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 company’s stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average price of $84.62 per share, for a total transaction of $211,550.00. Following the purchase, the director now owns 2,961 shares in the company, valued at $250,559.82. This represents a 542.30 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through 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 stock was purchased at an average price of $86.22 per share, for a total transaction of $862,200.00.

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $83.40 on Wednesday. The firm’s 50 day moving average price is $91.18 and its 200-day moving average price is $89.82. Patrick Industries, Inc. has a twelve month low of $67.72 and a twelve month high of $98.90. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The stock has a market capitalization of $2.81 billion, a PE ratio of 20.24, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data 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 net margin of 3.72% and a return on equity of 13.25%. Equities research analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.92%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s dividend payout ratio (DPR) is presently 38.83%.

Wall Street Analysts Forecast Growth

PATK has been the topic of a number of analyst reports. Raymond James upped their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Truist Financial upped their target price on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, February 10th. Benchmark upped their target price on shares of 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 target price 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. Finally, StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $97.96.

Hedge Funds Weigh In On Patrick Industries

Several institutional investors have recently made changes to their positions in PATK. Vanguard Group Inc. increased its holdings in Patrick Industries by 49.3% in the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company’s stock worth $193,266,000 after acquiring an additional 768,102 shares in the last quarter. Wellington Management Group LLP increased its holdings in Patrick Industries by 391.8% in the 4th quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company’s stock worth $168,462,000 after acquiring an additional 1,615,412 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Patrick Industries by 48.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company’s stock worth $154,823,000 after acquiring an additional 609,036 shares in the last quarter. Capital World Investors increased its holdings in Patrick Industries by 50.0% in the 4th quarter. Capital World Investors now owns 944,319 shares of the construction company’s stock worth $78,454,000 after acquiring an additional 314,773 shares in the last quarter. Finally, State Street Corp increased its holdings in Patrick Industries by 3.5% in the 3rd quarter. State Street Corp now owns 816,031 shares of the construction company’s stock worth $116,178,000 after acquiring an additional 27,669 shares in the last quarter. Institutional investors own 93.29% of the company’s stock.

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.