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

Patrick Industries, Inc. (NASDAQ:PATKGet Rating) has earned an average rating of “Buy” from the seven brokerages that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $83.33.

Several analysts have recently issued reports on PATK shares. StockNews.com started coverage on shares of Patrick Industries in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Truist Financial started coverage on shares of Patrick Industries in a research note on Tuesday, April 12th. They issued a “buy” rating and a $75.00 target price for the company. MKM Partners started coverage on shares of Patrick Industries in a research note on Thursday. They issued a “buy” rating and a $93.00 target price for the company. Bank of America started coverage on shares of Patrick Industries in a research note on Monday, April 4th. They issued an “underperform” rating and a $60.00 target price for the company. Finally, Zacks Investment Research upgraded shares of Patrick Industries from a “hold” rating to a “strong-buy” rating and set a $78.00 target price for the company in a research note on Thursday.

Shares of PATK stock opened at $66.29 on Friday. The firm has a market capitalization of $1.55 billion, a PE ratio of 5.46, a price-to-earnings-growth ratio of 0.98 and a beta of 1.95. The firm has a fifty day simple moving average of $63.52 and a two-hundred day simple moving average of $71.55. The company has a current ratio of 2.37, a quick ratio of 0.96 and a debt-to-equity ratio of 1.86. Patrick Industries has a 12 month low of $54.80 and a 12 month high of $98.42.

Patrick Industries (NASDAQ:PATKGet Rating) last announced its quarterly earnings results on Thursday, April 28th. The construction company reported $4.93 EPS for the quarter, beating analysts’ consensus estimates of $2.89 by $2.04. Patrick Industries had a net margin of 6.35% and a return on equity of 39.75%. The business had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the business posted $1.80 EPS. Patrick Industries’s quarterly revenue was up 57.8% on a year-over-year basis. On average, equities analysts predict that Patrick Industries will post 12.54 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, March 21st. Investors of record on Monday, March 7th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date was Friday, March 4th. Patrick Industries’s dividend payout ratio (DPR) is currently 10.88%.

In other Patrick Industries news, Chairman Todd M. Cleveland sold 10,000 shares of the company’s stock in a transaction dated Wednesday, May 4th. The shares were sold at an average price of $68.32, for a total transaction of $683,200.00. Following the sale, the chairman now directly owns 220,517 shares of the company’s stock, valued at $15,065,721.44. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Todd M. Cleveland sold 5,000 shares of the company’s stock in a transaction dated Friday, May 6th. The shares were sold at an average price of $66.68, for a total transaction of $333,400.00. Following the sale, the chairman now directly owns 215,517 shares in the company, valued at $14,370,673.56. The disclosure for this sale can be found here. 6.10% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. 1ST Source Bank grew its stake in Patrick Industries by 57.8% during the first quarter. 1ST Source Bank now owns 125,412 shares of the construction company’s stock valued at $7,562,000 after acquiring an additional 45,938 shares in the last quarter. SummerHaven Investment Management LLC grew its stake in Patrick Industries by 4.8% during the first quarter. SummerHaven Investment Management LLC now owns 12,021 shares of the construction company’s stock valued at $725,000 after acquiring an additional 546 shares in the last quarter. Aptus Capital Advisors LLC grew its stake in Patrick Industries by 88.3% during the first quarter. Aptus Capital Advisors LLC now owns 46,591 shares of the construction company’s stock valued at $2,809,000 after acquiring an additional 21,845 shares in the last quarter. Advisor Group Holdings Inc. grew its stake in Patrick Industries by 2.8% during the first quarter. Advisor Group Holdings Inc. now owns 5,532 shares of the construction company’s stock valued at $333,000 after acquiring an additional 149 shares in the last quarter. Finally, Clearstead Advisors LLC grew its stake in Patrick Industries by 18.8% during the first quarter. Clearstead Advisors LLC now owns 4,960 shares of the construction company’s stock valued at $299,000 after acquiring an additional 785 shares in the last quarter. 94.85% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Company Profile (Get Rating)

Patrick Industries, Inc manufactures and distributes components, building products, and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, China, and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, wall, countertop, and cabinet product; cabinet door, fiberglass bath fixture, and tile system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum product; fiberglass and plastic components; RV painting; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinet; polymer-based flooring product; dash panels; and other products.

Further Reading

Analyst Recommendations for Patrick Industries (NASDAQ:PATK)

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