Patrick Industries (NASDAQ:PATK) CAO Matthew Filer Purchases 1,000 Shares

Patrick Industries, Inc. (NASDAQ:PATK) CAO Matthew Filer acquired 1,000 shares of Patrick Industries stock in a transaction that occurred on Friday, February 6th. The shares were purchased at an average cost of $139.91 per share, for a total transaction of $139,910.00. Following the purchase, the chief accounting officer directly owned 20,614 shares in the company, valued at $2,884,104.74. The trade was a 5.10% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Patrick Industries Stock Up 0.6%

Shares of NASDAQ:PATK opened at $141.63 on Tuesday. The company has a 50 day moving average price of $119.09 and a two-hundred day moving average price of $109.97. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. The company has a market capitalization of $4.71 billion, a PE ratio of 36.22, a PEG ratio of 1.48 and a beta of 1.34. Patrick Industries, Inc. has a 52 week low of $72.99 and a 52 week high of $144.40.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.10. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The company had revenue of $924.17 million during the quarter, compared to analyst estimates of $858.62 million. During the same quarter in the previous year, the business earned $0.52 EPS. The firm’s revenue was up 9.2% on a year-over-year basis. Analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Shareholders of record on Monday, February 23rd will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Monday, February 23rd. Patrick Industries’s dividend payout ratio is 48.08%.

Hedge Funds Weigh In On Patrick Industries

Several hedge funds have recently modified their holdings of PATK. Vanguard Group Inc. raised its holdings in Patrick Industries by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 2,470,559 shares of the construction company’s stock worth $267,883,000 after acquiring an additional 16,959 shares in the last quarter. Geode Capital Management LLC grew its stake in Patrick Industries by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 819,488 shares of the construction company’s stock valued at $88,870,000 after purchasing an additional 4,816 shares in the last quarter. American Century Companies Inc. increased its position in shares of Patrick Industries by 33.8% during the 2nd quarter. American Century Companies Inc. now owns 712,383 shares of the construction company’s stock worth $65,732,000 after purchasing an additional 180,092 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Patrick Industries by 2.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 578,733 shares of the construction company’s stock worth $59,858,000 after purchasing an additional 15,582 shares in the last quarter. Finally, Copeland Capital Management LLC boosted its holdings in shares of Patrick Industries by 23.4% in the 4th quarter. Copeland Capital Management LLC now owns 478,999 shares of the construction company’s stock valued at $51,938,000 after buying an additional 90,691 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PATK shares. Truist Financial set a $126.00 target price on Patrick Industries in a research note on Friday, January 9th. Loop Capital initiated coverage on shares of Patrick Industries in a research report on Friday, October 31st. They set a “hold” rating and a $99.00 price objective for the company. KeyCorp restated an “overweight” rating and set a $155.00 price objective (up from $135.00) on shares of Patrick Industries in a report on Friday. Robert W. Baird set a $140.00 target price on shares of Patrick Industries in a research note on Friday. Finally, Benchmark reiterated a “buy” rating on shares of Patrick Industries in a report on Friday. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Patrick Industries currently has a consensus rating of “Moderate Buy” and an average target price of $135.13.

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.