Patrick Industries (NASDAQ:PATK) spotted trading -2.96% off 52-week high price. On the other end, the stock has been noted 98.43% away from the low price over the last 52-weeks. The stock changed 2.01% to recent value of $54.21. The stock transacted 72198 shares during most recent day however it has an average volume of 184.08K shares. The company has 23.40M of outstanding shares and 22.41M shares were floated in the market.
On Dec. 23, 2019, Patrick Industries (NASDAQ:PATK) disclosed that it has completed the acquisition of Topline Counters, LLC (Topline), a designer, engineer, manufacturer and installer of a full suite of natural stone, quartz, laminate and solid surface kitchen and bathroom countertops, serving the single-family and multi-family residential markets as well as the commercial high-rise and big box retail markets. Topline is headquartered in Sumner, Washington with two additional facilities in Spokane, Washington and Vancouver, Washington. Topline’s trailing 12-months revenue through November 2019 was approximately $34 million. The Company expects the acquisition to be accretive to 2020 net income per share.
Topline possesses an excellent reputation in the various industrial markets it serves and has built long-standing relationships with residential home builders, commercial building contractors, kitchen and bath dealers, and big box retail companies based on delivering superior quality products and service, 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 Topline team to help further drive brand value, growth and synergy realization.
Topline’s brand platform provides Patrick with the opportunity to further expand our industrial geographic presence into the strong Pacific Northwest and western housing markets, said Andy Nemeth, President of Patrick. In addition, this acquisition will strengthen our ability to leverage our existing industrial operations and product portfolio further developing our full solutions model, with a focus on the residential single and multi-family housing markets, hotels and commercial high-rises, and big box retail. Consistent with previous acquisitions, we will support Topline 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. Its earnings per share (EPS) expected to touch remained 55.10% for this year while earning per share for the next 5-years is expected to reach at 3.70%. PATK has a gross margin of 18.10% and an operating margin of 6.80% while its profit margin remained 4.20% for the last 12 months.
According to the most recent quarter its current ratio was 2.6 that represents company’s ability to meet its current financial obligations. The price moved ahead of 5.62% from the mean of 20 days, 9.35% from mean of 50 days SMA and performed 19.18% from mean of 200 days price. Company’s performance for the week was 6.29%, 8.46% for month and YTD performance remained 83.08%.