Patrick Industries, Inc. (NASDAQ:PATK) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Patrick Industries, Inc. (NASDAQ:PATK) has received an average recommendation of “Moderate Buy” from the seven ratings firms that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $103.00.

A number of equities analysts have weighed in on the stock. Truist Financial reaffirmed a “buy” rating and issued a $130.00 target price on shares of Patrick Industries in a research note on Friday, April 12th. Roth Mkm boosted their price objective on shares of Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. StockNews.com downgraded Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. Finally, KeyCorp lifted their target price on Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, February 9th.

Patrick Industries Trading Down 0.7 %

Shares of PATK opened at $104.88 on Wednesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.73 and a current ratio of 2.38. The company has a market cap of $2.35 billion, a price-to-earnings ratio of 16.11 and a beta of 1.72. The stock has a fifty day moving average price of $113.27 and a two-hundred day moving average price of $96.56. Patrick Industries has a 52-week low of $63.57 and a 52-week high of $123.58.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, February 8th. The construction company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.10. The business had revenue of $781.20 million during the quarter, compared to analysts’ expectations of $780.97 million. Patrick Industries had a return on equity of 14.31% and a net margin of 4.12%. The firm’s revenue for the quarter was down 17.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.82 earnings per share. Analysts predict that Patrick Industries will post 7.84 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th were issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend was Friday, February 16th. Patrick Industries’s dividend payout ratio is presently 33.79%.

Insider Buying and Selling at Patrick Industries

In other news, Director Michael A. Kitson sold 3,290 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total value 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Andy L. Nemeth sold 10,000 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 289,619 shares in the company, valued at $33,306,185. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael A. Kitson sold 3,290 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $110.87, for a total transaction of $364,762.30. Following the completion of the sale, the director now directly owns 8,553 shares of the company’s stock, valued at approximately $948,271.11. The disclosure for this sale can be found here. In the last 90 days, insiders sold 48,873 shares of company stock worth $5,681,957. Insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Several institutional investors and hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC raised its stake in 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 buying an additional 276 shares during the period. GAMMA Investing LLC acquired a new stake in shares of Patrick Industries during the fourth quarter worth about $35,000. Carmel Capital Partners LLC bought a new position in shares of Patrick Industries during the 3rd quarter valued at about $44,000. Gyon Technologies Capital Management LP acquired a new position in shares of Patrick Industries in the 4th quarter valued at approximately $48,000. Finally, Quantbot Technologies LP bought a new stake in Patrick Industries during the 2nd quarter worth approximately $71,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

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.