Patrick Industries, Inc. (NASDAQ:PATK) Director Acquires $211,550.00 in Stock

Patrick Industries, Inc. (NASDAQ:PATK) Director M Scott Welch bought 2,500 shares of the firm’s stock in a transaction on Thursday, March 13th. The stock was acquired at an average cost of $84.62 per share, with a total value of $211,550.00. Following the completion of the purchase, the director now owns 2,961 shares of the company’s stock, valued at approximately $250,559.82. This trade represents a 542.30 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

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

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

Patrick Industries Stock Performance

NASDAQ PATK opened at $85.37 on Thursday. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90. The firm has a 50-day moving average price of $91.22 and a two-hundred day moving average price of $89.79. The company has a market capitalization of $2.87 billion, a P/E ratio of 20.72, a P/E/G ratio of 1.41 and a beta of 2.37.

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

Patrick Industries Announces Dividend

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

Institutional Trading of Patrick Industries

A number of hedge funds have recently made changes to their positions in PATK. California State Teachers Retirement System increased its position in Patrick Industries by 48.2% in the 4th quarter. California State Teachers Retirement System now owns 29,878 shares of the construction company’s stock valued at $2,482,000 after acquiring an additional 9,724 shares during the period. Centaurus Financial Inc. lifted its holdings in shares of Patrick Industries by 37.8% in the 4th quarter. Centaurus Financial Inc. now owns 58,347 shares of the construction company’s stock worth $4,847,000 after purchasing an additional 16,002 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings 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 buying an additional 273 shares during the last quarter. Investment Management Corp VA ADV acquired a new position in Patrick Industries during the 4th quarter valued at about $52,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Patrick Industries by 104.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 66,698 shares of the construction company’s stock worth $5,541,000 after buying an additional 34,082 shares in the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PATK has been the topic of several research analyst reports. Raymond James raised their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. KeyCorp lifted their price objective 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. StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Benchmark increased their price target 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. Finally, Truist Financial lifted their target price on Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, February 10th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Patrick Industries has an average rating of “Moderate Buy” and a consensus target price 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.