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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have received a consensus recommendation of “Moderate Buy” from the seven brokerages that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $105.86.

A number of equities research analysts recently weighed in on PATK shares. Truist Financial reiterated a “buy” rating and set a $130.00 price objective on shares of Patrick Industries in a report on Friday, April 12th. Roth Mkm lifted their price target on shares of Patrick Industries from $101.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, February 9th. StockNews.com cut Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. BMO Capital Markets lifted their target price on Patrick Industries from $120.00 to $125.00 and gave the company an “outperform” rating in a research report on Friday. Finally, KeyCorp upped their target price on Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, February 9th.

Patrick Industries Trading Up 0.7 %

PATK opened at $111.13 on Friday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.73 and a current ratio of 2.38. The stock’s 50 day moving average price is $112.17 and its 200-day moving average price is $99.36. Patrick Industries has a one year low of $63.57 and a one year high of $123.58. The stock has a market cap of $2.49 billion, a price-to-earnings ratio of 16.46, a P/E/G ratio of 0.69 and a beta of 1.73.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, May 2nd. The construction company reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.47. Patrick Industries had a return on equity of 14.90% and a net margin of 4.22%. The company had revenue of $933.50 million during the quarter, compared to analysts’ expectations of $829.22 million. During the same quarter in the previous year, the business earned $1.35 EPS. Patrick Industries’s revenue was up 3.7% compared to the same quarter last year. On average, equities analysts forecast that Patrick Industries will post 8 EPS for the current year.

Patrick Industries Announces Dividend

The business 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. The ex-dividend date of this dividend was Friday, February 16th. This represents a $2.20 dividend on an annualized basis and a yield of 1.98%. Patrick Industries’s dividend payout ratio is currently 32.59%.

Insider Activity

In related news, Director Michael A. Kitson sold 3,290 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was 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 in the company, valued at approximately $948,271.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Patrick Industries news, insider Kip B. Ellis sold 18,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $115.00, for a total value of $2,070,000.00. Following the completion of the sale, the insider now directly owns 108,778 shares in the company, valued at $12,509,470. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Michael A. Kitson sold 3,290 shares of Patrick Industries stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total transaction of $364,762.30. Following the completion of the transaction, the director now directly owns 8,553 shares in the company, valued at $948,271.11. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,873 shares of company stock worth $5,681,957. 4.70% of the stock is currently owned by company insiders.

Institutional Trading of Patrick Industries

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC acquired a new position in Patrick Industries during the 4th quarter valued at about $35,000. Carmel Capital Partners LLC acquired a new stake in Patrick Industries in the third quarter worth about $44,000. Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Patrick Industries by 21.6% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,340 shares of the construction company’s stock worth $102,000 after acquiring an additional 238 shares during the last quarter. Xponance Inc. acquired a new position in shares of Patrick Industries during the fourth quarter valued at about $203,000. Finally, Heritage Wealth Management LLC purchased a new position in shares of Patrick Industries in the 4th quarter valued at approximately $238,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

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.