Patrick Industries (NASDAQ:PATK) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Patrick Industries (NASDAQ:PATK) from a sell rating to a hold rating in a research report sent to investors on Monday.

PATK has been the subject of a number of other reports. Truist Financial boosted their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, September 20th. KeyCorp increased their target price on Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Raymond James cut their price target on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a research note on Friday, November 1st. BMO Capital Markets increased their price target on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, Benchmark reissued a “buy” rating and set a $96.67 price objective on shares of Patrick Industries in a research report on Monday, November 4th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Patrick Industries has a consensus rating of “Moderate Buy” and an average price target of $93.25.

Patrick Industries Trading Down 1.6 %

NASDAQ:PATK opened at $88.25 on Monday. The stock has a market capitalization of $1.98 billion, a PE ratio of 12.68, a price-to-earnings-growth ratio of 1.69 and a beta of 2.24. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The firm’s 50 day moving average is $89.63 and its 200 day moving average is $84.50. Patrick Industries has a 12 month low of $60.67 and a 12 month high of $98.90.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, October 31st. The construction company reported $1.20 earnings per share for the quarter, missing the consensus estimate of $1.22 by ($0.02). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The company had revenue of $919.44 million during the quarter, compared to analysts’ expectations of $935.75 million. During the same quarter in the previous year, the company earned $1.21 EPS. The business’s quarterly revenue was up 6.2% on a year-over-year basis. Sell-side analysts expect that Patrick Industries will post 6.43 earnings per share for the current year.

Patrick Industries Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, November 25th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend was Monday, November 25th. Patrick Industries’s dividend payout ratio is currently 34.48%.

Insider Buying and Selling

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the completion of the transaction, the chief executive officer now owns 364,678 shares of the company’s stock, valued at $34,192,209.28. This represents a 3.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Patrick Industries

Several large investors have recently bought and sold shares of PATK. Northwestern Mutual Wealth Management Co. purchased a new position in Patrick Industries in the second quarter worth about $41,000. Sound Income Strategies LLC purchased a new position in Patrick Industries during the third quarter worth $46,000. GAMMA Investing LLC lifted its holdings in shares of Patrick Industries by 76.2% in the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock worth $67,000 after acquiring an additional 205 shares during the last quarter. UMB Bank n.a. lifted its stake in Patrick Industries by 176.6% in the third quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock worth $81,000 after purchasing an additional 362 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its position in shares of Patrick Industries by 21.4% during the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock valued at $112,000 after buying an additional 139 shares during the period. Institutional investors own 93.29% of the company’s stock.

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.