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

Patrick Industries, Inc. (NASDAQ:PATK) has received a consensus rating of “Moderate Buy” from the eleven analysts that are covering the firm, MarketBeat 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 12 month price target among brokerages that have covered the stock in the last year is $108.5556.

A number of research firms have recently issued reports on PATK. KeyCorp reaffirmed an “overweight” rating and set a $120.00 price objective (up from $115.00) on shares of Patrick Industries in a report on Wednesday, December 10th. 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. Loop Capital began coverage on Patrick Industries in a research note on Friday, October 31st. They set a “hold” rating and a $99.00 price target for the company. Benchmark increased their price objective on Patrick Industries from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Finally, Weiss Ratings cut Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th.

Patrick Industries Stock Up 0.6%

PATK stock opened at $112.48 on Friday. The company’s 50 day moving average is $105.87 and its 200 day moving average is $103.33. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of 32.14, a price-to-earnings-growth ratio of 1.49 and a beta of 1.34. The company has a current ratio of 2.34, a quick ratio of 0.86 and a debt-to-equity ratio of 1.13. Patrick Industries has a 1-year low of $72.99 and a 1-year high of $116.78.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.06. Patrick Industries had a net margin of 3.11% and a return on equity of 12.44%. The business had revenue of $975.63 million during the quarter, compared to analyst estimates of $900.35 million. During the same period in the previous year, the business posted $1.80 earnings per share. Patrick Industries’s revenue for the quarter was up 6.1% on a year-over-year basis. Sell-side analysts predict that Patrick Industries will post 5.33 EPS for the current fiscal year.

Patrick Industries Increases Dividend

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

Insider Buying and Selling at Patrick Industries

In other news, CEO Andy L. Nemeth sold 25,000 shares of the company’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total value 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. This represents a 7.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PATK. Northern Trust Corp raised its stake in Patrick Industries by 0.4% in the first quarter. Northern Trust Corp now owns 415,657 shares of the construction company’s stock worth $35,148,000 after buying an additional 1,602 shares in the last quarter. AlphaQuest LLC purchased a new position in shares of Patrick Industries during the 1st quarter worth approximately $87,000. Smartleaf Asset Management LLC raised its position in shares of Patrick Industries by 27.0% in the 1st quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company’s stock worth $63,000 after acquiring an additional 160 shares in the last quarter. Timucuan Asset Management Inc. FL lifted its stake in shares of Patrick Industries by 7.9% in the 1st quarter. Timucuan Asset Management Inc. FL now owns 136,000 shares of the construction company’s stock valued at $11,500,000 after purchasing an additional 10,000 shares during the period. Finally, State of Wyoming lifted its stake in shares of Patrick Industries by 38.5% in the 1st quarter. State of Wyoming now owns 2,648 shares of the construction company’s stock valued at $224,000 after purchasing an additional 736 shares during the period. 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.