Patrick Industries (NASDAQ:PATK) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a buy rating in a report released on Saturday morning.

A number of other research firms have also issued reports on PATK. Truist Financial set a $126.00 target price on Patrick Industries in a research note on Friday, January 9th. Loop Capital assumed coverage on Patrick Industries in a report on Friday, October 31st. They issued a “hold” rating and a $99.00 price target for the company. KeyCorp reiterated an “overweight” rating and set a $155.00 price objective (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 objective on shares of Patrick Industries in a report on Friday, February 6th. Finally, Benchmark reaffirmed a “buy” rating on shares of Patrick Industries in a research report on Friday, February 6th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $135.13.

Patrick Industries Stock Performance

NASDAQ PATK opened at $123.82 on Friday. The business’s 50-day simple moving average is $126.33 and its 200-day simple moving average is $113.38. The firm has a market capitalization of $4.12 billion, a P/E ratio of 31.67, a P/E/G ratio of 1.30 and a beta of 1.33. 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.

Patrick Industries (NASDAQ:PATK) last released 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. The company 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%. Patrick Industries’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.52 earnings per share. Equities analysts predict that Patrick Industries will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 9th. Investors of record on Monday, February 23rd will be paid a dividend of $0.47 per share. The ex-dividend date is Monday, February 23rd. This represents a $1.88 annualized dividend and a yield of 1.5%. Patrick Industries’s dividend payout ratio (DPR) is 48.08%.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, Director John A. Forbes sold 2,704 shares of the stock in a transaction on Friday, February 6th. The shares were sold at an average price of $140.75, for a total transaction of $380,588.00. Following the sale, the director directly owned 49,272 shares of the company’s stock, valued at approximately $6,935,034. This represents a 5.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stacey L. Amundson sold 3,903 shares of the firm’s stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $145.61, for a total transaction of $568,315.83. Following the completion of the transaction, the executive vice president owned 12,819 shares in the company, valued at approximately $1,866,574.59. The trade was a 23.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 31,607 shares of company stock worth $3,823,904 in the last ninety days. 4.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Torren Management LLC acquired a new position in Patrick Industries during the 4th quarter worth $26,000. Advisory Services Network LLC acquired a new position in Patrick Industries during the 3rd quarter valued at about $25,000. Salomon & Ludwin LLC acquired a new position in Patrick Industries during the 3rd quarter valued at about $25,000. Cornerstone Planning Group LLC bought a new position in shares of Patrick Industries in the third quarter valued at approximately $31,000. Finally, Allworth Financial LP increased its stake in shares of Patrick Industries by 181.3% during the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after acquiring an additional 203 shares during the period. 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.