Matthew Filer Acquires 1,000 Shares of Patrick Industries (NASDAQ:PATK) Stock

Patrick Industries, Inc. (NASDAQ:PATK) CAO Matthew Filer bought 1,000 shares of the company’s stock in a transaction dated Friday, February 6th. The shares were acquired at an average price of $139.91 per share, for a total transaction of $139,910.00. Following the acquisition, the chief accounting officer owned 20,614 shares in the company, valued at approximately $2,884,104.74. This represents a 5.10% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Patrick Industries Stock Up 0.6%

NASDAQ:PATK opened at $142.51 on Wednesday. Patrick Industries, Inc. has a 1-year low of $72.99 and a 1-year high of $144.40. The firm’s 50-day moving average price is $119.77 and its 200-day moving average price is $110.27. The company has a market capitalization of $4.74 billion, a PE ratio of 36.45, a P/E/G ratio of 1.49 and a beta of 1.34. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.51 and a quick ratio of 0.80.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The firm had revenue of $924.17 million for the quarter, compared to analysts’ expectations of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The business’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.52 EPS. On average, equities analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently announced 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 yield of 1.3%. The ex-dividend date of this dividend is Monday, February 23rd. Patrick Industries’s payout ratio is 48.08%.

Institutional Investors Weigh In On Patrick Industries

Several institutional investors have recently modified their holdings of the business. Citizens Financial Group Inc. RI purchased a new stake in shares of Patrick Industries during the 3rd quarter valued at about $1,704,000. Inspire Advisors LLC purchased a new position in shares of Patrick Industries during the second quarter valued at approximately $525,000. Tributary Capital Management LLC lifted its position in Patrick Industries by 52.0% during the third quarter. Tributary Capital Management LLC now owns 371,608 shares of the construction company’s stock valued at $38,435,000 after purchasing an additional 127,099 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Patrick Industries during the second quarter valued at approximately $400,000. Finally, F m Investments LLC boosted its holdings in Patrick Industries by 23.0% in the second quarter. F m Investments LLC now owns 47,440 shares of the construction company’s stock worth $4,377,000 after purchasing an additional 8,860 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PATK has been the subject of several recent analyst reports. Loop Capital initiated coverage on Patrick Industries in a research report on Friday, October 31st. They issued a “hold” rating and a $99.00 price target 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 research note on Friday. Roth Mkm reaffirmed a “buy” rating and issued a $157.00 target price on shares of Patrick Industries in a report on Monday. Truist Financial set a $126.00 target price on shares of Patrick Industries in a research note on Friday, January 9th. Finally, Benchmark reissued a “buy” rating on shares of Patrick Industries in a research report on Friday. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $135.13.

About Patrick Industries

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.