M Scott Welch Acquires 2,500 Shares of Patrick Industries, Inc. (NASDAQ:PATK) Stock

Patrick Industries, Inc. (NASDAQ:PATK) Director M Scott Welch purchased 2,500 shares of the firm’s stock in a transaction on Thursday, March 13th. The shares were acquired at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the purchase, the director now directly owns 2,961 shares of the company’s stock, valued at approximately $250,559.82. This represents a 542.30 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

M Scott Welch also recently made the following trade(s):

• On Tuesday, March 11th, M Scott Welch acquired 10,000 shares of Patrick Industries stock. The stock was acquired at an average price of $86.22 per share, with a total value of $862,200.00.

Patrick Industries Stock Down 1.4 %

Shares of NASDAQ PATK opened at $83.40 on Wednesday. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The firm’s fifty day moving average is $91.18 and its 200 day moving average is $89.82. The company has a market cap of $2.81 billion, a price-to-earnings ratio of 20.24, a PEG ratio of 1.41 and a beta of 2.37. Patrick Industries, Inc. has a 52 week low of $67.72 and a 52 week high of $98.90.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share (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%. On average, equities research analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s payout ratio is currently 38.83%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PATK shares. Benchmark boosted their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Truist Financial boosted their price objective on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, February 10th. Raymond James boosted their price objective on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Finally, KeyCorp lifted their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $97.96.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PATK. Quadrant Capital Group LLC grew its position in shares of 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 buying an additional 109 shares during the period. Nomura Asset Management Co. Ltd. grew its position in shares of Patrick Industries by 49.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock worth $29,000 after buying an additional 114 shares during the period. First Horizon Advisors Inc. grew its position in shares of Patrick Industries by 21.4% in the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock worth $112,000 after buying an additional 139 shares during the period. UMB Bank n.a. grew its position in shares of Patrick Industries by 35.1% in the 4th quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock worth $64,000 after buying an additional 199 shares during the period. Finally, Global Retirement Partners LLC grew its position in shares of Patrick Industries by 44.8% in the 4th quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock worth $53,000 after buying an additional 199 shares during the period. 93.29% of the stock is owned by hedge funds and other institutional investors.

About Patrick Industries

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.