Patrick Industries (NASDAQ:PATK) Research Coverage Started at Loop Capital

Loop Capital assumed coverage on shares of Patrick Industries (NASDAQ:PATK) in a research report report published on Friday morning, MarketBeat Ratings reports. The brokerage issued a hold rating and a $99.00 target price on the construction company’s stock.

Other equities analysts have also issued reports about the stock. Weiss Ratings lowered shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. BMO Capital Markets reissued an “outperform” rating and issued a $115.00 target price on shares of Patrick Industries in a research note on Friday. KeyCorp increased their target price on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Benchmark increased their target price on Patrick Industries from $102.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Finally, Raymond James Financial increased their target price on Patrick Industries from $95.00 to $109.00 and gave the stock an “outperform” rating in a research note on Friday, August 1st. Seven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $107.44.

Patrick Industries Price Performance

PATK opened at $104.37 on Friday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.75 and a current ratio of 1.96. Patrick Industries has a 52-week low of $72.99 and a 52-week high of $116.78. The stock has a market capitalization of $3.47 billion, a PE ratio of 28.28, a price-to-earnings-growth ratio of 1.40 and a beta of 1.34. The stock’s 50 day moving average price is $105.35 and its 200-day moving average price is $97.25.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, October 30th. The construction company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.95 by $0.06. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The business had revenue of $975.63 million during the quarter, compared to analyst estimates of $900.35 million. During the same period last year, the business posted $1.80 earnings per share. Patrick Industries’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts predict that Patrick Industries will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 8th. Shareholders of record on Monday, August 25th were issued a $0.40 dividend. The ex-dividend date of this dividend was Monday, August 25th. This represents a $1.60 dividend on an annualized basis and a yield of 1.5%. Patrick Industries’s dividend payout ratio is currently 45.71%.

Insider Transactions at Patrick Industries

In other news, CEO Andy L. Nemeth sold 25,000 shares of the company’s stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $110.68, for a total value of $2,767,000.00. Following the completion of the sale, the chief executive officer directly owned 328,641 shares in the company, valued at $36,373,985.88. This represents a 7.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Michael A. Kitson sold 4,572 shares of the company’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $112.67, for a total value of $515,127.24. Following the completion of the sale, the director owned 11,850 shares of the company’s stock, valued at $1,335,139.50. This trade represents a 27.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 73,413 shares of company stock worth $8,112,016 in the last ninety days. Insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Strs Ohio boosted its holdings in shares of Patrick Industries by 11.1% during the 3rd quarter. Strs Ohio now owns 1,000 shares of the construction company’s stock valued at $103,000 after purchasing an additional 100 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Patrick Industries by 2.1% in the 2nd quarter. Bank of Montreal Can now owns 5,200 shares of the construction company’s stock valued at $480,000 after acquiring an additional 106 shares during the last quarter. Atria Investments Inc lifted its holdings in shares of Patrick Industries by 3.0% in the 2nd quarter. Atria Investments Inc now owns 3,806 shares of the construction company’s stock valued at $351,000 after acquiring an additional 112 shares during the last quarter. James Investment Research Inc. lifted its holdings in shares of Patrick Industries by 0.8% in the 1st quarter. James Investment Research Inc. now owns 15,654 shares of the construction company’s stock valued at $1,324,000 after acquiring an additional 125 shares during the last quarter. Finally, Inspire Investing LLC lifted its holdings in shares of Patrick Industries by 2.9% in the 3rd quarter. Inspire Investing LLC now owns 5,367 shares of the construction company’s stock valued at $555,000 after acquiring an additional 151 shares during the last quarter. 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.