Patrick Industries, Inc. (NASDAQ:PATK) Director M Scott Welch Buys 2,500 Shares

Patrick Industries, Inc. (NASDAQ:PATK) Director M Scott Welch bought 2,500 shares of the stock in a transaction on Thursday, March 13th. The shares were bought at an average price of $84.62 per share, for a total transaction of $211,550.00. Following the acquisition, the director now owns 2,961 shares in the company, valued at $250,559.82. The trade was a 542.30 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available 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 bought at an average cost of $86.22 per share, for a total transaction of $862,200.00.

Patrick Industries Stock Down 1.3 %

NASDAQ:PATK traded down $1.10 during mid-day trading on Monday, hitting $84.60. The company had a trading volume of 396,320 shares, compared to its average volume of 311,773. The business has a fifty day simple moving average of $91.17 and a 200-day simple moving average of $89.84. The firm has a market capitalization of $2.85 billion, a price-to-earnings ratio of 20.53, a PEG ratio of 1.41 and a beta of 2.37. Patrick Industries, Inc. has a 1 year low of $67.72 and a 1 year high of $98.90. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, beating 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%. Equities analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s payout ratio is 38.83%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on PATK shares. Truist Financial lifted their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, February 10th. StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Raymond James lifted their price objective on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. KeyCorp increased their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Finally, Benchmark increased their target price on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $97.96.

Institutional Investors Weigh In On Patrick Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its stake in shares of Patrick Industries by 391.8% during the fourth quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company’s stock valued at $168,462,000 after acquiring an additional 1,615,412 shares in the last quarter. Vanguard Group Inc. increased its holdings in Patrick Industries by 49.3% during the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company’s stock worth $193,266,000 after purchasing an additional 768,102 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of 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 valued at $154,823,000 after purchasing an additional 609,036 shares in the last quarter. Capital Research Global Investors purchased a new position in shares of Patrick Industries during the 4th quarter valued at approximately $38,275,000. Finally, Schroder Investment Management Group acquired a new stake in shares of Patrick Industries during the fourth quarter worth approximately $26,602,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

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.