Latest Update On Stock: Patrick Industries, Inc. (NASDAQ:PATK)

Patrick Industries, Inc. (NASDAQ:PATK) stock raised 3.55% and closed at 62.75. The stock opened the session at $60.95 and touched its highest price point at $63.28. Its recent trading capacity is 249209 shares versus to its average trading volume of 298052 shares. The company’s stock’s lowest price point for the session stood at $60.95.PATK traded as low as $ 42.77 in the past 52 weeks, and shares hit its peak level to $72.35.

Shares of Patrick Industries, Inc. have been recently spotted trading -13.27% off of the 52-week high price. On the other end, company shares have been noted 46.73% away from the low price over the last 52-weeks. 52 week range of the stock remained $ 42.77 – 72.35. Switching over to some distances from popular moving averages, we see that the stock has been recorded 4.92% away from the 50 day moving average and 5.67% away from the 200 day moving average. Moving closer, we can see that shares have been trading 9.68% off of the 20-day moving average.

Patrick Industries, Inc. (NASDAQ:PATK) reported that its Board of Directors (the “Board”) approved an increase in the amount of the Company’s common stock that may be acquired over the next 24 months under the Company’s current stock repurchase program to $50.0 million, including the amount remaining under the previous authorization.

As previously announced in January 2018, the Board authorized repurchases of up to $50 million over a 24-month period (the “2018 Repurchase Plan”). Year-to-date through May 17, 2018, the Company has repurchased, in the aggregate, 747,995 shares at an average price of $57.63 per share for a total cost of approximately $43.1 million under the 2018 Repurchase Plan. Share repurchases will be made from time to time through open market transactions at prevailing market prices, or in privately negotiated transactions or otherwise.

Todd M. Cleveland, Chief Executive Officer said “The increase in our stock repurchase authorization reflects the confidence that our Board of Directors and management team have in Patrick’s outlook and market conditions, and is consistent with our capital allocation strategy and our commitment to driving shareholder value”.

The stock was up in the 5 days activity 6.72%. The one month performance of stock was 17.18%. PATK shares are at -5.00% for the quarter and driving a 41.12% return over the course of the past year and is now at -9.65% since this point in 2018.  Right now PATK beta is 0.8. The average volatility for the week and month was at 3.01% 4.06% respectively.

  • Rocky Gerdes
    Before joining, Rocky Gerdes worked as a freelance writer. He has more than 10 years’ experience in journalism and public relations. His experience in public relations includes press releases, promotional materials, and working with media outlets. He also has professional experience writing news, technology, and business stories. Rocky learned CFA Level 2 from CFA Institute (USA). He has worked in diverse capacities from financial research to currency trading in a span of 3 years. Rocky covers Business news section. Email Contact: Rocky@stockdigest.info

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