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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been assigned a consensus recommendation of “Moderate Buy” from the six brokerages that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have issued a 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 $88.20.

A number of equities analysts have weighed in on the stock. DA Davidson increased their price target on shares of Patrick Industries from $75.00 to $81.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 1st. Bank of America raised their price target on shares of Patrick Industries from $63.00 to $75.00 and gave the stock an “underperform” rating in a research report on Monday, August 7th. Truist Financial reduced their price target on shares of Patrick Industries from $100.00 to $95.00 and set a “buy” rating on the stock in a research report on Tuesday, October 17th. KeyCorp lifted their price objective on shares of Patrick Industries from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Monday, July 31st. Finally, StockNews.com downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a research report on Monday, November 6th.

Patrick Industries Trading Up 2.0 %

NASDAQ PATK opened at $78.00 on Friday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.87 and a current ratio of 2.42. The firm has a market cap of $1.73 billion, a PE ratio of 11.50, a P/E/G ratio of 3.91 and a beta of 1.85. Patrick Industries has a one year low of $52.48 and a one year high of $87.36. The firm’s fifty day moving average is $75.97 and its two-hundred day moving average is $76.59.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, October 26th. The construction company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.09. Patrick Industries had a net margin of 4.18% and a return on equity of 15.75%. The company had revenue of $866.07 million for the quarter, compared to analyst estimates of $839.93 million. During the same period in the prior year, the business posted $2.43 earnings per share. The firm’s revenue for the quarter was down 22.1% compared to the same quarter last year. Analysts expect that Patrick Industries will post 6.48 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Monday, August 28th were paid a $0.45 dividend. The ex-dividend date of this dividend was Friday, August 25th. This represents a $1.80 annualized dividend and a dividend yield of 2.31%. Patrick Industries’s dividend payout ratio is currently 26.55%.

Insider Transactions at Patrick Industries

In other news, CEO Andy L. Nemeth sold 24,990 shares of Patrick Industries stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $80.20, for a total value of $2,004,198.00. Following the transaction, the chief executive officer now directly owns 318,013 shares of the company’s stock, valued at $25,504,642.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Derrick B. Mayes sold 1,900 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $77.42, for a total transaction of $147,098.00. Following the completion of the sale, the director now directly owns 7,001 shares in the company, valued at $542,017.42. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Andy L. Nemeth sold 24,990 shares of Patrick Industries stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $80.20, for a total transaction of $2,004,198.00. Following the completion of the sale, the chief executive officer now owns 318,013 shares of the company’s stock, valued at $25,504,642.60. The disclosure for this sale can be found here. Corporate insiders own 6.80% of the company’s stock.

Institutional Trading of Patrick Industries

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its position in shares of Patrick Industries by 5.8% in the first quarter. BlackRock Inc. now owns 3,691,563 shares of the construction company’s stock valued at $222,602,000 after purchasing an additional 201,274 shares during the period. Vanguard Group Inc. lifted its position in Patrick Industries by 4.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,860,048 shares of the construction company’s stock worth $81,543,000 after buying an additional 78,014 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Patrick Industries by 5.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,370,231 shares of the construction company’s stock worth $109,618,000 after buying an additional 71,397 shares in the last quarter. State Street Corp lifted its position in Patrick Industries by 3.8% during the 1st quarter. State Street Corp now owns 760,855 shares of the construction company’s stock valued at $45,880,000 after purchasing an additional 27,636 shares during the period. Finally, Wasatch Advisors LP lifted its position in Patrick Industries by 136.0% during the 2nd quarter. Wasatch Advisors LP now owns 557,123 shares of the construction company’s stock valued at $44,570,000 after purchasing an additional 321,042 shares during the period. 93.18% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Company Profile

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, 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.