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

Patrick Industries, Inc. (NASDAQ:PATK) has been assigned an average rating of “Moderate Buy” from the eleven brokerages that are covering the company, MarketBeat reports. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $108.00.

Several research analysts have recently issued reports on PATK shares. Loop Capital began coverage on Patrick Industries in a research note on Friday, October 31st. They issued a “hold” rating and a $99.00 price objective for the company. BMO Capital Markets reaffirmed an “outperform” rating and set a $115.00 target price on shares of Patrick Industries in a research report on Friday, October 31st. Roth Capital set a $115.00 price target on Patrick Industries and gave the company a “buy” rating in a research report on Friday, October 31st. Benchmark raised their price objective on Patrick Industries from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Finally, KeyCorp lifted their price objective on Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st.

Institutional Investors Weigh In On Patrick Industries

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Patrick Industries by 4.2% during the first quarter. Vanguard Group Inc. now owns 2,423,512 shares of the construction company’s stock valued at $204,932,000 after purchasing an additional 97,250 shares during the period. Geode Capital Management LLC increased its position in Patrick Industries by 0.9% in the 2nd quarter. Geode Capital Management LLC now owns 812,740 shares of the construction company’s stock valued at $75,000,000 after buying an additional 7,011 shares in the last quarter. American Century Companies Inc. raised its stake in Patrick Industries by 33.8% during the 2nd quarter. American Century Companies Inc. now owns 712,383 shares of the construction company’s stock worth $65,732,000 after buying an additional 180,092 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Patrick Industries by 2.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 578,733 shares of the construction company’s stock worth $59,858,000 after acquiring an additional 15,582 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Patrick Industries by 0.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 551,192 shares of the construction company’s stock valued at $46,609,000 after acquiring an additional 2,421 shares during the period. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Stock Up 0.6%

Shares of PATK opened at $108.23 on Monday. 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 $3.60 billion, a price-to-earnings ratio of 29.33, a PEG ratio of 1.40 and a beta of 1.33. The stock has a fifty day moving average of $102.21 and a 200-day moving average of $100.37.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The business had revenue of $975.63 million during the quarter, compared to analysts’ expectations of $900.35 million. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.80 EPS. As a group, sell-side analysts anticipate that Patrick Industries will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Monday, December 1st. This is a boost from Patrick Industries’s previous quarterly dividend of $0.40. Patrick Industries’s dividend payout ratio is presently 53.71%.

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.