Patrick Industries (NASDAQ:PATK) Downgraded by StockNews.com to Sell

StockNews.com downgraded shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a sell rating in a research note issued to investors on Thursday morning.

Several other analysts have also recently commented on the company. BMO Capital Markets raised their price target on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a report on Friday, November 1st. Raymond James lowered their price target on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Truist Financial cut their target price on shares of Patrick Industries from $110.00 to $105.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. Benchmark restated a “buy” rating and set a $96.67 price objective on shares of Patrick Industries in a report on Monday, November 4th. Finally, KeyCorp increased their price target on shares of Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $92.63.

Patrick Industries Price Performance

Shares of NASDAQ PATK opened at $92.21 on Thursday. The stock has a 50 day moving average of $86.98 and a two-hundred day moving average of $86.32. Patrick Industries has a twelve month low of $60.67 and a twelve month high of $98.90. The stock has a market cap of $3.10 billion, a P/E ratio of 19.87, a P/E/G ratio of 1.25 and a beta of 2.26. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, October 31st. The construction company reported $1.20 EPS for the quarter, missing the consensus estimate of $1.22 by ($0.02). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The company had revenue of $919.44 million for the quarter, compared to analysts’ expectations of $935.75 million. During the same period in the prior year, the company earned $1.21 earnings per share. The firm’s revenue was up 6.2% on a year-over-year basis. On average, research analysts forecast that Patrick Industries will post 4.28 earnings per share for the current year.

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 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 1.74%. Patrick Industries’s payout ratio is currently 34.48%.

Insiders Place Their Bets

In other news, CEO Andy L. Nemeth sold 15,000 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the completion of the transaction, the chief executive officer now directly owns 364,678 shares in the company, valued at approximately $34,192,209.28. This represents a 3.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 4.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Assetmark Inc. lifted its position in shares of Patrick Industries by 1,589.0% in the 3rd quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock worth $938,000 after buying an additional 6,197 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in Patrick Industries by 35.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock worth $13,869,000 after purchasing an additional 25,556 shares during the period. Fiera Capital Corp acquired a new stake in shares of Patrick Industries in the third quarter valued at $27,888,000. Argent Capital Management LLC lifted its holdings in Patrick Industries by 758.4% in the 3rd quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock valued at $21,498,000 after acquiring an additional 133,413 shares during the last quarter. Finally, Public Sector Pension Investment Board boosted its holdings in Patrick Industries by 8.7% during the second quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock worth $5,032,000 after buying an additional 3,705 shares in the last quarter. 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.