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Monica Wolfe
Monica Wolfe
Articles (757) 

Patrick Industries CFO Makes Substantial Buy

March 27, 2013 | About:

The Executive VP and CFO of Patrick Industries (PATK), Andy Nemeth, made a pretty substantial buy into the company on Monday. This marks the first insider trade for Patrick Industries in 2013 and the first insider buy since March 2012. Andy Nemeth added 10,000 shares to his stake at $14.67 per share. This transaction cost him $146,700. Nemeth owns at least 125,889 company shares after this. Since his purchase, the price of the stock has increased 2.86%.

As the chart above shows, the insiders in Patrick Industries have proven to be good investors in their own company. The insiders have primarily bought shares when the price per share was under $4, and they sell their shares when the price goes over $12. These insiders have seen a substantial growth in their holdings. The last time an insider bought into the company was in March 2012. Since then the share price has seen a 139.47% increase.

Andy Nemeth has been Patrick’s VP of Finance, Secretary-Treasurer, and CFO since 2004. He has also been a director for the company since 2006. Prior to that Nemeth served as a division controller and public accountant in Indiana.

Patrick Industries is a supplier and manufacturer of building products and materials to the Manufactured Housing and Recreational Vehicle industries. The company also supplies products to the industrial market that include customers in the household furniture, fixtures and commercial furnishings, marine, architectural and the automotive aftermarket.

The GuruFocus analysis on Patrick Industries has reported that the cash flow from operations is different from their reported net income. On the other hand, the company maintains a Piotroski F-Score of 7, which indicates a healthy situation.

The net sales for Patrick Industries in 2012 were $437.4 million, an increase from $307.8 million in 2011. The company also reported a net income for 2012 of $28.1 million, or $2.64 per diluted share. This would have been the company’s highest net income, but the company’s federal net operating tax loss of $21 million exceeded its taxable income for 2012.

“As we begin a new year in 2013, we believe the investments we made in our businesses in 2011 and 2012 will positively impact both our top and bottom line results,” said Todd Cleveland, CEO of Patrick Industries.

Market Cap: 155.74 M P/E: 5.5 Shiller P/E: 669.3
P/B: 2.6 P/S: 0.3743 EV/EBITDA: 6.53
52 Week Low: 8.0 52 Week High: 20.33 Average Volume: 142,000

Jim Simons is currently the only guru followed by GuruFocus who owns shares in Patrick Industries. Simons holds 52,500 shares of the company stock. Look at the Patrick Industries Guru Trades page to see more gurus that have held stake in the company.

With its shares up 4.46%, Patrick Industries trades at $15.23.

For more information on insider trades at Patrick Industries look at the company’s insider history page.
  • CEO Buys, CFO Buys: Stocks that are bought by their CEO/CFOs.
  • Insider Cluster Buys: Stocks that multiple company officers and directors have bought.
  • Double Buys:: Companies that both Gurus and Insiders are buying
  • Triple Buys: Companies that both Gurus and Insiders are buying, and Company is buying back.

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