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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have earned an average rating of “Moderate Buy” from the eight analysts that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $92.63.

PATK has been the topic of several recent analyst reports. StockNews.com upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a research note on Wednesday, January 1st. BMO Capital Markets upped their price objective on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research note on Friday, November 1st. Benchmark reaffirmed a “buy” rating and issued a $96.67 price objective on shares of Patrick Industries in a research report on Monday, November 4th. KeyCorp boosted their target price on Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Finally, Truist Financial cut their price target on Patrick Industries from $110.00 to $105.00 and set a “buy” rating for the company in a report on Tuesday.

Patrick Industries Stock Up 0.8 %

PATK stock opened at $83.47 on Friday. The company has a market cap of $2.80 billion, a price-to-earnings ratio of 11.99, a P/E/G ratio of 1.69 and a beta of 2.26. Patrick Industries has a twelve month low of $60.67 and a twelve month high of $98.90. The business has a 50 day moving average price of $86.37 and a two-hundred day moving average price of $85.80. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22.

Patrick Industries (NASDAQ:PATK) last released its 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 net margin of 4.24% and a return on equity of 14.84%. The firm had revenue of $919.44 million during the quarter, compared to the consensus estimate of $935.75 million. During the same period in the prior year, the business posted $1.21 earnings per share. Patrick Industries’s quarterly revenue was up 6.2% compared to the same quarter last year. Analysts anticipate that Patrick Industries will post 6.43 EPS for the current fiscal year.

Patrick Industries Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 9th. Stockholders of record on Monday, November 25th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date was Monday, November 25th. Patrick Industries’s dividend payout ratio is currently 34.48%.

Insider Activity at Patrick Industries

In other news, CEO Andy L. Nemeth sold 15,000 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the completion of the sale, the chief executive officer now directly owns 364,678 shares in the company, valued at approximately $34,192,209.28. This represents a 3.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Patrick Industries

A number of large investors have recently bought and sold shares of the company. Pacer Advisors Inc. raised its holdings in shares of Patrick Industries by 20.1% during the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock worth $143,889,000 after buying an additional 221,904 shares in the last quarter. State Street Corp grew its position in Patrick Industries by 3.5% in the third quarter. State Street Corp now owns 816,031 shares of the construction company’s stock valued at $116,178,000 after acquiring an additional 27,669 shares during the last quarter. Geode Capital Management LLC raised its stake in Patrick Industries by 4.1% during the third quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company’s stock worth $73,968,000 after acquiring an additional 20,694 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Patrick Industries by 2.5% in the third quarter. Wellington Management Group LLP now owns 412,296 shares of the construction company’s stock worth $58,699,000 after acquiring an additional 9,917 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Patrick Industries by 5.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 353,633 shares of the construction company’s stock valued at $50,347,000 after purchasing an additional 17,747 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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.