News to Watch: Patrick Industries (NASDAQ:PATK)

On March 16, 2020, Patrick Industries (NASDAQ:PATK) declared that it has completed the acquisition of Goshen, Indiana-based Maple City Woodworking Corporation (Maple City), a manufacturer of hardwood cabinet doors and fascia for the recreational vehicle (RV) market. Maple City’s fiscal 2019 revenue was approximately $12 million, and the Company expects the acquisition to be immediately accretive to net income per share.

The acquisition of Maple City provides the opportunity for Patrick to capitalize on our existing hardwood door manufacturing expertise and capabilities, increase our RV content per unit, and expand our footprint as a premier supplier to the RV market, said Andy Nemeth, President and Chief Executive Officer of Patrick. In addition, Maple City is an excellent fit with our entrepreneurial philosophy and we are excited about bringing the two companies together to continue to serve our customers at the highest level, providing high-quality, customized cabinet doors and components. Consistent with previous acquisitions, we will support Maple City with a financial and operational foundation that will allow it to capitalize on its core competencies.

Jeff Stine, President of Maple City, said, After more than 18 years leading and growing our business, we look forward to partnering with Patrick, which is a great fit for our operation and will help propel Maple City to the next level.

The Industrial Goods sector company, Patrick Industries noticed change of -12.99% to $29.2 along volume of 396532 shares in recent session compared to an average volume of 199.95K. The stock observed return of -23.90% in 5 days trading activity. The stock was at -53.66% over one month performance. PATK’s shares are at -44.80% for the quarter and driving a -35.31% return over the course of the past year and is now at -44.31% since this point in 2018.

The average volatility for the week at 11.74% and for month was at 7.09%. There are 29.23M shares outstanding and 22.47M shares are floated in market. Right now the stock beta is 2.02.

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