Key Points
- M. Scott Welch, a Patrick Industries director, bought 10,000 shares on March 12 at an average price of $113.68 for a total of $1,136,800, increasing his direct holding to 146,000 shares (a 7.35% rise) valued at about $16.6M per the SEC filing.
- Patrick Industries recently beat the quarter's estimates with EPS of $0.84 vs. $0.74 expected and revenue of $924.17M (up 9.2% YoY); analysts show a consensus "Moderate Buy" (average target $135.13), and the company pays a quarterly dividend of $0.47 (≈1.7% yield).
Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) Director M Scott Welch bought 10,000 shares of the firm's stock in a transaction dated Thursday, March 12th. The stock was purchased at an average cost of $113.68 per share, for a total transaction of $1,136,800.00. Following the transaction, the director directly owned 146,000 shares of the company's stock, valued at $16,597,280. The trade was a 7.35% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
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, with a total value 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, with a total value of $7,365.00.
Patrick Industries Stock Performance
NASDAQ PATK traded up $0.18 on Friday, reaching $113.32. The stock had a trading volume of 116,698 shares, compared to its average volume of 340,060. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.51 and a quick ratio of 0.80. The company has a market cap of $3.77 billion, a P/E ratio of 28.92 and a beta of 1.33. The firm has a fifty day moving average of $127.34 and a two-hundred day moving average of $113.66. Patrick Industries, Inc. has a 1-year low of $72.99 and a 1-year high of $148.50.
Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, topping analysts' consensus estimates of $0.74 by $0.10. The company had revenue of $924.17 million during the quarter, compared to the consensus estimate of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The company's revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 earnings per share. On average, equities research analysts anticipate that Patrick Industries, Inc. will post 5.33 EPS for the current year.
Patrick Industries Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 9th. Shareholders of record on Monday, February 23rd were paid a $0.47 dividend. The ex-dividend date was Monday, February 23rd. This represents a $1.88 annualized dividend and a yield of 1.7%. Patrick Industries's payout ratio is 48.08%.
Analysts Set New Price Targets
A number of research analysts have issued reports on PATK shares. Roth Mkm restated a "buy" rating and set a $157.00 target price on shares of Patrick Industries in a research report on Monday, February 9th. Weiss Ratings upgraded Patrick Industries from a "hold (c)" rating to a "buy (b-)" rating in a research note on Monday, February 23rd. Benchmark restated a "buy" rating on shares of Patrick Industries in a research note on Friday, February 6th. Truist Financial set a $126.00 price objective on Patrick Industries in a report on Friday, January 9th. Finally, Wall Street Zen downgraded Patrick Industries from a "buy" rating to a "hold" rating in a research report on Sunday, March 8th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $135.13.
Check Out Our Latest Stock Report on PATK
Institutional Trading of Patrick Industries
Institutional investors and hedge funds have recently modified their holdings of the business. Mackenzie Financial Corp grew its position in Patrick Industries by 4.0% in the fourth quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company's stock valued at $231,000 after acquiring an additional 80 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in shares of Patrick Industries by 4.1% in the fourth quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company's stock worth $245,000 after acquiring an additional 88 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of Patrick Industries by 1.1% in the 3rd quarter. Arizona State Retirement System now owns 9,387 shares of the construction company's stock valued at $971,000 after purchasing an additional 98 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its stake in shares of Patrick Industries by 4.1% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company's stock valued at $269,000 after purchasing an additional 98 shares in the last quarter. Finally, Strs Ohio grew its holdings in shares of Patrick Industries by 11.1% during the 3rd quarter. Strs Ohio now owns 1,000 shares of the construction company's stock valued at $103,000 after purchasing an additional 100 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors.
Patrick Industries Company Profile
(
Get Free Report)
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.
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