Patrick Industries (NASDAQ:PATK) Cut to “Hold (C+)” at Weiss Ratings

Weiss Ratings cut shares of Patrick Industries (NASDAQ:PATK) from a buy (b-) rating to a hold (c+) rating in a research note issued to investors on Saturday,Weiss Ratings reports.

Several other equities research analysts have also issued reports on PATK. Raymond James Financial upped their price target on Patrick Industries from $95.00 to $109.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. Truist Financial set a $114.00 price target on Patrick Industries and gave the company a “buy” rating in a research report on Wednesday, October 15th. KeyCorp upped their price target on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Benchmark upped their price target on Patrick Industries from $102.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Finally, BMO Capital Markets upped their price target on Patrick Industries from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus price target of $106.14.

Patrick Industries Stock Performance

Shares of PATK opened at $104.59 on Friday. The business’s 50 day moving average is $106.19 and its two-hundred day moving average is $96.52. Patrick Industries has a 52-week low of $72.99 and a 52-week high of $116.78. The firm has a market cap of $3.48 billion, a price-to-earnings ratio of 28.34, a PEG ratio of 1.47 and a beta of 1.34. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the company posted $2.16 EPS. Patrick Industries’s quarterly revenue was up 3.0% on a year-over-year basis. Analysts forecast that Patrick Industries will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Monday, August 25th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Monday, August 25th. Patrick Industries’s dividend payout ratio is presently 43.36%.

Insider Buying and Selling

In other news, insider Jeff Rodino sold 22,389 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $110.32, for a total value of $2,469,954.48. Following the completion of the transaction, the insider owned 206,492 shares of the company’s stock, valued at approximately $22,780,197.44. This represents a 9.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Kip B. Ellis sold 21,452 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $110.01, for a total value of $2,359,934.52. Following the completion of the transaction, the insider directly owned 125,379 shares of the company’s stock, valued at approximately $13,792,943.79. The trade was a 14.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 73,413 shares of company stock valued at $8,112,016 in the last 90 days. Corporate insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PATK. Nuveen LLC bought a new position in Patrick Industries during the first quarter valued at about $33,735,000. American Century Companies Inc. boosted its stake in Patrick Industries by 33.8% during the second quarter. American Century Companies Inc. now owns 712,383 shares of the construction company’s stock valued at $65,732,000 after buying an additional 180,092 shares in the last quarter. Tributary Capital Management LLC boosted its stake in Patrick Industries by 52.0% during the third quarter. Tributary Capital Management LLC now owns 371,608 shares of the construction company’s stock valued at $38,435,000 after buying an additional 127,099 shares in the last quarter. Balyasny Asset Management L.P. bought a new position in Patrick Industries during the second quarter valued at about $9,800,000. Finally, Watchtower Advisors LP purchased a new stake in shares of Patrick Industries during the second quarter valued at $9,227,000. 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.