Patrick Industries, Inc. (NASDAQ:PATK) Director Buys $862,200.00 in Stock

by · The Cerbat Gem

Patrick Industries, Inc. (NASDAQ:PATK – Get Free Report) Director M Scott Welch acquired 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The stock was purchased at an average cost of $86.22 per share, with a total value of $862,200.00. Following the purchase, 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 position. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Patrick Industries Trading Down 2.4 %

Shares of PATK traded down $2.08 on Thursday, reaching $83.26. 314,249 shares of the company’s stock were exchanged, compared to its average volume of 318,865. 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 has a market capitalization of $2.80 billion, a P/E ratio of 20.21, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. The business has a 50 day moving average price of $91.09 and a two-hundred day moving average price of $89.87. Patrick Industries, Inc. has a 12 month low of $67.72 and a 12 month high of $98.90.

Patrick Industries (NASDAQ:PATK – Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share 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%. Research analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s payout ratio is presently 38.83%.

Institutional Investors Weigh In On Patrick Industries

Several large investors have recently bought and sold shares of the company. Quadrant Capital Group LLC increased its stake in Patrick Industries by 49.8% in the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock valued at $27,000 after purchasing an additional 109 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its stake in Patrick Industries by 49.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock valued at $29,000 after purchasing an additional 114 shares in the last quarter. Amalgamated Bank increased its stake in Patrick Industries by 2.1% in the third quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock valued at $936,000 after purchasing an additional 136 shares in the last quarter. First Horizon Advisors Inc. increased its stake in Patrick Industries by 21.4% in the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock valued at $112,000 after purchasing an additional 139 shares in the last quarter. Finally, UMB Bank n.a. increased its stake in Patrick Industries by 35.1% in the fourth quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock valued at $64,000 after purchasing an additional 199 shares in the last quarter. Institutional investors own 93.29% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on PATK. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Truist Financial raised their price target 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. Benchmark lifted their target price 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. KeyCorp lifted their target price 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, Raymond James raised their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $97.96.

View Our Latest Report on PATK

Patrick Industries Company Profile

(Get Free Report)

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.

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