M Scott Welch Buys 10,000 Shares of Patrick Industries, Inc. (NASDAQ:PATK) Stock

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) Director M Scott Welch acquired 10,000 shares of the business's stock in a transaction on Tuesday, March 11th. The stock was acquired at an average cost of $86.22 per share, with a total value of $862,200.00. Following the acquisition, the director now directly owns 136,000 shares in the company, valued at approximately $11,725,920. This trade represents a 7.94 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Patrick Industries Price Performance

PATK stock traded down $1.10 during trading on Monday, reaching $84.60. 396,320 shares of the company were exchanged, compared to its average volume of 313,358. The company has a 50-day moving average of $91.16 and a two-hundred day moving average of $89.85. The company has a market capitalization of $2.85 billion, a price-to-earnings ratio of 20.53, a P/E/G ratio of 1.41 and a beta of 2.37. Patrick Industries, Inc. has a twelve month low of $67.72 and a twelve month high of $98.90. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released 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%. As a group, equities analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

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Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were given 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 dividend payout ratio is 38.83%.

Analysts Set New Price Targets

PATK has been the subject of a number of recent research reports. Truist Financial boosted their price objective on shares of Patrick Industries from $115.00 to $120.00 and gave the company a "buy" rating in a report on Monday, February 10th. Raymond James upped their price target 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. StockNews.com downgraded shares of Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. KeyCorp upped their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a report on Friday, February 7th. Finally, Benchmark upped their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a report on Friday, February 7th. One research 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. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $97.96.

Hedge Funds Weigh In On Patrick Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Arizona State Retirement System raised its stake in shares of Patrick Industries by 51.3% during the fourth quarter. Arizona State Retirement System now owns 9,271 shares of the construction company's stock valued at $770,000 after acquiring an additional 3,143 shares during the last quarter. Assetmark Inc. raised its stake in shares of Patrick Industries by 1,589.0% during the third quarter. Assetmark Inc. now owns 6,587 shares of the construction company's stock valued at $938,000 after acquiring an additional 6,197 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Patrick Industries by 27.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company's stock valued at $10,222,000 after acquiring an additional 26,558 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Patrick Industries by 55.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company's stock valued at $45,592,000 after acquiring an additional 195,138 shares during the last quarter. Finally, IFP Advisors Inc raised its stake in shares of Patrick Industries by 35.8% during the fourth quarter. IFP Advisors Inc now owns 1,044 shares of the construction company's stock valued at $87,000 after acquiring an additional 275 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

About Patrick Industries

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.