Insider Buying: Patrick Industries, Inc. (NASDAQ:PATK) Director Purchases $862,200.00 in Stock

Patrick Industries, Inc. (NASDAQ:PATK) Director M Scott Welch purchased 10,000 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were purchased at an average price 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. The trade was a 7.94 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Patrick Industries Price Performance

Patrick Industries stock opened at $85.70 on Friday. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90. The stock has a market cap of $2.88 billion, a P/E ratio of 20.80, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. 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 company has a fifty day simple moving average of $91.16 and a 200-day simple moving average of $89.82.

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

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 annualized dividend and a yield of 1.87%. Patrick Industries’s dividend payout ratio is currently 38.83%.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Benchmark lifted their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a report on Friday, February 7th. KeyCorp lifted their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Truist Financial lifted their target price on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a report on Monday, February 10th. Raymond James lifted their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Finally, StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. One 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 data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.96.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Arizona State Retirement System raised its holdings in Patrick Industries by 51.3% during the fourth quarter. Arizona State Retirement System now owns 9,271 shares of the construction company’s stock worth $770,000 after purchasing an additional 3,143 shares in the last quarter. Assetmark Inc. raised its holdings in Patrick Industries by 1,589.0% during the third quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock worth $938,000 after purchasing an additional 6,197 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Patrick Industries by 27.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company’s stock worth $10,222,000 after purchasing an additional 26,558 shares in the last quarter. IFP Advisors Inc raised its holdings in Patrick Industries by 35.8% during the fourth quarter. IFP Advisors Inc now owns 1,044 shares of the construction company’s stock worth $87,000 after purchasing an additional 275 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Patrick Industries by 55.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock worth $45,592,000 after purchasing an additional 195,138 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

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.