Analysts have a consensus target price of $51.50 in the 12-month period. The price objective is 13.46% higher than the recent closing price of $45.39. The 52-week price range is $29.28-$48.79 and the company has a market capitalization of $690.84 million. Analysts covering the shares maintain a consensus Strong Buy rating, according to Zacks Investment Research. Zero analyst has rated the stock with a sell rating, 0 has assigned a hold rating, 0 says it’s a buy, and 0 have assigned a strong buy rating to the company.
Patrick Industries, Inc. (PATK) on March 3, 2016 announced that it has completed the acquisition of the business and certain assets of The Progressive Group (“Progressive”). Progressive is a distributor and manufacturer’s representative for major name brand electronics operating out of seven locations serving 16 states, primarily in the Midwest and Intermountain regions. Progressive’s main customer base includes small, mid-size and large retailers, distributors, and custom installers primarily serving the auto and home electronics, retail, custom integration, and commercial channels.
Progressive’s 2015 revenues were approximately $23 million and the Company expects the acquisition to be immediately accretive to 2016 net income per share. The net purchase price for Progressive was approximately $11 million.
“The acquisition of Progressive provides the opportunity for Patrick to capitalize on its existing Quest Audio Video electronics platform and nationwide geographic footprint to expand our presence in the electronics distribution market,” said Todd Cleveland, Chief Executive Officer of Patrick. “This acquisition is well-aligned with our strategic initiatives and capital allocation strategy and represents an excellent opportunity to diversify our product offerings into new markets including big box retail and custom home and car audio shops, as well as further positioning us to capitalize on the continued growth and upside potential in the residential housing market.”
David Russell, founder of Progressive, said, “After more than 15 years in business, Progressive’s exceptional team and I are excited to partner with the Patrick organization, which shares our long-term vision to be a premier high-quality distributor and rep firm for the markets we serve.”
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