Patrick Industries (NASDAQ:PATK) Director Purchases $1,136,800.00 in Stock

Patrick Industries, Inc. (NASDAQ:PATK) Director M Scott Welch purchased 10,000 shares of Patrick Industries stock in a transaction dated Thursday, March 12th. The shares were bought at an average price of $113.68 per share, with a total value of $1,136,800.00. Following the completion of the transaction, the director owned 146,000 shares in the company, valued at approximately $16,597,280. This trade represents a 7.35% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

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

• On Friday, March 6th, M Scott Welch acquired 50 shares of Patrick Industries stock. The stock was purchased 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 price of $122.75 per share, with a total value of $7,365.00.

Patrick Industries Trading Down 1.7%

Shares of Patrick Industries stock traded down $1.91 during trading hours on Thursday, reaching $113.14. The stock had a trading volume of 293,558 shares, compared to its average volume of 294,882. The firm has a 50 day simple moving average of $127.34 and a two-hundred day simple moving average of $113.66. The company has a current ratio of 2.51, a quick ratio of 0.80 and a debt-to-equity ratio of 1.08. Patrick Industries, Inc. has a 1 year low of $72.99 and a 1 year high of $148.50. The firm has a market capitalization of $3.76 billion, a price-to-earnings ratio of 28.94 and a beta of 1.33.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.10. The company had revenue of $924.17 million during the quarter, compared to the consensus estimate of $858.62 million. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The company’s revenue was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.52 EPS. As a group, equities research analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 9th. Investors of record on Monday, February 23rd were issued a $0.47 dividend. The ex-dividend date was Monday, February 23rd. This represents a $1.88 dividend on an annualized basis and a yield of 1.7%. Patrick Industries’s dividend payout ratio is currently 48.08%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PATK shares. Roth Mkm reaffirmed a “buy” rating and set a $157.00 price target on shares of Patrick Industries in a report on Monday, February 9th. Robert W. Baird set a $140.00 price objective on Patrick Industries in a research note on Friday, February 6th. Truist Financial set a $126.00 target price on Patrick Industries in a research report on Friday, January 9th. Wall Street Zen downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Sunday. Finally, Weiss Ratings raised Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $135.13.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP increased its position 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 valued at $240,401,000 after buying an additional 367,802 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of Patrick Industries by 12,134.2% during the fourth 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 grew its holdings in shares of Patrick Industries by 24.4% in the fourth quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock valued at $123,342,000 after purchasing an additional 223,014 shares in the last quarter. American Century Companies Inc. raised its holdings in Patrick Industries by 33.8% during the 2nd quarter. American Century Companies Inc. now owns 712,383 shares of the construction company’s stock valued at $65,732,000 after buying an additional 180,092 shares during the period. Finally, Bessemer Group Inc. boosted its holdings 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 valued at $16,255,000 after acquiring an additional 145,863 shares during the period. Institutional investors own 93.29% of the company’s stock.

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.