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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been assigned an average recommendation of “Moderate Buy” from the eight brokerages that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $92.63.

A number of analysts have recently weighed in on PATK shares. KeyCorp increased their price target on Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. BMO Capital Markets raised their target price on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research note on Friday, November 1st. Benchmark restated a “buy” rating and set a $96.67 price target on shares of Patrick Industries in a research report on Monday, November 4th. Truist Financial cut their price objective on shares of Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Finally, StockNews.com upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, January 1st.

Patrick Industries Stock Performance

Shares of PATK opened at $85.73 on Friday. The stock has a market capitalization of $2.88 billion, a PE ratio of 12.32, a price-to-earnings-growth ratio of 1.69 and a beta of 2.26. The business’s fifty day moving average price is $86.62 and its 200 day moving average price is $86.16. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97. Patrick Industries has a 12-month low of $60.67 and a 12-month high of $98.90.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, October 31st. The construction company reported $1.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.02). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The business had revenue of $919.44 million during the quarter, compared to the consensus estimate of $935.75 million. During the same quarter in the previous year, the business posted $1.21 earnings per share. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. Equities research analysts forecast that Patrick Industries will post 6.43 EPS for the current year.

Patrick Industries Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 9th. Shareholders of record on Monday, November 25th were given a dividend of $0.40 per share. The ex-dividend date was Monday, November 25th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.87%. Patrick Industries’s dividend payout ratio (DPR) is 34.48%.

Insider Activity

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $93.76, for a total value of $1,406,400.00. Following the completion of the sale, the chief executive officer now directly owns 364,678 shares in the company, valued at $34,192,209.28. This represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Hedge funds have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. bought a new position in Patrick Industries during the second quarter valued at about $41,000. Sound Income Strategies LLC bought a new position in shares of Patrick Industries during the 3rd quarter valued at about $46,000. GAMMA Investing LLC grew its stake in shares of Patrick Industries by 61.2% in the 4th quarter. GAMMA Investing LLC now owns 764 shares of the construction company’s stock worth $63,000 after purchasing an additional 290 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of Patrick Industries by 176.6% in the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock worth $81,000 after purchasing an additional 362 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its stake in Patrick Industries by 21.4% during the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock valued at $112,000 after purchasing an additional 139 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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.