Patrick Industries (NASDAQ:PATK) Shares Cross Above 200-Day Moving Average – Here’s What Happened

Shares of Patrick Industries, Inc. (NASDAQ:PATK) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $113.63 and traded as high as $113.88. Patrick Industries shares last traded at $112.08, with a volume of 188,679 shares changing hands.

Analyst Ratings Changes

PATK has been the subject of a number of analyst reports. Weiss Ratings upgraded shares of Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Benchmark restated a “buy” rating on shares of Patrick Industries in a research report on Friday, February 6th. KeyCorp restated an “overweight” rating and issued a $155.00 price target (up from $135.00) on shares of Patrick Industries in a research note on Friday, February 6th. Robert W. Baird set a $140.00 price target on Patrick Industries in a report on Friday, February 6th. Finally, Truist Financial set a $126.00 price target on Patrick Industries in a research report on Friday, January 9th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $135.13.

Patrick Industries Stock Performance

The stock has a market cap of $3.73 billion, a price-to-earnings ratio of 28.67 and a beta of 1.33. The firm’s 50-day moving average is $126.93 and its two-hundred day moving average is $113.63. The company has a current ratio of 2.51, a quick ratio of 0.80 and a debt-to-equity ratio of 1.08.

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

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 9th. Investors of record on Monday, February 23rd were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Monday, February 23rd. Patrick Industries’s payout ratio is presently 48.08%.

Insider Transactions at Patrick Industries

In other Patrick Industries news, EVP Stacey L. Amundson sold 3,903 shares of Patrick Industries stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $145.61, for a total transaction of $568,315.83. Following the sale, the executive vice president owned 12,819 shares of the company’s stock, valued at $1,866,574.59. The trade was a 23.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Matthew S. Filer bought 1,000 shares of the company’s stock in a transaction dated Friday, February 6th. The shares were acquired at an average cost of $139.91 per share, with a total value of $139,910.00. Following the acquisition, the chief accounting officer directly owned 20,614 shares of the company’s stock, valued at approximately $2,884,104.74. This represents a 5.10% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders acquired 11,110 shares of company stock worth $1,289,895 and sold 20,121 shares worth $2,477,337. 4.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Patrick Industries

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Mackenzie Financial Corp raised its holdings in Patrick Industries by 4.0% in the 4th quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company’s stock valued at $231,000 after acquiring an additional 80 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Patrick Industries by 4.1% during the 4th quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company’s stock worth $245,000 after purchasing an additional 88 shares during the last quarter. Arizona State Retirement System boosted its holdings in shares of Patrick Industries by 1.1% during the 3rd quarter. Arizona State Retirement System now owns 9,387 shares of the construction company’s stock worth $971,000 after purchasing an additional 98 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its position in shares of Patrick Industries by 4.1% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company’s stock valued at $269,000 after purchasing an additional 98 shares in the last quarter. Finally, Strs Ohio grew its position in shares of Patrick Industries by 11.1% in the third quarter. Strs Ohio now owns 1,000 shares of the construction company’s stock valued at $103,000 after purchasing an additional 100 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

About Patrick Industries

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.