Patrick Industries, Inc. (NASDAQ:PATK) Receives $121.00 Average PT from Brokerages

Patrick Industries, Inc. (NASDAQ:PATK) has received an average rating of “Moderate Buy” from the nine analysts that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and six have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $121.00.

Several analysts have recently commented on PATK shares. KeyCorp decreased their price objective on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Weiss Ratings downgraded Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, June 29th. Roth Capital set a $128.00 price target on Patrick Industries in a research note on Tuesday, May 5th. Raymond James Financial set a $108.00 price target on Patrick Industries in a research note on Friday, May 1st. Finally, Robert W. Baird set a $110.00 price target on Patrick Industries in a research note on Friday, May 1st.

Insider Buying and Selling

In related news, CFO Matthew S. Filer purchased 1,000 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was acquired at an average price of $85.50 per share, with a total value of $85,500.00. Following the completion of the acquisition, the chief financial officer owned 21,614 shares in the company, valued at approximately $1,847,997. This represents a 4.85% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Charles R. Roeder purchased 5,750 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was bought at an average cost of $87.83 per share, with a total value of $505,022.50. Following the acquisition, the insider owned 42,147 shares of the company’s stock, valued at approximately $3,701,771.01. The trade was a 15.80% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 28,700 shares of company stock worth $2,532,880 over the last ninety days. Company insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Patrick Industries by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock worth $1,632,000 after acquiring an additional 851 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Patrick Industries by 5.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company’s stock valued at $5,957,000 after purchasing an additional 3,748 shares during the last quarter. Strs Ohio purchased a new stake in Patrick Industries during the 1st quarter valued at about $42,000. Cetera Investment Advisers increased its holdings in shares of Patrick Industries by 64.8% in the second quarter. Cetera Investment Advisers now owns 6,058 shares of the construction company’s stock valued at $559,000 after purchasing an additional 2,381 shares during the period. Finally, Hsbc Holdings PLC acquired a new position in shares of Patrick Industries in the second quarter valued at about $340,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Price Performance

Shares of PATK stock opened at $88.25 on Tuesday. Patrick Industries has a 1-year low of $81.29 and a 1-year high of $148.50. The stock’s 50-day moving average is $88.72 and its 200 day moving average is $107.80. The company has a market cap of $2.90 billion, a P/E ratio of 22.63 and a beta of 1.11. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The business had revenue of $997.17 million during the quarter, compared to the consensus estimate of $989.06 million. During the same period in the previous year, the company posted $1.11 earnings per share. The firm’s revenue was down .6% on a year-over-year basis. Research analysts predict that Patrick Industries will post 4.63 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Tuesday, May 26th were paid a $0.47 dividend. The ex-dividend date was Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a yield of 2.1%. Patrick Industries’s dividend payout ratio (DPR) is 48.21%.

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.