Notable News to Watch: Patrick Industries (NASDAQ:PATK)

Patrick Industries (NASDAQ:PATK) stock observed trading -28.77% off 52-week high price. On the other end, the stock has been noted 56.95% away from low price over the last 52-weeks. The stock disclosed a move of 6.11% away from 50 day moving average and 0.90% away from 200 day moving average. Moving closer, we can see that shares have been trading 8.88% off 20-day moving average. It has market cap of $1065.57M.

On Sept. 30, 2019, Patrick Industries (NASDAQ:PATK) disclosed that it has completed the acquisition of G.G. Schmitt & Sons (G.G. Schmitt), a designer and manufacturer of customized hardware and structural components, including marine towers, seats, ladders, handrails, port lights, and other metal hardware and related products, primarily for major OEMs in the marine industry. G.G. Schmitt is headquartered in Lancaster, Pennsylvania with two additional locations in Sarasota, Florida and Summerville, South Carolina. G.G. Schmitt’s trailing 12-months revenue through August 2019 was approximately $20 million and the Company expects the acquisition to be immediately accretive to net income per share.

G.G. Schmitt’s excellent reputation within the marine industry has been built over many decades based on its high-quality products, engineering expertise, and strong industry relationships, said Todd Cleveland, Chairman and Chief Executive Officer of Patrick. This acquisition is aligned with our strategic initiatives and capital allocation strategy and we look forward to working with the G.G. Schmitt team to help further drive brand value.

We believe the marine industry is well-positioned for long-term growth, and we are excited to partner with the G.G. Schmitt team, which has a proven track record of consistently and creatively adapting to changing dynamics in the marine space. We continue to foster and strengthen our marine customer relationships with G.G. Schmitt’s high-quality, innovative custom product solutions and their legacy of excellent customer service, said Andy Nemeth, President of Patrick. G.G. Schmitt’s brand platform and highly engineered processes and products, as well as its longstanding relationships with leading marine OEM customers, have been instrumental in expanding its customer base within the recreational boating market. Consistent with previous acquisitions, we will support G.G. Schmitt with a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the entrepreneurial spirit that has been so important to its success.

The USA based company Patrick Industries moved with change of 10.09% to $42.88 with the total traded volume of 299941 shares in recent session versus to an average volume of 188.16K. The stock was observed in the 5 days activity at 1.66%. The one month performance of stock was 17.32%. PATK’s shares are at -11.53% for the quarter and driving a -28.05% return over the course of the past year and is now at 44.82% since this point in 2018.  Right now the stock beta is 2.11. The average volatility for the week and month was at 5.68% and 5.08% respectively. There are 24.85M shares outstanding and 22.43M shares are floated in market.

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