Patrick Industries, Inc. (NASDAQ:PATK) Given Average Rating of “Moderate Buy” by Brokerages

Patrick Industries, Inc. (NASDAQ:PATK) has been assigned a consensus rating of “Moderate Buy” from the seven research firms that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $106.71.

A number of brokerages have issued reports on PATK. Roth Mkm reissued a “buy” rating and issued a $126.00 target price (up previously from $120.00) on shares of Patrick Industries in a research report on Monday, May 6th. Truist Financial reissued a “buy” rating and set a $130.00 target price on shares of Patrick Industries in a research note on Friday, April 12th. BMO Capital Markets lifted their target price on Patrick Industries from $120.00 to $125.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. Finally, StockNews.com lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st.

Institutional Trading of Patrick Industries

Large investors have recently bought and sold shares of the business. Deutsche Bank AG raised its holdings in shares of Patrick Industries by 13.8% in the third quarter. Deutsche Bank AG now owns 10,590 shares of the construction company’s stock valued at $795,000 after buying an additional 1,281 shares during the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in Patrick Industries during the 3rd quarter worth approximately $243,000. Envestnet Asset Management Inc. lifted its position in Patrick Industries by 49.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 46,147 shares of the construction company’s stock worth $3,464,000 after acquiring an additional 15,357 shares during the period. Invesco Ltd. grew its stake in shares of Patrick Industries by 7.0% in the 3rd quarter. Invesco Ltd. now owns 277,265 shares of the construction company’s stock valued at $20,812,000 after purchasing an additional 18,256 shares during the last quarter. Finally, Dark Forest Capital Management LP acquired a new position in shares of Patrick Industries in the third quarter valued at approximately $599,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Stock Performance

NASDAQ PATK opened at $107.97 on Monday. The stock has a fifty day simple moving average of $109.25 and a 200-day simple moving average of $107.12. The company has a current ratio of 2.38, a quick ratio of 0.96 and a debt-to-equity ratio of 1.32. The stock has a market cap of $2.42 billion, a PE ratio of 16.00, a P/E/G ratio of 0.77 and a beta of 1.70. Patrick Industries has a twelve month low of $70.15 and a twelve month high of $123.58.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, May 2nd. The construction company reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.47. Patrick Industries had a net margin of 4.22% and a return on equity of 14.90%. The business had revenue of $933.50 million during the quarter, compared to analysts’ expectations of $829.22 million. During the same period last year, the business earned $1.35 earnings per share. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. Equities analysts anticipate that Patrick Industries will post 8.12 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were issued a $0.55 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.04%. Patrick Industries’s payout ratio is 32.59%.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.