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

Patrick Industries, Inc. (NASDAQ:PATK) Director M Scott Welch purchased 10,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, March 11th. The shares were acquired at an average price of $86.22 per share, for a total transaction of $862,200.00. Following the acquisition, the director now owns 136,000 shares in the company, valued at $11,725,920. This trade represents a 7.94 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Patrick Industries Trading Up 2.9 %

NASDAQ:PATK opened at $85.70 on Friday. The firm has a market capitalization of $2.88 billion, a P/E ratio of 20.80, a PEG ratio of 1.41 and a beta of 2.37. 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 one year low of $67.72 and a one year high of $98.90. The company’s 50-day simple moving average is $91.11 and its 200 day simple moving average is $89.82.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. As a group, analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on PATK shares. Benchmark boosted their target price on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, February 7th. KeyCorp upped their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. 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 research note on Friday, February 7th. Truist Financial increased their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, February 10th. Finally, StockNews.com lowered 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 issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $97.96.

Institutional Trading of Patrick Industries

Several institutional investors have recently bought and sold shares of PATK. Centaurus Financial Inc. raised its holdings in Patrick Industries by 37.8% in the fourth quarter. Centaurus Financial Inc. now owns 58,347 shares of the construction company’s stock worth $4,847,000 after buying an additional 16,002 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Patrick Industries by 50.0% during the fourth quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company’s stock valued at $68,000 after acquiring an additional 273 shares in the last quarter. Investment Management Corp VA ADV purchased a new position in Patrick Industries in the 4th quarter worth approximately $52,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Patrick Industries by 104.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 66,698 shares of the construction company’s stock valued at $5,541,000 after acquiring an additional 34,082 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in Patrick Industries during the 4th quarter valued at $3,238,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

About Patrick Industries

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.