Patrick Industries’ (PATK) Neutral Rating Reiterated at Robert W. Baird

Robert W. Baird restated their neutral rating on shares of Patrick Industries (NASDAQ:PATK) in a research note released on Friday morning, MarketBeat.com reports. The brokerage currently has a $96.00 price objective on the construction company’s stock, down from their prior price objective of $100.00.

Other equities research analysts have also issued reports about the stock. Truist Financial boosted their price objective on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a report on Monday, February 10th. StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Benchmark upped their target price on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Raymond James raised their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Finally, KeyCorp upped their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $99.29.

Patrick Industries Stock Down 1.9 %

Patrick Industries stock opened at $78.60 on Friday. The business has a fifty day moving average price of $89.94 and a 200-day moving average price of $89.63. Patrick Industries has a 1-year low of $67.72 and a 1-year high of $98.90. The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of 19.08, a PEG ratio of 1.41 and a beta of 2.37. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates 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 forecast that Patrick Industries will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.04%. Patrick Industries’s dividend payout ratio (DPR) is currently 38.83%.

Insider Transactions at Patrick Industries

In other news, EVP Stacey L. Neu sold 2,885 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the transaction, the executive vice president now directly owns 18,044 shares of the company’s stock, valued at $1,543,303.32. This represents a 13.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director M Scott Welch bought 2,500 shares of the firm’s stock in a transaction dated Thursday, March 13th. The shares were acquired at an average price of $84.62 per share, for a total transaction of $211,550.00. Following the transaction, the director now directly owns 2,961 shares in the company, valued at approximately $250,559.82. This represents a 542.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds have recently made changes to their positions in PATK. Quadrant Capital Group LLC raised its stake in Patrick Industries by 49.8% in the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock valued at $27,000 after purchasing an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its position in shares of Patrick Industries by 49.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock valued at $29,000 after buying an additional 114 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of Patrick Industries by 35.1% in the fourth 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. Global Retirement Partners LLC lifted its stake in shares of Patrick Industries by 44.8% in the fourth quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock worth $53,000 after buying an additional 199 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its position in Patrick Industries by 50.0% during the fourth quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company’s stock worth $68,000 after acquiring an additional 273 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

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.