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

Patrick Industries, Inc. (NASDAQ:PATK) has received an average rating of “Moderate Buy” from the six ratings firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $131.33.

Several equities analysts have recently weighed in on PATK shares. BMO Capital Markets raised their target price on Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. KeyCorp raised their target price on Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. DA Davidson raised their target price on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Robert W. Baird raised their target price on Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Roth Mkm restated a “buy” rating and issued a $126.00 target price (up previously from $120.00) on shares of Patrick Industries in a research report on Monday, May 6th.

Institutional Investors Weigh In On Patrick Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. purchased a new stake in Patrick Industries in the second quarter valued at $41,000. Algert Global LLC purchased a new stake in Patrick Industries in the second quarter valued at $233,000. The Manufacturers Life Insurance Company raised its position in Patrick Industries by 5.2% in the second quarter. The Manufacturers Life Insurance Company now owns 11,842 shares of the construction company’s stock valued at $1,285,000 after purchasing an additional 589 shares during the period. Anchor Capital Management Company LLC raised its position in Patrick Industries by 18.0% in the second quarter. Anchor Capital Management Company LLC now owns 146,088 shares of the construction company’s stock valued at $15,858,000 after purchasing an additional 22,279 shares during the period. Finally, NBW Capital LLC raised its position in Patrick Industries by 1.8% in the second quarter. NBW Capital LLC now owns 68,653 shares of the construction company’s stock valued at $7,452,000 after purchasing an additional 1,183 shares during the period. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Down 0.1 %

Shares of PATK opened at $125.95 on Tuesday. The company has a current ratio of 2.29, a quick ratio of 0.94 and a debt-to-equity ratio of 1.19. Patrick Industries has a 12 month low of $70.15 and a 12 month high of $136.00. The stock’s 50 day moving average is $115.12 and its two-hundred day moving average is $112.66. The firm has a market cap of $2.82 billion, a P/E ratio of 18.66, a PEG ratio of 0.96 and a beta of 1.65.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 EPS for the quarter, beating the consensus estimate of $2.05 by $0.11. The company had revenue of $1.02 billion for the quarter, compared to analyst estimates of $972.06 million. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. Patrick Industries’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the company earned $1.94 earnings per share. Analysts predict that Patrick Industries will post 7.32 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 9th. Investors of record on Monday, August 26th will be given a dividend of $0.55 per share. The ex-dividend date is Monday, August 26th. This represents a $2.20 dividend on an annualized basis and a yield of 1.75%. Patrick Industries’s payout ratio is 32.59%.

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.