Patrick Industries (NASDAQ:PATK) Director M Scott Welch Acquires 10,000 Shares

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

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

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

Patrick Industries Trading Up 0.2%

Shares of NASDAQ:PATK traded up $0.18 during trading on Friday, hitting $113.32. 116,698 shares of the company’s stock were exchanged, compared to its average volume of 340,060. The firm has a 50-day moving average price of $127.34 and a two-hundred day moving average price 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 cap of $3.77 billion, a P/E ratio of 28.92 and a beta of 1.33.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.74 by $0.10. The company had revenue of $924.17 million during 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 business’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 EPS. Equities analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

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 dividend of $0.47 per share. 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 payout ratio is currently 48.08%.

Analyst Ratings Changes

PATK has been the subject of a number of research reports. Weiss Ratings raised Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Truist Financial set a $126.00 price objective on shares of Patrick Industries in a report on Friday, January 9th. BMO Capital Markets reissued an “outperform” rating and issued a $155.00 price objective on shares of Patrick Industries in a research report on Friday, February 6th. Benchmark restated a “buy” rating on shares of Patrick Industries in a report on Friday, February 6th. Finally, KeyCorp reaffirmed an “overweight” rating and issued a $155.00 target price (up from $135.00) on shares of Patrick Industries in a research report on Friday, February 6th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $135.13.

Hedge Funds Weigh In On Patrick Industries

A number of institutional investors have recently added to or reduced their stakes in the company. Corient Private Wealth LLC boosted its stake in shares of Patrick Industries by 17.2% during the 4th quarter. Corient Private Wealth LLC now owns 3,308 shares of the construction company’s stock worth $359,000 after acquiring an additional 485 shares during the period. DGS Capital Management LLC raised its stake in Patrick Industries by 15.0% in the 4th quarter. DGS Capital Management LLC now owns 2,391 shares of the construction company’s stock valued at $259,000 after acquiring an additional 312 shares during the period. Mackenzie Financial Corp lifted its stake in shares of Patrick Industries by 4.0% during the 4th quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company’s stock worth $231,000 after buying an additional 80 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Patrick Industries during the 4th quarter worth about $362,000. Finally, Wellington Management Group LLP grew its stake in Patrick Industries by 19.9% in 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 during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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.