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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been assigned a consensus recommendation of “Moderate Buy” from the eight research firms that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $92.63.

Several research analysts recently issued reports on the company. KeyCorp raised their target price on Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Benchmark reaffirmed a “buy” rating and set a $96.67 target price on shares of Patrick Industries in a research report on Monday, November 4th. BMO Capital Markets lifted their price objective on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research report on Friday, November 1st. StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. Finally, Truist Financial lowered their price objective on Patrick Industries from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th.

Insider Activity

In other Patrick Industries news, CEO Andy L. Nemeth sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $90.00, for a total transaction of $2,700,000.00. Following the completion of the sale, the chief executive officer now directly owns 379,678 shares of the company’s stock, valued at approximately $34,171,020. The trade was a 7.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.70% of the stock is currently owned by company insiders.

Institutional Trading of Patrick Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Assetmark Inc. increased its holdings in Patrick Industries by 1,589.0% during the 3rd quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock worth $938,000 after purchasing an additional 6,197 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Patrick Industries by 35.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock worth $13,869,000 after buying an additional 25,556 shares during the last quarter. Fiera Capital Corp purchased a new position in shares of Patrick Industries in the 3rd quarter worth approximately $27,888,000. Argent Capital Management LLC boosted its stake 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 buying an additional 133,413 shares during the last quarter. Finally, Copeland Capital Management LLC purchased a new position in shares of Patrick Industries in the 3rd quarter worth approximately $8,070,000. 93.29% of the stock is owned by institutional investors.

Patrick Industries Stock Down 1.5 %

Shares of NASDAQ:PATK opened at $95.73 on Tuesday. The firm has a market cap of $3.22 billion, a P/E ratio of 20.63, a P/E/G ratio of 1.46 and a beta of 2.26. 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 $66.49 and a 12-month high of $98.90. The business has a fifty day simple moving average of $88.77 and a 200 day simple moving average of $88.18.

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 paid a $0.40 dividend. The ex-dividend date of this dividend was Monday, November 25th. This represents a $1.60 annualized dividend and a dividend yield of 1.67%. Patrick Industries’s dividend payout ratio is presently 34.48%.

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.