Patrick Industries, Inc. (NASDAQ:PATK) Receives Average Rating of “Moderate Buy” from Analysts

Patrick Industries, Inc. (NASDAQ:PATK) has received a consensus rating of “Moderate Buy” from the nine brokerages that are currently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $96.42.

Several research analysts have weighed in on the company. KeyCorp cut their price target on Patrick Industries from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Raymond James Financial cut their price target on Patrick Industries from $103.00 to $95.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. Roth Mkm reiterated a “buy” rating and issued a $100.00 price target (down from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Truist Financial upped their price objective on Patrick Industries from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, June 3rd. Finally, Robert W. Baird upped their price objective on Patrick Industries from $84.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, June 20th.

Insider Transactions at Patrick Industries

In other Patrick Industries news, Director John A. Forbes sold 2,875 shares of the company’s stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $91.62, for a total value of $263,407.50. Following the completion of the transaction, the director directly owned 52,591 shares of the company’s stock, valued at $4,818,387.42. This represents a 5.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Todd M. Cleveland acquired 6,000 shares of the firm’s stock in a transaction on Thursday, May 15th. The stock was purchased at an average cost of $85.80 per share, with a total value of $514,800.00. Following the completion of the transaction, the director owned 125,286 shares in the company, valued at $10,749,538.80. The trade was a 5.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 14,071 shares of company stock valued at $1,205,964. 4.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Patrick Industries

Large investors have recently modified their holdings of the stock. Covestor Ltd lifted its position in shares of Patrick Industries by 10,400.0% during the fourth quarter. Covestor Ltd now owns 315 shares of the construction company’s stock worth $26,000 after purchasing an additional 312 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in Patrick Industries by 49.8% in the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock worth $27,000 after acquiring an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in Patrick Industries by 49.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock worth $29,000 after acquiring an additional 114 shares during the last quarter. Strs Ohio bought a new position in Patrick Industries in the first quarter worth about $42,000. Finally, Smartleaf Asset Management LLC lifted its holdings in Patrick Industries by 812.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock worth $49,000 after acquiring an additional 528 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Trading Down 0.7%

Shares of Patrick Industries stock opened at $98.44 on Friday. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.41 and a quick ratio of 1.04. Patrick Industries has a 1 year low of $69.86 and a 1 year high of $100.30. The company has a market capitalization of $3.29 billion, a P/E ratio of 23.61, a P/E/G ratio of 1.43 and a beta of 1.22. The business has a 50 day moving average price of $87.58 and a 200 day moving average price of $87.20.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.13. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $959.46 million. Patrick Industries had a return on equity of 12.90% and a net margin of 3.74%. The company’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.79 EPS. Sell-side analysts anticipate 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, June 9th. Shareholders of record on Tuesday, May 27th were given a $0.40 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a yield of 1.63%. Patrick Industries’s payout ratio is currently 38.37%.

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.