased 5,750 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were acquired at an average price of $87.83 per share, for a total transaction of $505,022.50. Following the acquisition, the insider owned 42,147 shares of the company’s stock, valued at $3,701,771.01. This trade represents a 15.80% increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired 28,700 shares of company stock worth $2,532,880 over the last quarter. Insiders own 3.80% of the company’s stock.

Institutional Trading of Patrick Industries

A number of institutional investors and hedge funds have recently bought and sold shares of PATK. Mackenzie Financial Corp lifted its holdings in Patrick Industries by 4.0% during the 4th quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company’s stock worth $231,000 after buying an additional 80 shares during the period. CIBC Asset Management Inc increased its stake in shares of Patrick Industries by 4.1% in the fourth quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company’s stock valued at $245,000 after buying an additional 88 shares during the period. Hennion & Walsh Asset Management Inc. increased its stake in shares of Patrick Industries by 4.1% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company’s stock valued at $269,000 after buying an additional 98 shares during the period. Oregon Public Employees Retirement Fund raised its position in shares of Patrick Industries by 1.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,576 shares of the construction company’s stock worth $821,000 after acquiring an additional 100 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in shares of Patrick Industries by 0.5% during the second quarter. California State Teachers Retirement System now owns 29,535 shares of the construction company’s stock worth $2,725,000 after acquiring an additional 154 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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.