M Scott Welch Purchases 10,000 Shares of Patrick Industries, Inc. (NASDAQ:PATK) Stock

Patrick Industries, Inc. (NASDAQ:PATK) Director M Scott Welch bought 10,000 shares of Patrick Industries stock in a transaction on Tuesday, March 11th. The shares were bought at an average cost of $86.22 per share, with a total value of $862,200.00. Following the acquisition, the director now directly owns 136,000 shares in the company, valued at approximately $11,725,920. This represents a 7.94 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Patrick Industries Price Performance

PATK opened at $85.70 on Friday. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The stock has a market capitalization of $2.88 billion, a P/E ratio of 20.80, a PEG ratio of 1.41 and a beta of 2.37. The stock has a 50-day moving average price of $91.11 and a 200-day moving average price of $89.82. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. Equities analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s payout ratio is presently 38.83%.

Institutional Trading of Patrick Industries

Several institutional investors have recently added to or reduced their stakes in the business. Kestra Investment Management LLC bought a new stake in shares of Patrick Industries in the 4th quarter valued at about $25,000. Covestor Ltd increased its stake in Patrick Industries by 10,400.0% in the 4th quarter. Covestor Ltd now owns 315 shares of the construction company’s stock worth $26,000 after purchasing an additional 312 shares during the period. Quadrant Capital Group LLC increased its stake in Patrick Industries by 49.8% in the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock worth $27,000 after purchasing an additional 109 shares during the period. Nomura Asset Management Co. Ltd. lifted its position in Patrick Industries by 49.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock valued at $29,000 after purchasing an additional 114 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in shares of Patrick Industries by 812.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock worth $49,000 after purchasing an additional 528 shares during the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PATK has been the subject of several recent analyst reports. KeyCorp boosted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Raymond James boosted their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Truist Financial increased their price objective on Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, February 10th. StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. Finally, Benchmark raised their price target on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $97.96.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.