12 Best RV and Camping Stocks To Buy Now

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8. Patrick Industries, Inc. (NASDAQ:PATK)

Number of Hedge Fund Holders: 21

Patrick Industries, Inc. (NASDAQ:PATK) is a leading manufacturer and distributor of component products and building materials for recreational vehicles (RVs), manufactured housing, marine applications, and other industrial markets. The company offers more than 85 brands, and its products are found in millions of recreational and marine vehicles, homes, schools, and offices.

In the third quarter of 2024, the company reported net sales of $919 million, reflecting a 6% increase compared to the same period last year. This growth was primarily driven by a 13% rise in housing revenue, which helped offset a 21% decline in marine revenue. Despite challenges in the recreational vehicle market, Patrick Industries, Inc. (NASDAQ:PATK) has maintained strong operational performance.

Patrick Industries, Inc. (NASDAQ:PATK) is focused on three key strategies: diversification, advanced product innovation, and acquisitions. By leveraging its diverse portfolio, the company is focused on adapting to changing consumer preferences while maintaining a competitive edge. Patrick Industries, Inc. (NASDAQ:PATK) is strategically making investments in automation to enhance scalability and quality.

The company’s commitment to innovation is evident through its Advanced Product Group and Patrick’s individual brands, which continue to develop next-generation solutions. In the Q3 2024 earnings call, Patrick Industries, Inc.’s (NASDAQ:PATK) management shared that the company’s new proprietary composite board, known as MTXT, is achieving significant adoption among RV customers who are seeking innovative, lightweight, and sustainable solutions.

On September 9, Patrick Industries, Inc. (NASDAQ:PATK) completed the acquisition of RecPro, a leading e-commerce business and aftermarket platform specializing in creating and marketing component products, systems, and solutions for the RV and marine end markets. According to Patrick Industries, Inc. (NASDAQ:PATK), RecPro is expected to generate approximately $80 million in revenue in 2024.

Overall, the company’s strategic focus on innovation, diversification, and acquisitions positions it well for future growth in the RV sector.

Over the past 10 years, Patrick Industries, Inc. (NASDAQ:PATK) has grown its revenue and net income at a compound annual growth rate (CAGR) of 18%.

According to Insider Monkey’s database of over 900 hedge funds, 21 hedge funds held stakes in Patrick Industries, Inc. (NASDAQ:PATK) in Q2 2024, an increase from 18 hedge funds in Q1 2024.

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