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

Patrick Industries, Inc. (NASDAQ:PATK) has been given an average rating of “Moderate Buy” by the eleven ratings firms that are presently covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $108.5556.

Several equities research analysts have weighed in on PATK shares. Roth Capital set a $115.00 price objective on shares of Patrick Industries and gave the company a “buy” rating in a research report on Friday, October 31st. KeyCorp reissued an “overweight” rating and set a $120.00 price target (up from $115.00) on shares of Patrick Industries in a research note on Wednesday, December 10th. Benchmark raised their price target on shares of Patrick Industries from $110.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Truist Financial set a $114.00 price objective on Patrick Industries and gave the stock a “buy” rating in a report on Wednesday, October 15th. Finally, Weiss Ratings lowered Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th.

Patrick Industries Trading Up 0.6%

PATK stock opened at $112.48 on Friday. The business has a fifty day moving average price of $105.87 and a 200 day moving average price of $103.33. The company has a debt-to-equity ratio of 1.13, a current ratio of 2.34 and a quick ratio of 0.86. Patrick Industries has a fifty-two week low of $72.99 and a fifty-two week high of $116.78. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of 32.14, a P/E/G ratio of 1.49 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK) last announced its earnings results 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 return on equity of 12.44% and a net margin of 3.11%.The company had revenue of $975.63 million for the quarter, compared to analysts’ expectations of $900.35 million. During the same quarter in the prior year, the business earned $1.80 earnings per share. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. Analysts expect that Patrick Industries will post 5.33 EPS for the current fiscal year.

Patrick Industries Increases Dividend

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

Insider Transactions at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the completion of the sale, the chief executive officer owned 301,641 shares of the company’s stock, valued at approximately $34,688,715. The trade was a 7.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Advisory Services Network LLC acquired a new position in shares of Patrick Industries in the 3rd quarter valued at $25,000. Salomon & Ludwin LLC acquired a new position in shares of Patrick Industries during the 3rd quarter worth about $25,000. Cornerstone Planning Group LLC acquired a new position in shares of Patrick Industries during the 3rd quarter worth approximately $31,000. Parkside Financial Bank & Trust lifted its stake in Patrick Industries by 87.5% in the third quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company’s stock valued at $49,000 after acquiring an additional 223 shares during the last quarter. Finally, Strs Ohio acquired a new stake in Patrick Industries in the 1st quarter valued at about $42,000. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.