Insider Buying: Patrick Industries, Inc. (NASDAQ:PATK) Director Buys $211,550.00 in Stock

Patrick Industries, Inc. (NASDAQ:PATK) Director M Scott Welch bought 2,500 shares of Patrick Industries stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average price of $84.62 per share, with a total value of $211,550.00. Following the completion of the acquisition, 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 filing with the Securities & Exchange Commission, which is available through this link.

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

• On Tuesday, March 11th, M Scott Welch bought 10,000 shares of Patrick Industries stock. The shares were purchased at an average cost of $86.22 per share, with a total value of $862,200.00.

Patrick Industries Trading Up 2.4 %

Shares of PATK opened at $85.37 on Thursday. The stock’s fifty day simple moving average is $91.22 and its 200-day simple moving average is $89.79. The firm has a market capitalization of $2.87 billion, a PE ratio of 20.72, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. Patrick Industries, Inc. has a 12-month low of $67.72 and a 12-month high of $98.90. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16.

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

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a $0.40 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 1.87%. Patrick Industries’s payout ratio is presently 38.83%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on PATK shares. StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a research 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 report on Friday, February 7th. Truist Financial upped their target price 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. Benchmark raised their price target on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a report on Friday, February 7th. Finally, KeyCorp boosted their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. One investment 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, the stock has an average rating of “Moderate Buy” and a consensus price target of $97.96.

Institutional Trading of Patrick Industries

Several institutional investors and hedge funds have recently made changes to their positions in the business. Crossmark Global Holdings Inc. acquired a new stake in shares of Patrick Industries during the third quarter worth $236,000. Victory Capital Management Inc. grew its position in shares of Patrick Industries by 16.1% during the 3rd quarter. Victory Capital Management Inc. now owns 43,077 shares of the construction company’s stock worth $6,133,000 after buying an additional 5,960 shares during the period. Natixis Advisors LLC increased its stake in shares of Patrick Industries by 16.6% in the 3rd quarter. Natixis Advisors LLC now owns 17,827 shares of the construction company’s stock valued at $2,538,000 after acquiring an additional 2,544 shares during the last quarter. First Horizon Advisors Inc. raised its position in shares of Patrick Industries by 21.4% in the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock valued at $112,000 after acquiring an additional 139 shares during the period. Finally, Intech Investment Management LLC bought a new position in Patrick Industries during the 3rd quarter worth approximately $2,887,000. 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.