Patrick Industries (NASDAQ:PATK) Shares Cross Above 200 Day Moving Average – Should You Sell?

Patrick Industries, Inc. (NASDAQ:PATK)’s share price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $89.06 and traded as high as $96.28. Patrick Industries shares last traded at $95.76, with a volume of 262,730 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PATK. KeyCorp boosted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. BMO Capital Markets upped their price target on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research note on Friday, November 1st. StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Truist Financial upped their target price on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, February 10th. Finally, Raymond James lifted their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and an average price target of $97.96.

Patrick Industries Price Performance

The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.97 and a current ratio of 2.33. The firm has a market capitalization of $3.22 billion, a price-to-earnings ratio of 23.24, a price-to-earnings-growth ratio of 1.42 and a beta of 2.26. The company has a 50-day moving average of $89.65 and a 200-day moving average of $89.06.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. As a group, research analysts anticipate that Patrick Industries, Inc. will post 5.38 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th will be paid a dividend of $0.40 per share. The ex-dividend date is Tuesday, February 18th. This represents a $1.60 annualized dividend and a dividend yield of 1.67%. Patrick Industries’s dividend payout ratio is presently 38.83%.

Insiders Place Their Bets

In related news, CEO Andy L. Nemeth sold 30,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $90.00, for a total value of $2,700,000.00. Following the transaction, the chief executive officer now directly owns 379,678 shares in the company, valued at approximately $34,171,020. This represents a 7.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds have recently added to or reduced their stakes in PATK. Creative Planning acquired a new position in Patrick Industries during the third quarter worth about $337,000. Allspring Global Investments Holdings LLC increased its position in Patrick Industries by 35.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock valued at $13,869,000 after purchasing an additional 25,556 shares during the period. Copeland Capital Management LLC bought a new position in Patrick Industries during the third quarter worth $8,070,000. Argent Capital Management LLC raised its position in shares of Patrick Industries by 758.4% in the 3rd quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock worth $21,498,000 after acquiring an additional 133,413 shares in the last quarter. Finally, Louisiana State Employees Retirement System lifted its stake in Patrick Industries by 1.9% in the third quarter. Louisiana State Employees Retirement System now owns 10,800 shares of the construction company’s stock valued at $1,538,000 after buying an additional 200 shares during the period. 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.