M Scott Welch Buys 10,050 Shares of Patrick Industries (NASDAQ:PATK) Stock

Key Points

• M. Scott Welch bought 10,050 shares of Patrick Industries (NASDAQ:PATK) on May 5 at an average price of $88.23, a $886,711.50 transaction that increased his direct holdings to 156,000 shares (a 6.89% rise) as disclosed in an SEC filing.
• Patrick Industries reported Q1 EPS of $1.10 (vs. $1.08 consensus) on $997.17M revenue, the stock was up 5.8% after the release, and analysts maintain an average rating of “Moderate Buy” with an average price target of $122.63.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) Director M Scott Welch purchased 10,050 shares of the firm's stock in a transaction on Tuesday, May 5th. The shares were acquired at an average price of $88.23 per share, for a total transaction of $886,711.50. Following the purchase, the director directly owned 156,000 shares of the company's stock, valued at approximately $13,763,880. This represents a 6.89% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

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

• On Thursday, March 12th, M Scott Welch purchased 10,000 shares of Patrick Industries stock. The shares were acquired at an average price of $113.68 per share, for a total transaction of $1,136,800.00.
• On Friday, March 6th, M Scott Welch purchased 50 shares of Patrick Industries stock. The shares were acquired at an average price of $116.40 per share, for a total transaction of $5,820.00.
• On Friday, February 27th, M Scott Welch purchased 60 shares of Patrick Industries stock. The shares were acquired at an average price of $122.75 per share, for a total transaction of $7,365.00.

Patrick Industries Stock Up 5.8%

PATK opened at $90.06 on Wednesday. Patrick Industries, Inc. has a fifty-two week low of $80.35 and a fifty-two week high of $148.50. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04. The firm's fifty day moving average price is $111.49 and its two-hundred day moving average price is $113.98. The company has a market capitalization of $2.98 billion, a P/E ratio of 23.09 and a beta of 1.12.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates of $1.08 by $0.02. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The firm had revenue of $997.17 million for the quarter, compared to the consensus estimate of $989.06 million. During the same quarter in the previous year, the company earned $1.11 earnings per share. The business's revenue was down .6% compared to the same quarter last year. On average, analysts anticipate that Patrick Industries, Inc. will post 5.03 EPS for the current year.

Institutional Investors Weigh In On Patrick Industries

Institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP raised its holdings in shares of Patrick Industries by 19.9% in the fourth quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company's stock valued at $240,401,000 after buying an additional 367,802 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Patrick Industries by 12,134.2% in the fourth quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company's stock valued at $28,123,000 after buying an additional 257,245 shares during the last quarter. Capital Research Global Investors raised its holdings in shares of Patrick Industries by 24.4% in the fourth quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company's stock valued at $123,342,000 after buying an additional 223,014 shares during the last quarter. Bessemer Group Inc. raised its holdings in shares of Patrick Industries by 3,602.4% in the fourth quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company's stock valued at $16,255,000 after buying an additional 145,863 shares during the last quarter. Finally, Tributary Capital Management LLC raised its holdings in shares of Patrick Industries by 52.0% in the third quarter. Tributary Capital Management LLC now owns 371,608 shares of the construction company's stock valued at $38,435,000 after buying an additional 127,099 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Analyst Ratings Changes

PATK has been the topic of several recent analyst reports. Raymond James Financial set a $108.00 target price on shares of Patrick Industries in a research note on Friday. Weiss Ratings upgraded shares of Patrick Industries from a "hold (c)" rating to a "buy (b-)" rating in a research note on Monday, February 23rd. BMO Capital Markets restated an "outperform" rating and issued a $150.00 target price (down from $155.00) on shares of Patrick Industries in a research note on Monday, April 20th. Benchmark reduced their target price on shares of Patrick Industries from $150.00 to $135.00 and set a "buy" rating on the stock in a research note on Friday, May 1st. Finally, Truist Financial set a $126.00 target price on shares of Patrick Industries in a research note on Friday, January 9th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $122.63.

Patrick Industries Company Profile

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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