Patrick Industries (NASDAQ:PATK) Director Acquires $886,711.50 in Stock

Patrick Industries, Inc. (NASDAQ:PATK) Director M Scott Welch purchased 10,050 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was acquired at an average cost of $88.23 per share, with a total value of $886,711.50. Following the completion of the acquisition, the director directly owned 156,000 shares of the company’s stock, valued at $13,763,880. The trade was a 6.89% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Thursday, March 12th, M Scott Welch purchased 10,000 shares of Patrick Industries stock. The stock was acquired at an average cost of $113.68 per share, with a total value of $1,136,800.00.
• On Friday, March 6th, M Scott Welch purchased 50 shares of Patrick Industries stock. The stock was acquired at an average cost of $116.40 per share, with a total value of $5,820.00.
• On Friday, February 27th, M Scott Welch purchased 60 shares of Patrick Industries stock. The stock was acquired at an average cost of $122.75 per share, with a total value of $7,365.00.

Patrick Industries Stock Performance

Patrick Industries stock opened at $90.06 on Wednesday. The stock has a 50-day simple moving average of $111.49 and a 200 day simple moving average of $113.98. The company has a quick ratio of 1.04, a current ratio of 2.71 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 12-month low of $80.35 and a 12-month high of $148.50. The stock has a market capitalization of $2.98 billion, a price-to-earnings ratio of 23.09 and a beta of 1.12.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The business had revenue of $997.17 million during the quarter, compared to analysts’ expectations of $989.06 million. During the same period in the previous year, the business posted $1.11 earnings per share. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. On average, research analysts anticipate that Patrick Industries, Inc. will post 5.03 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PATK. Wellington Management Group LLP boosted its stake in Patrick Industries by 19.9% during the 4th quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company’s stock worth $240,401,000 after acquiring an additional 367,802 shares during the last quarter. SG Americas Securities LLC boosted its stake in Patrick Industries by 12,134.2% during the 4th quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company’s stock worth $28,123,000 after acquiring an additional 257,245 shares during the last quarter. Capital Research Global Investors boosted its stake in Patrick Industries by 24.4% during the 4th quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock worth $123,342,000 after acquiring an additional 223,014 shares during the last quarter. Bessemer Group Inc. boosted its stake in Patrick Industries by 3,602.4% during the 4th quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock worth $16,255,000 after acquiring an additional 145,863 shares during the last quarter. Finally, Tributary Capital Management LLC boosted its stake in Patrick Industries by 52.0% during the 3rd quarter. Tributary Capital Management LLC now owns 371,608 shares of the construction company’s stock worth $38,435,000 after acquiring an additional 127,099 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. Roth Mkm set a $128.00 price objective on Patrick Industries in a report on Tuesday. Raymond James Financial set a $108.00 price objective on Patrick Industries in a report on Friday. Wall Street Zen cut Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Truist Financial set a $126.00 price objective on Patrick Industries in a report on Friday, January 9th. Finally, Robert W. Baird set a $110.00 price objective on Patrick Industries in a report on Friday. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus target price of $122.63.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.