Patrick Industries, Inc. (NASDAQ:PATK) Director M Scott Welch Purchases 2,500 Shares

Patrick Industries, Inc. (NASDAQ:PATK) Director M Scott Welch bought 2,500 shares of the business’s stock in a transaction dated 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 purchase, the director now owns 2,961 shares of the company’s stock, valued at approximately $250,559.82. The trade was a 542.30 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Tuesday, March 11th, M Scott Welch bought 10,000 shares of Patrick Industries stock. The shares were acquired at an average cost of $86.22 per share, for a total transaction of $862,200.00.

Patrick Industries Stock Down 1.3 %

Shares of NASDAQ:PATK opened at $84.60 on Tuesday. Patrick Industries, Inc. has a 52-week low of $67.72 and a 52-week high of $98.90. The stock has a market cap of $2.85 billion, a P/E ratio of 20.53, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. The business’s 50 day moving average is $91.17 and its 200 day moving average is $89.84. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16.

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

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were issued a dividend of $0.40 per share. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 1.89%. Patrick Industries’s dividend payout ratio is currently 38.83%.

Institutional Trading of Patrick Industries

A number of hedge funds have recently bought and sold shares of the stock. Centaurus Financial Inc. lifted its holdings in Patrick Industries by 37.8% during the fourth quarter. Centaurus Financial Inc. now owns 58,347 shares of the construction company’s stock worth $4,847,000 after buying an additional 16,002 shares during the period. Public Employees Retirement System of Ohio lifted its holdings in shares of Patrick Industries by 50.0% during the 4th quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company’s stock valued at $68,000 after purchasing an additional 273 shares during the last quarter. Investment Management Corp VA ADV purchased a new stake in shares of Patrick Industries during the 4th quarter valued at $52,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Patrick Industries by 104.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 66,698 shares of the construction company’s stock valued at $5,541,000 after purchasing an additional 34,082 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in shares of Patrick Industries during the 4th quarter valued at $3,238,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Benchmark upped their target price on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Truist Financial upped their target price on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, February 10th. KeyCorp upped their target price on 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 increased their price objective on Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Finally, StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Patrick Industries 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.