Patrick Industries (NASDAQ:PATK) Receives “Buy” Rating from Truist Financial

Truist Financial reaffirmed their buy rating on shares of Patrick Industries (NASDAQ:PATKFree Report) in a report published on Friday morning, Benzinga reports. Truist Financial currently has a $130.00 price target on the construction company’s stock.

PATK has been the topic of a number of other reports. Roth Mkm raised their price objective on shares of Patrick Industries from $101.00 to $120.00 and gave the stock a buy rating in a report on Friday, February 9th. StockNews.com lowered shares of Patrick Industries from a buy rating to a hold rating in a report on Thursday, March 21st. Finally, KeyCorp lifted their price target on shares of Patrick Industries from $110.00 to $115.00 and gave the company an overweight rating in a research note on Friday, February 9th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $103.00.

View Our Latest Research Report on Patrick Industries

Patrick Industries Trading Down 1.8 %

Shares of NASDAQ:PATK opened at $107.10 on Friday. Patrick Industries has a 12 month low of $63.57 and a 12 month high of $123.58. The company has a quick ratio of 0.73, a current ratio of 2.38 and a debt-to-equity ratio of 0.97. The company’s fifty day simple moving average is $113.13 and its 200 day simple moving average is $96.14. The firm has a market cap of $2.40 billion, a price-to-earnings ratio of 16.45 and a beta of 1.72.

Patrick Industries (NASDAQ:PATKGet Free Report) last issued its quarterly earnings data on Thursday, February 8th. The construction company reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.10. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The business had revenue of $781.20 million for the quarter, compared to analyst estimates of $780.97 million. During the same period last year, the business posted $1.82 earnings per share. The firm’s quarterly revenue was down 17.9% on a year-over-year basis. As a group, research analysts forecast that Patrick Industries will post 7.84 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th were paid a $0.55 dividend. The ex-dividend date of this dividend was Friday, February 16th. This represents a $2.20 annualized dividend and a yield of 2.05%. Patrick Industries’s payout ratio is currently 33.79%.

Insider Buying and Selling at Patrick Industries

In other news, CEO Andy L. Nemeth sold 10,000 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $115.00, for a total transaction of $1,150,000.00. Following the transaction, the chief executive officer now directly owns 289,619 shares in the company, valued at approximately $33,306,185. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Michael A. Kitson sold 3,290 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $110.87, for a total transaction of $364,762.30. Following the transaction, the director now directly owns 8,553 shares in the company, valued at approximately $948,271.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Andy L. Nemeth sold 10,000 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $115.00, for a total transaction of $1,150,000.00. Following the transaction, the chief executive officer now owns 289,619 shares in the company, valued at $33,306,185. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,873 shares of company stock worth $5,681,957. Insiders own 6.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC increased its stake in shares of Patrick Industries by 129.6% during the 1st quarter. Tower Research Capital LLC TRC now owns 489 shares of the construction company’s stock worth $34,000 after purchasing an additional 276 shares during the last quarter. GAMMA Investing LLC bought a new stake in shares of Patrick Industries during the 4th quarter worth about $35,000. Carmel Capital Partners LLC bought a new stake in shares of Patrick Industries during the 3rd quarter worth about $44,000. Gyon Technologies Capital Management LP bought a new stake in shares of Patrick Industries during the 4th quarter worth about $48,000. Finally, Quantbot Technologies LP bought a new stake in shares of Patrick Industries during the 2nd quarter worth about $71,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

About Patrick Industries

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Patrick Industries (NASDAQ:PATK)

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