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.com reports. One analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $93.25.

Several equities analysts have commented on the stock. BMO Capital Markets upped their price objective on shares of Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a report on Friday, November 1st. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, November 14th. Truist Financial upped their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday, September 20th. Raymond James decreased 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. Finally, Benchmark reissued a “buy” rating and issued a $96.67 target price on shares of Patrick Industries in a research report on Monday, November 4th.

Patrick Industries Price Performance

Shares of PATK opened at $134.59 on Monday. The company has a market cap of $3.01 billion, a price-to-earnings ratio of 19.34, a PEG ratio of 1.69 and a beta of 2.24. Patrick Industries has a 1-year low of $89.96 and a 1-year high of $148.35. The company’s fifty day simple moving average is $89.80 and its 200 day simple moving average is $84.41. 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 released 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 during the quarter, compared to analyst estimates of $935.75 million. During the same quarter in the prior year, the firm earned $1.21 earnings per share. Patrick Industries’s revenue for the quarter was up 6.2% on a year-over-year basis. On average, research analysts forecast that Patrick Industries will post 6.43 earnings per share for the current fiscal year.

Patrick Industries Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 9th. Shareholders of record on Monday, November 25th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date was Monday, November 25th. Patrick Industries’s payout ratio is 34.48%.

Insiders Place Their Bets

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 364,678 shares in the company, valued at approximately $34,192,209.28. This trade represents a 3.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

Several large investors have recently made changes to their positions in the business. Xponance Inc. increased its position in shares of Patrick Industries by 4.1% during the 2nd quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock valued at $230,000 after purchasing an additional 83 shares during the last quarter. Trust Point Inc. grew its holdings in Patrick Industries by 1.1% during the 3rd quarter. Trust Point Inc. now owns 8,964 shares of the construction company’s stock valued at $1,276,000 after buying an additional 96 shares in the last quarter. SummerHaven Investment Management LLC grew its holdings in Patrick Industries by 1.5% during the 2nd quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company’s stock valued at $977,000 after buying an additional 135 shares in the last quarter. Amalgamated Bank grew its holdings in Patrick Industries by 2.1% during the 3rd quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock valued at $936,000 after buying an additional 136 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its position in shares of 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 acquiring an additional 139 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

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.