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 business’s stock in a transaction on Thursday, March 13th. The shares were bought at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the transaction, the director now directly owns 2,961 shares in the company, valued at $250,559.82. This trade represents a 542.30 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link.

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

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

Patrick Industries Trading Down 1.3 %

Shares of Patrick Industries stock opened at $84.60 on Tuesday. The firm has a market capitalization of $2.85 billion, a PE ratio of 20.53, a P/E/G ratio of 1.41 and a beta of 2.37. Patrick Industries, Inc. has a twelve month low of $67.72 and a twelve month high of $98.90. The firm’s 50-day moving average price is $91.17 and its 200 day moving average price is $89.84. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK) last issued 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%. On average, sell-side analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Quadrant Capital Group LLC lifted its stake in 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 purchasing an additional 109 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in 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 purchasing an additional 114 shares in the last quarter. First Horizon Advisors Inc. lifted its stake in 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 purchasing an additional 139 shares in the last quarter. UMB Bank n.a. lifted its stake in 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 purchasing an additional 199 shares in the last quarter. Finally, Global Retirement Partners LLC lifted its stake in 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 purchasing an additional 199 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on PATK shares. KeyCorp raised their target price on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Truist Financial raised their target price on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, February 10th. Raymond James raised their target price on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. Finally, Benchmark raised their target price on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Friday, February 7th. 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’s stock. According to MarketBeat, Patrick Industries has an average 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.