Patrick Industries, Inc. (NASDAQ:PATK) Given Consensus Recommendation of “Moderate Buy” by Analysts

Patrick Industries, Inc. (NASDAQ:PATK) has received a consensus rating of “Moderate Buy” from the eight brokerages that are currently covering the firm, Marketbeat.com 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 analysts that have issued ratings on the stock in the last year is $92.63.

PATK has been the topic of a number of research reports. BMO Capital Markets boosted their target price on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a report on Friday, November 1st. StockNews.com raised shares of Patrick Industries from a “sell” rating to a “hold” rating in a research note on Wednesday, January 1st. Truist Financial lowered their target price on Patrick Industries from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Tuesday. KeyCorp upped their price target on Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Finally, Benchmark restated a “buy” rating and set a $96.67 price objective on shares of Patrick Industries in a research report on Monday, November 4th.

Patrick Industries Trading Up 0.8 %

Shares of PATK stock opened at $83.47 on Friday. Patrick Industries has a twelve month low of $60.67 and a twelve month high of $98.90. The stock’s fifty day simple moving average is $86.37 and its 200 day simple moving average is $85.80. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $2.80 billion, a P/E ratio of 11.99, a P/E/G ratio of 1.69 and a beta of 2.26.

Patrick Industries (NASDAQ:PATK) last announced 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). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The firm had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. During the same period in the previous year, the business posted $1.21 earnings per share. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, sell-side analysts predict that Patrick Industries will post 6.43 EPS for the current fiscal year.

Patrick Industries Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Stockholders of record on Monday, November 25th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend was Monday, November 25th. Patrick Industries’s dividend payout ratio is 34.48%.

Insider Activity at Patrick Industries

In other news, CEO Andy L. Nemeth sold 30,000 shares of Patrick Industries stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $90.00, for a total value of $2,700,000.00. Following the completion of the sale, the chief executive officer now owns 379,678 shares in the company, valued at $34,171,020. The trade was a 7.32 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 4.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Patrick Industries

A number of large investors have recently bought and sold shares of the stock. Pacer Advisors Inc. increased its holdings in shares of Patrick Industries by 20.1% during the second quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after acquiring an additional 221,904 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in Patrick Industries in the 2nd quarter valued at $22,460,000. Fiera Capital Corp bought a new stake in Patrick Industries during the 3rd quarter valued at $27,888,000. Argent Capital Management LLC raised its holdings in Patrick Industries by 758.4% during the third quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock worth $21,498,000 after buying an additional 133,413 shares during the last quarter. Finally, Brightline Capital Management LLC acquired a new position in Patrick Industries during the third quarter worth $14,806,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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.