Patrick Industries, Inc. (NASDAQ:PATK) Director Purchases $211,550.00 in Stock

Patrick Industries, Inc. (NASDAQ:PATK) Director M Scott Welch purchased 2,500 shares of the stock in a transaction dated Thursday, March 13th. The stock was purchased 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. The trade was a 542.30 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible 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 bought at an average price of $86.22 per share, for a total transaction of $862,200.00.

Patrick Industries Stock Down 1.3 %

Shares of NASDAQ:PATK traded down $1.10 during trading hours on Monday, reaching $84.60. The stock had a trading volume of 396,320 shares, compared to its average volume of 311,773. The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of 20.53, a P/E/G ratio of 1.41 and a beta of 2.37. The firm’s 50 day moving average is $91.17 and its 200-day moving average is $89.84. Patrick Industries, Inc. has a 1 year low of $67.72 and a 1 year high of $98.90. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (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%. Research analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal 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 paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s dividend payout ratio is presently 38.83%.

Wall Street Analysts Forecast Growth

PATK has been the subject of several analyst reports. KeyCorp increased their price target 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. Benchmark increased their price target on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a report 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 report on Friday, February 7th. Truist Financial lifted their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, February 10th. Finally, StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $97.96.

Hedge Funds Weigh In On Patrick Industries

Several institutional investors have recently bought and sold shares of the company. Kestra Investment Management LLC purchased a new stake in shares of Patrick Industries during the 4th quarter worth $25,000. Covestor Ltd boosted its stake in shares of Patrick Industries by 10,400.0% during the 4th quarter. Covestor Ltd now owns 315 shares of the construction company’s stock worth $26,000 after acquiring an additional 312 shares in the last quarter. Quadrant Capital Group LLC grew its holdings 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 acquiring an additional 109 shares during the period. Nomura Asset Management Co. Ltd. boosted its position in Patrick Industries by 49.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock worth $29,000 after purchasing an additional 114 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its position 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 valued at $49,000 after buying an additional 528 shares in the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

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.