Patrick Industries, Inc. (NASDAQ:PATK) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been given a consensus rating of “Moderate Buy” by the eight research firms that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $138.50.

A number of research analysts have recently commented on PATK shares. BMO Capital Markets lifted their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Benchmark reissued a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a research report on Tuesday, September 17th. Truist Financial upped their price objective on Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, September 20th. KeyCorp boosted their target price on Patrick Industries from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Finally, DA Davidson increased their price target on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research note on Monday, August 5th.

Patrick Industries Stock Up 1.4 %

NASDAQ:PATK opened at $144.32 on Wednesday. The firm has a market capitalization of $3.23 billion, a P/E ratio of 21.38, a P/E/G ratio of 1.15 and a beta of 1.62. The stock’s fifty day simple moving average is $129.48 and its 200-day simple moving average is $117.62. The company has a quick ratio of 0.94, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. Patrick Industries has a 12-month low of $70.15 and a 12-month high of $147.80.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.11. The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $972.06 million. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.94 EPS. Equities research analysts expect that Patrick Industries will post 7.32 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were paid a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend was Monday, August 26th. Patrick Industries’s dividend payout ratio (DPR) is presently 32.59%.

Insider Activity at Patrick Industries

In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total value of $2,627,400.00. Following the transaction, the insider now owns 139,109 shares in the company, valued at $18,274,749.33. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, insider Jeff Rodino sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total value of $2,627,400.00. Following the transaction, the insider now owns 139,109 shares in the company, valued at $18,274,749.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd M. Cleveland sold 7,500 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the sale, the director now owns 82,374 shares of the company’s stock, valued at approximately $10,795,112.70. The disclosure for this sale can be found here. Insiders have sold 29,411 shares of company stock worth $3,858,915 in the last quarter. Company insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. bought a new position in shares of Patrick Industries in the second quarter valued at approximately $41,000. Harel Insurance Investments & Financial Services Ltd. grew its stake in Patrick Industries by 78.5% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock valued at $205,000 after purchasing an additional 840 shares during the period. Heritage Family Offices LLP purchased a new stake in shares of Patrick Industries during the 2nd quarter valued at $227,000. Xponance Inc. raised its stake in shares of Patrick Industries by 4.1% during the 2nd quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock worth $230,000 after purchasing an additional 83 shares during the period. Finally, Algert Global LLC purchased a new position in shares of Patrick Industries in the 2nd quarter worth about $233,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Company Profile

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.