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

Patrick Industries, Inc. (NASDAQ:PATK) has been assigned an average rating of “Moderate Buy” from the nine ratings firms that are covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $96.29.

PATK has been the topic of a number of analyst reports. KeyCorp decreased their target price on shares of Patrick Industries from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Baird R W lowered Patrick Industries from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 4th. Robert W. Baird reduced their target price on Patrick Industries from $96.00 to $84.00 and set a “neutral” rating on the stock in a report on Friday, May 2nd. Roth Mkm reaffirmed a “buy” rating and issued a $100.00 price target (down previously from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Finally, StockNews.com raised shares of Patrick Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, April 30th.

Insider Buying and Selling

In other news, EVP Stacey L. Neu sold 2,885 shares of the business’s stock in a transaction dated Tuesday, March 11th. The stock was 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 in the company, valued at approximately $1,543,303.32. The trade was a 13.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Todd M. Cleveland acquired 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 19th. The stock was acquired at an average price of $87.49 per share, with a total value of $437,450.00. Following the acquisition, the director now owns 130,286 shares in the company, valued at $11,398,722.14. The trade was a 3.99% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 23,500 shares of company stock worth $2,026,000 in the last three months. 4.40% of the stock is owned by corporate insiders.

Institutional Trading of Patrick Industries

Several institutional investors have recently modified their holdings of PATK. Wellington Management Group LLP grew its position in shares of Patrick Industries by 391.8% in the 4th quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company’s stock valued at $168,462,000 after buying an additional 1,615,412 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Patrick Industries by 49.3% in the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company’s stock valued at $193,266,000 after acquiring an additional 768,102 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Patrick Industries by 48.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company’s stock worth $154,823,000 after purchasing an additional 609,036 shares during the last quarter. Capital Research Global Investors bought a new position in Patrick Industries during the 4th quarter worth approximately $38,275,000. Finally, Nuveen LLC acquired a new position in shares of Patrick Industries in the 1st quarter worth approximately $33,735,000. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Performance

PATK opened at $87.75 on Thursday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The business has a fifty day simple moving average of $82.46 and a 200 day simple moving average of $86.85. Patrick Industries has a 1 year low of $67.72 and a 1 year high of $98.90. The company has a market capitalization of $2.93 billion, a PE ratio of 21.30, a price-to-earnings-growth ratio of 1.41 and a beta of 2.05.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.13. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. The company had revenue of $1 billion during the quarter, compared to analysts’ expectations of $959.46 million. During the same quarter in the previous year, the business posted $1.79 earnings per share. Patrick Industries’s quarterly revenue was up 7.5% on a year-over-year basis. Research analysts expect that Patrick Industries will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th will be paid a $0.40 dividend. The ex-dividend date is Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.82%. Patrick Industries’s payout ratio is currently 38.37%.

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.