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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have earned a consensus rating of “Moderate Buy” from the eight brokerages that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $97.96.

PATK has been the topic of several research analyst reports. KeyCorp upped their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Benchmark lifted their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a report on Friday, February 7th. Raymond James upped their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Finally, Truist Financial lifted their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, February 10th.

Patrick Industries Price Performance

PATK stock opened at $87.14 on Wednesday. The stock has a market cap of $2.93 billion, a PE ratio of 21.15, a P/E/G ratio of 1.41 and a beta of 2.37. Patrick Industries has a 12 month low of $67.72 and a 12 month high of $98.90. The company has a 50-day moving average price of $91.38 and a 200 day moving average price of $89.88. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Equities research analysts anticipate that Patrick Industries will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.84%. Patrick Industries’s dividend payout ratio is presently 38.83%.

Insider Buying and Selling

In related news, Director M Scott Welch bought 10,000 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were bought at an average price of $86.22 per share, for a total transaction of $862,200.00. Following the completion of the purchase, the director now directly owns 136,000 shares of the company’s stock, valued at approximately $11,725,920. This trade represents a 7.94 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total transaction of $246,754.05. Following the sale, the executive vice president now directly owns 18,044 shares of the company’s stock, valued at approximately $1,543,303.32. The trade was a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patrick Industries

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Patrick Industries by 49.3% in the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company’s stock worth $193,266,000 after purchasing an additional 768,102 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Patrick Industries by 391.8% in the fourth quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company’s stock worth $168,462,000 after acquiring an additional 1,615,412 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Patrick Industries by 48.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company’s stock worth $154,823,000 after acquiring an additional 609,036 shares during the last quarter. Capital World Investors increased its holdings in shares of Patrick Industries by 50.0% during the fourth quarter. Capital World Investors now owns 944,319 shares of the construction company’s stock valued at $78,454,000 after acquiring an additional 314,773 shares in the last quarter. Finally, State Street Corp raised its position in shares of Patrick Industries by 3.5% in the 3rd quarter. State Street Corp now owns 816,031 shares of the construction company’s stock valued at $116,178,000 after purchasing an additional 27,669 shares during the last quarter. 93.29% of the stock is 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.