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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have received an average rating of “Moderate Buy” from the eight research firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $93.25.

Several equities analysts recently weighed in on PATK shares. Truist Financial raised their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, September 20th. StockNews.com raised Patrick Industries from a “sell” rating to a “hold” rating in a report on Monday, December 16th. BMO Capital Markets increased their price target on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research note on Friday, November 1st. Raymond James reduced their price objective on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Finally, Benchmark reaffirmed a “buy” rating and set a $96.67 price objective on shares of Patrick Industries in a report on Monday, November 4th.

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $82.89 on Monday. 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 52 week low of $60.67 and a 52 week high of $98.90. The stock’s 50-day simple moving average is $89.05 and its 200-day simple moving average is $84.57. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 1.69 and a beta of 2.24.

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

Patrick Industries Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, November 25th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, November 25th. This represents a $1.60 annualized dividend and a yield of 1.93%. Patrick Industries’s payout ratio is presently 34.48%.

Insider Buying and Selling

In related news, CEO Andy L. Nemeth sold 15,000 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $93.76, for a total value of $1,406,400.00. Following the sale, the chief executive officer now directly owns 364,678 shares of the company’s stock, valued at $34,192,209.28. This represents a 3.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PATK. Sound Income Strategies LLC purchased a new position in Patrick Industries during the 3rd quarter valued at $46,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Patrick Industries during the second quarter valued at $41,000. GAMMA Investing LLC grew its holdings in shares of Patrick Industries by 76.2% in the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock worth $67,000 after purchasing an additional 205 shares during the last quarter. UMB Bank n.a. increased its stake in 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 buying an additional 362 shares during the period. Finally, First Horizon Advisors Inc. lifted its holdings in Patrick Industries by 21.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock valued at $112,000 after buying an additional 139 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.