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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have earned a consensus recommendation of “Moderate Buy” from the eight research firms that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $97.96.

A number of analysts have recently issued reports on the company. Truist Financial lifted their target price on Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, February 10th. Benchmark lifted their target price on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. BMO Capital Markets lifted their target price on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Raymond James lifted their target price on Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Finally, KeyCorp boosted their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 7th.

Patrick Industries Trading Up 1.1 %

Shares of PATK opened at $90.60 on Friday. The stock’s 50-day moving average is $90.31 and its two-hundred day moving average is $89.61. The stock has a market cap of $3.05 billion, a PE ratio of 21.99, a P/E/G ratio of 1.41 and a beta of 2.26. Patrick Industries has a 12 month low of $67.72 and a 12 month high of $98.90. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77.

Patrick Industries (NASDAQ:PATK) last announced 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%. Equities analysts forecast that Patrick Industries will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.77%. The ex-dividend date is Tuesday, February 18th. Patrick Industries’s dividend payout ratio (DPR) is presently 38.83%.

Hedge Funds Weigh In On Patrick Industries

Institutional investors have recently made changes to their positions in the stock. Assetmark Inc. grew its holdings in shares of Patrick Industries by 1,589.0% during the third quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock valued at $938,000 after purchasing an additional 6,197 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Patrick Industries by 27.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company’s stock valued at $10,222,000 after purchasing an additional 26,558 shares during the last quarter. Fiera Capital Corp bought a new position in shares of Patrick Industries during the third quarter valued at approximately $27,888,000. New York State Teachers Retirement System grew its holdings in shares of Patrick Industries by 48.8% during the fourth quarter. New York State Teachers Retirement System now owns 33,434 shares of the construction company’s stock valued at $2,778,000 after purchasing an additional 10,961 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its holdings in shares of Patrick Industries by 2.3% during the third quarter. Janney Montgomery Scott LLC now owns 20,137 shares of the construction company’s stock valued at $2,867,000 after purchasing an additional 451 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

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.