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

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) Director M Scott Welch acquired 2,500 shares of the business's stock in a transaction dated Thursday, March 13th. The stock was acquired at an average price of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the transaction, the director now owns 2,961 shares in the company, valued at approximately $250,559.82. The trade was a 542.30 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 stock was bought at an average price of $86.22 per share, with a total value of $862,200.00.

Patrick Industries Stock Up 0.7 %

Patrick Industries stock traded up $0.57 during mid-day trading on Friday, hitting $85.08. The company had a trading volume of 774,541 shares, compared to its average volume of 315,894. Patrick Industries, Inc. has a 12 month low of $67.72 and a 12 month 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. The stock's 50 day moving average price is $91.24 and its two-hundred day moving average price is $89.75. The company has a market capitalization of $2.86 billion, a PE ratio of 20.65, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37.

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Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings data 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 net margin of 3.72% and a return on equity of 13.25%. As a group, sell-side analysts anticipate 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 given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.88%. The ex-dividend date was Tuesday, February 18th. Patrick Industries's dividend payout ratio (DPR) is currently 38.83%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Raymond James lifted their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a research note on Friday, February 7th. Truist Financial lifted their price objective on Patrick Industries from $115.00 to $120.00 and gave the company a "buy" rating in a research report on Monday, February 10th. KeyCorp increased their target price on Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research report on Friday, February 7th. StockNews.com lowered Patrick Industries from a "hold" rating to a "sell" rating in a research report on Thursday, January 16th. Finally, Benchmark increased their price objective on Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a 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 data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $97.96.

Hedge Funds Weigh In On Patrick Industries

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

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.