Patrick Industries, Inc. (NASDAQ:PATK) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Patrick Industries, Inc. (NASDAQ:PATK) has earned an average rating of “Moderate Buy” from the eight analysts that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $139.88.

Several equities analysts recently weighed in on the stock. DA Davidson increased their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, November 14th. Robert W. Baird upped their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Truist Financial upped their price objective on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a report on Friday, September 20th. Finally, BMO Capital Markets increased their price target on shares of Patrick Industries from $150.00 to $155.00 and gave the stock an “outperform” rating in a report on Friday, November 1st.

Patrick Industries Stock Up 0.8 %

Patrick Industries stock opened at $130.78 on Thursday. 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 has a 12-month low of $80.62 and a 12-month high of $148.35. The firm’s fifty day moving average is $136.61 and its 200 day moving average is $123.82. The company has a market capitalization of $2.93 billion, a PE ratio of 18.79, a PEG ratio of 1.36 and a beta of 1.62.

Patrick Industries shares are scheduled to split on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly issued shares will be distributed to shareholders after the market closes on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 EPS for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The business had revenue of $919.44 million for the quarter, compared to the consensus estimate of $935.75 million. During the same quarter last year, the firm posted $1.81 EPS. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, sell-side analysts predict that Patrick Industries will post 6.43 EPS for the current fiscal year.

Patrick Industries Increases Dividend

The firm also recently declared a — dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a dividend of $50.00 per share. This is a boost from Patrick Industries’s previous — dividend of $0.25. This represents a yield of 1.7%. The ex-dividend date is Monday, December 16th. Patrick Industries’s dividend payout ratio (DPR) is presently 31.61%.

Insider Buying and Selling at Patrick Industries

In related news, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the sale, the chief operating officer now owns 23,759 shares of the company’s stock, valued at $3,091,283.49. This trade represents a 7.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jeff Rodino sold 20,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total value of $2,627,400.00. Following the completion of the sale, the insider now directly owns 139,109 shares of the company’s stock, valued at $18,274,749.33. The trade was a 12.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,411 shares of company stock worth $3,858,915 over the last ninety days. Insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pacer Advisors Inc. boosted its stake in Patrick Industries by 20.1% in the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock worth $143,889,000 after purchasing an additional 221,904 shares in the last quarter. State Street Corp increased its position in shares of Patrick Industries by 3.5% during the 3rd quarter. State Street Corp now owns 816,031 shares of the construction company’s stock valued at $116,178,000 after purchasing an additional 27,669 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Patrick Industries by 4.1% during the 3rd quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company’s stock valued at $73,968,000 after purchasing an additional 20,694 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Patrick Industries by 2.5% during the 3rd quarter. Wellington Management Group LLP now owns 412,296 shares of the construction company’s stock valued at $58,699,000 after purchasing an additional 9,917 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in 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 worth $50,347,000 after acquiring an additional 17,747 shares in the last quarter. 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.