Bank of America just raised its EUR/USD forecast
In a recent transaction detailed in an SEC filing, Scott Welch, a director at Patrick Industries Inc. (NASDAQ:PATK), purchased 10,000 shares of the company’s common stock. The acquisition, which took place on March 11, 2025, was executed at an average price of $86.2215 per share, totaling approximately $862,215. The purchase comes as the stock, currently valued at $2.8 billion in market cap, trades near $83 per share. According to InvestingPro analysis, PATK appears slightly overvalued at current levels, with analysts maintaining a bullish consensus and a high price target of $120. This purchase increased Welch’s indirect holdings, attributed to his spouse, to 136,000 shares following the transaction.
Additionally, the filing noted an adjustment involving 11,060 shares, which did not involve a monetary transaction. This adjustment reflects Welch’s pecuniary interest in shares owned through entities he controls, though he disclaims beneficial ownership of other shares held by these entities. After this adjustment, Welch’s indirect ownership through these entities stands at 461 shares.
In other recent news, Patrick Industries announced its financial results for the fourth quarter and full year ending December 31, 2024, reporting an 8% increase in fourth-quarter net sales to $846 million and a 7% rise in full-year net sales to $3.7 billion. However, the company experienced a 31% decline in fourth-quarter operating income, which dropped to $40 million. Despite the decrease in operating income, adjusted net income for the fourth quarter was $18 million, or $0.52 per diluted share. Patrick Industries attributed its sales growth to strategic acquisitions and increased revenue from the Housing and RV markets.
Additionally, Patrick Industries has been active in strategic acquisitions, including the purchases of Sportech and RecPro, enhancing its presence in the Powersports market. Benchmark analysts recently raised the company’s stock target to $102, citing robust results and a positive shift in RV retail sales. Meanwhile, Truist Securities adjusted its price target for the company to $105, maintaining a Buy rating and projecting record gross profit margins for 2025. The company also disclosed the granting of stock options and Stock Appreciation Rights to its executives, aligning their interests with shareholders by tying compensation to stock performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.