Patrick Industries, Inc. (NASDAQ:PATK) Director M Scott Welch Acquires 10,000 Shares

Patrick Industries, Inc. (NASDAQ:PATK) Director M Scott Welch bought 10,000 shares of the business’s stock in a transaction dated Tuesday, March 11th. The stock was bought at an average price of $86.22 per share, for a total transaction of $862,200.00. Following the purchase, the director now owns 136,000 shares in the company, valued at approximately $11,725,920. This represents a 7.94 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK traded down $2.08 during trading on Thursday, reaching $83.26. 314,249 shares of the company’s stock traded hands, compared to its average volume of 318,865. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. Patrick Industries, Inc. has a 12 month low of $67.72 and a 12 month high of $98.90. The company has a 50 day moving average of $91.09 and a 200-day moving average of $89.87. The stock has a market capitalization of $2.80 billion, a P/E ratio of 20.21, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, beating the consensus estimate 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 analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

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

Institutional Investors Weigh In On Patrick Industries

Several large investors have recently made changes to their positions in PATK. Quadrant Capital Group LLC increased its stake in shares of Patrick Industries by 49.8% during the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock valued at $27,000 after acquiring an additional 109 shares during the period. Nomura Asset Management Co. Ltd. increased its stake in shares of Patrick Industries by 49.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock valued at $29,000 after acquiring an additional 114 shares during the period. Amalgamated Bank increased its stake in shares of Patrick Industries by 2.1% during the third quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock valued at $936,000 after acquiring an additional 136 shares during the period. First Horizon Advisors Inc. increased its stake in shares of Patrick Industries by 21.4% during the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock valued at $112,000 after acquiring an additional 139 shares during the period. Finally, UMB Bank n.a. increased its stake in shares of Patrick Industries by 35.1% during the fourth quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock valued at $64,000 after acquiring an additional 199 shares during the period. Institutional investors and hedge funds own 93.29% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Truist Financial upped their target price on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, February 10th. Benchmark upped their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Raymond James upped their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Finally, 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 report on Friday, February 7th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.