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

Patrick Industries, Inc. (NASDAQ:PATK) Director M Scott Welch acquired 10,000 shares of the stock in a transaction that occurred on 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 purchase, the director owned 146,000 shares in the company, valued at $16,597,280. The trade was a 7.35% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Friday, March 6th, M Scott Welch bought 50 shares of Patrick Industries stock. The stock was bought at an average price of $116.40 per share, for a total transaction of $5,820.00.
• On Friday, February 27th, M Scott Welch purchased 60 shares of Patrick Industries stock. The shares were purchased at an average cost of $122.75 per share, with a total value of $7,365.00.

Patrick Industries Stock Up 1.0%

Patrick Industries stock opened at $114.31 on Friday. The company has a 50-day simple moving average of $127.42 and a 200-day simple moving average of $113.65. The firm has a market capitalization of $3.80 billion, a P/E ratio of 29.24 and a beta of 1.33. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. Patrick Industries, Inc. has a one year low of $72.99 and a one year high of $148.50.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The business had revenue of $924.17 million for the quarter, compared to analysts’ expectations 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 for the quarter was up 9.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.52 EPS. As a group, equities analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 9th. Shareholders of record on Monday, February 23rd were paid a $0.47 dividend. The ex-dividend date was Monday, February 23rd. This represents a $1.88 annualized dividend and a dividend yield of 1.6%. Patrick Industries’s dividend payout ratio (DPR) is presently 48.08%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PATK shares. BMO Capital Markets reiterated an “outperform” rating and set a $155.00 price objective on shares of Patrick Industries in a research report on Friday, February 6th. Robert W. Baird set a $140.00 target price on Patrick Industries in a research report on Friday, February 6th. Truist Financial set a $126.00 target price on Patrick Industries in a research note on Friday, January 9th. KeyCorp reiterated an “overweight” rating and set a $155.00 price target (up from $135.00) on shares of Patrick Industries in a research report on Friday, February 6th. Finally, Benchmark reissued a “buy” rating on shares of Patrick Industries in a research note on Friday, February 6th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $135.13.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Patrick Industries by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock worth $1,632,000 after purchasing an additional 851 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Patrick Industries by 5.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company’s stock valued at $5,957,000 after purchasing an additional 3,748 shares during the period. Strs Ohio acquired a new position in shares of Patrick Industries during the 1st quarter valued at $42,000. Atria Investments Inc raised its stake in shares of Patrick Industries by 3.0% in the 2nd quarter. Atria Investments Inc now owns 3,806 shares of the construction company’s stock worth $351,000 after buying an additional 112 shares in the last quarter. Finally, Bank of Montreal Can lifted its holdings in shares of Patrick Industries by 2.1% in the second quarter. Bank of Montreal Can now owns 5,200 shares of the construction company’s stock valued at $480,000 after buying an additional 106 shares during the period. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Company Profile

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.