Patrick Industries (NASDAQ:PATK) Share Price Passes Above 200-Day Moving Average – Here’s What Happened

Patrick Industries, Inc. (NASDAQ:PATK) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $87.07 and traded as high as $96.58. Patrick Industries shares last traded at $95.32, with a volume of 539,949 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have issued reports on PATK shares. KeyCorp upped their price target on shares of Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Truist Financial cut their price target on shares of Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Benchmark reiterated a “buy” rating and issued a $96.67 price objective on shares of Patrick Industries in a research note on Monday, November 4th. Finally, BMO Capital Markets increased their price objective on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research note on Friday, November 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $92.63.

Patrick Industries Price Performance

The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41. The firm has a market capitalization of $3.20 billion, a PE ratio of 20.54, a price-to-earnings-growth ratio of 1.42 and a beta of 2.26. The stock’s 50 day simple moving average is $87.69 and its two-hundred day simple moving average is $87.07.

Patrick Industries (NASDAQ:PATK) last posted 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). The firm had revenue of $919.44 million during the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.21 earnings per share. On average, sell-side analysts forecast that Patrick Industries, Inc. will post 4.28 EPS 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 paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.68%. The ex-dividend date was Monday, November 25th. Patrick Industries’s payout ratio is currently 34.48%.

Insiders Place Their Bets

In related news, CEO Andy L. Nemeth sold 15,000 shares of the stock in a transaction on 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 sale, the chief executive officer now owns 364,678 shares in the company, valued at $34,192,209.28. This represents a 3.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Patrick Industries

Large investors have recently bought and sold shares of the company. BTC Capital Management Inc. increased its holdings in shares of Patrick Industries by 40.6% in the 4th quarter. BTC Capital Management Inc. now owns 2,865 shares of the construction company’s stock valued at $237,000 after purchasing an additional 827 shares in the last quarter. New England Research & Management Inc. boosted its stake in shares of Patrick Industries by 43.1% during the 4th quarter. New England Research & Management Inc. now owns 7,011 shares of the construction company’s stock worth $582,000 after purchasing an additional 2,111 shares during the last quarter. Foster & Motley Inc. boosted its stake in shares of Patrick Industries by 40.2% during the 4th quarter. Foster & Motley Inc. now owns 23,738 shares of the construction company’s stock worth $1,972,000 after purchasing an additional 6,802 shares during the last quarter. Smith Group Asset Management LLC boosted its stake in shares of Patrick Industries by 51.5% during the 4th quarter. Smith Group Asset Management LLC now owns 8,497 shares of the construction company’s stock worth $706,000 after purchasing an additional 2,887 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC acquired a new stake in shares of Patrick Industries during the 4th quarter worth about $289,000. 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.