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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have received a consensus rating of “Moderate Buy” from the nine brokerages that are currently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $135.1250.

A number of brokerages have recently weighed in on PATK. Weiss Ratings raised shares of Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Robert W. Baird set a $140.00 target price on Patrick Industries in a research note on Friday, February 6th. KeyCorp reiterated 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. Wall Street Zen raised Patrick Industries from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Benchmark reissued a “buy” rating on shares of Patrick Industries in a report on Friday, February 6th.

Insider Buying and Selling

In other news, Director John A. Forbes sold 2,704 shares of Patrick Industries stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $140.75, for a total transaction of $380,588.00. Following the completion of the sale, the director directly owned 49,272 shares in the company, valued at $6,935,034. The trade was a 5.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director M Scott Welch acquired 10,000 shares of the business’s stock in a transaction dated Thursday, March 12th. The stock was purchased at an average cost of $113.68 per share, with a total value of $1,136,800.00. Following the transaction, the director owned 146,000 shares of the company’s stock, valued at approximately $16,597,280. The trade was a 7.35% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders bought 11,110 shares of company stock worth $1,289,895 and sold 20,121 shares worth $2,477,337. Company insiders own 4.40% of the company’s stock.

Institutional Trading of Patrick Industries

A number of hedge funds have recently bought and sold shares of the company. Rockefeller Capital Management L.P. raised its holdings in Patrick Industries by 235.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,193 shares of the construction company’s stock valued at $129,000 after acquiring an additional 837 shares during the last quarter. Corient Private Wealth LLC grew its position in shares of Patrick Industries by 17.2% in the fourth quarter. Corient Private Wealth LLC now owns 3,308 shares of the construction company’s stock valued at $359,000 after purchasing an additional 485 shares during the period. DGS Capital Management LLC grew its position in shares of Patrick Industries by 15.0% in the fourth quarter. DGS Capital Management LLC now owns 2,391 shares of the construction company’s stock valued at $259,000 after purchasing an additional 312 shares during the period. Mackenzie Financial Corp increased its stake in Patrick Industries by 4.0% in the fourth quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company’s stock valued at $231,000 after purchasing an additional 80 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in Patrick Industries during the fourth quarter worth about $362,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Price Performance

Patrick Industries stock opened at $114.54 on Friday. The firm has a market capitalization of $3.79 billion, a PE ratio of 29.29 and a beta of 1.35. Patrick Industries has a 52 week low of $72.99 and a 52 week high of $148.50. The firm’s 50-day simple moving average is $124.25 and its 200 day simple moving average is $113.59. The company has a quick ratio of 0.80, a current ratio of 2.51 and a debt-to-equity ratio of 1.08.

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

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 9th. Investors of record on Monday, February 23rd were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, February 23rd. This represents a $1.88 annualized dividend and a yield of 1.6%. Patrick Industries’s payout ratio is presently 48.08%.

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.