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

StockNews.com lowered shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a sell rating in a research report released on Thursday morning.

Several other research analysts have also issued reports on the company. 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. Truist Financial decreased their price target on shares of Patrick Industries from $110.00 to $105.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Raymond James dropped their price objective on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a report on Friday, November 1st. KeyCorp raised their target price on Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Finally, BMO Capital Markets upped their target price on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research report on Friday, November 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $92.63.

Patrick Industries Trading Up 2.4 %

PATK opened at $92.21 on Thursday. The stock’s 50 day moving average price is $86.98 and its 200-day moving average price is $86.32. Patrick Industries has a one year low of $60.67 and a one year high of $98.90. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41. The stock has a market cap of $3.10 billion, a price-to-earnings ratio of 19.87, a P/E/G ratio of 1.25 and a beta of 2.26.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $1.20 earnings per share 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 was up 6.2% compared to the same quarter last year. During the same period last year, the company earned $1.21 earnings per share. On average, equities analysts forecast that Patrick Industries will post 4.28 EPS for the current year.

Patrick Industries Cuts Dividend

The firm 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. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend was Monday, November 25th. Patrick Industries’s dividend payout ratio (DPR) is presently 34.48%.

Insider Activity

In related news, CEO Andy L. Nemeth sold 30,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $90.00, for a total transaction of $2,700,000.00. Following the completion of the transaction, the chief executive officer now owns 379,678 shares in the company, valued at $34,171,020. This represents a 7.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. acquired a new stake in Patrick Industries in the 2nd quarter valued at about $41,000. Sound Income Strategies LLC acquired a new stake in shares of Patrick Industries in the third quarter valued at $46,000. GAMMA Investing LLC lifted its position in shares of Patrick Industries by 61.2% during the fourth quarter. GAMMA Investing LLC now owns 764 shares of the construction company’s stock worth $63,000 after purchasing an additional 290 shares in the last quarter. UMB Bank n.a. lifted its holdings in Patrick Industries by 35.1% during the 4th quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock worth $64,000 after buying an additional 199 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its holdings in Patrick Industries by 21.4% in 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 period. Hedge funds and other 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.