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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have earned a consensus recommendation of “Moderate Buy” from the nine ratings firms that are covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $135.1250.

Several research firms have weighed in on PATK. Weiss Ratings downgraded shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Benchmark reissued a “buy” rating on shares of Patrick Industries in a research note on Friday, February 6th. KeyCorp restated an “overweight” rating and set a $155.00 target price (up from $135.00) on shares of Patrick Industries in a report on Friday, February 6th. Roth Mkm reaffirmed a “buy” rating and issued a $157.00 price target on shares of Patrick Industries in a research note on Monday. Finally, BMO Capital Markets reissued an “outperform” rating and set a $155.00 price objective on shares of Patrick Industries in a research note on Friday, February 6th.

Insider Activity

In other Patrick Industries news, Director John A. Forbes sold 2,704 shares of the company’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $140.75, for a total transaction of $380,588.00. Following the completion of the transaction, the director owned 49,272 shares of the company’s stock, valued at $6,935,034. This represents a 5.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Stacey L. Amundson sold 3,903 shares of Patrick Industries stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $145.61, for a total value of $568,315.83. Following the completion of the sale, the executive vice president owned 12,819 shares in the company, valued at approximately $1,866,574.59. This represents a 23.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 31,607 shares of company stock worth $3,823,904 in the last quarter. Insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in PATK. Torren Management LLC bought a new position in Patrick Industries in the 4th quarter worth $26,000. Advisory Services Network LLC purchased a new position in shares of Patrick Industries during the third quarter valued at about $25,000. Salomon & Ludwin LLC bought a new position in Patrick Industries in the third quarter worth about $25,000. Cornerstone Planning Group LLC purchased a new stake in Patrick Industries in the third quarter worth about $31,000. Finally, Allworth Financial LP lifted its holdings in Patrick Industries by 181.3% in the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock worth $34,000 after buying an additional 203 shares during the period. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Performance

NASDAQ:PATK opened at $143.10 on Friday. Patrick Industries has a 1-year low of $72.99 and a 1-year high of $148.50. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.51 and a quick ratio of 0.80. The business has a 50 day moving average of $121.92 and a 200 day moving average of $111.03. The company has a market capitalization of $4.76 billion, a price-to-earnings ratio of 36.60, a PEG ratio of 1.49 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The firm had revenue of $924.17 million for the quarter, compared to the consensus estimate of $858.62 million. During the same period last year, the firm posted $0.52 earnings per share. The business’s revenue was up 9.2% compared to the same quarter last year. On average, sell-side analysts predict that Patrick Industries will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Shareholders of record on Monday, February 23rd will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, February 23rd. This represents a $1.88 annualized dividend and a yield of 1.3%. Patrick Industries’s dividend payout ratio is presently 48.08%.

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.