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

Patrick Industries, Inc. (NASDAQ:PATK) has been assigned an average recommendation of “Moderate Buy” from the nine analysts that are covering the firm, MarketBeat reports. Two 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 target price among brokers that have covered the stock in the last year is $135.1250.

A number of research analysts have weighed in on PATK shares. KeyCorp reissued an “overweight” rating and issued a $155.00 target price (up from $135.00) on shares of Patrick Industries in a research note on Friday, February 6th. Wall Street Zen cut Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday. BMO Capital Markets reiterated an “outperform” rating and set a $155.00 price objective on shares of Patrick Industries in a research report on Friday, February 6th. Benchmark reissued a “buy” rating on shares of Patrick Industries in a research note on Friday, February 6th. Finally, Weiss Ratings upgraded Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, February 23rd.

Patrick Industries Price Performance

Shares of NASDAQ PATK opened at $115.76 on Wednesday. The firm has a 50-day simple moving average of $127.11 and a 200-day simple moving average of $113.65. The company has a quick ratio of 0.80, a current ratio of 2.51 and a debt-to-equity ratio of 1.08. The stock has a market capitalization of $3.85 billion, a price-to-earnings ratio of 29.61 and a beta of 1.33. Patrick Industries has a 52 week low of $72.99 and a 52 week high of $148.50.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $858.62 million. During the same period in the previous year, the business posted $0.52 earnings per share. Patrick Industries’s quarterly revenue was up 9.2% on a year-over-year basis. On average, equities 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 was paid on Monday, March 9th. Stockholders of record on Monday, February 23rd were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, February 23rd. This represents a $1.88 annualized dividend and a dividend yield of 1.6%. Patrick Industries’s payout ratio is presently 48.08%.

Insider Activity

In other Patrick Industries news, EVP Stacey L. Amundson sold 3,903 shares of the business’s stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $145.61, for a total value of $568,315.83. Following the transaction, the executive vice president directly owned 12,819 shares in the company, valued at $1,866,574.59. The trade was a 23.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John A. Forbes sold 2,704 shares of the business’s 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 transaction, the director 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders bought 1,110 shares of company stock worth $153,095 and sold 31,607 shares worth $3,823,904. 4.70% of the stock is owned by company insiders.

Institutional Trading of Patrick Industries

Hedge funds and other institutional investors have recently made changes to their positions in the company. Mackenzie Financial Corp lifted its holdings 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 acquiring an additional 80 shares during the last quarter. CIBC Asset Management Inc increased its stake in Patrick Industries by 4.1% during the fourth quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company’s stock worth $245,000 after acquiring an additional 88 shares during the last quarter. Arizona State Retirement System increased its stake in Patrick Industries by 1.1% during the third quarter. Arizona State Retirement System now owns 9,387 shares of the construction company’s stock worth $971,000 after acquiring an additional 98 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its position in 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 during the period. Finally, Strs Ohio lifted its stake in shares of Patrick Industries by 11.1% in the 3rd quarter. Strs Ohio now owns 1,000 shares of the construction company’s stock valued at $103,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

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.