Patrick Industries (NASDAQ:PATK) Upgraded to “Buy” at Wall Street Zen

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

PATK has been the topic of a number of other research reports. Roth Mkm reiterated a “buy” rating and issued a $157.00 price target on shares of Patrick Industries in a research note on Monday, February 9th. 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 reaffirmed a “buy” rating on shares of Patrick Industries in a research report on Friday, February 6th. Truist Financial set a $126.00 target price on Patrick Industries in a research note on Friday, January 9th. Finally, Robert W. Baird set a $140.00 price target on Patrick Industries in a report on Friday, February 6th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Patrick Industries currently has an average rating of “Moderate Buy” and a consensus target price of $135.13.

Patrick Industries Stock Performance

Shares of Patrick Industries stock opened at $114.54 on Friday. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.51 and a quick ratio of 0.80. The business has a fifty day simple moving average of $124.25 and a two-hundred day simple moving average of $113.59. Patrick Industries has a 1 year low of $72.99 and a 1 year high of $148.50. The company has a market capitalization of $3.79 billion, a price-to-earnings ratio of 29.29 and a beta of 1.35.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.74 by $0.10. The firm had revenue of $924.17 million for 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 company’s quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.52 earnings per share. Research analysts forecast that Patrick Industries will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

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

Insider Activity

In related news, CAO Matthew S. Filer purchased 1,000 shares of the business’s stock in a transaction that occurred on Friday, February 6th. The stock was acquired at an average cost of $139.91 per share, for a total transaction of $139,910.00. Following the completion of the purchase, the chief accounting officer owned 20,614 shares in the company, valued at approximately $2,884,104.74. This represents a 5.10% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stacey L. Amundson sold 3,903 shares of the stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $145.61, for a total value of $568,315.83. Following the sale, the executive vice president directly owned 12,819 shares in the company, valued at $1,866,574.59. This represents a 23.34% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have acquired 11,110 shares of company stock worth $1,289,895 and have sold 20,121 shares worth $2,477,337. 4.40% 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 added to or reduced their stakes in the stock. First National Bank of Omaha bought a new position in shares of Patrick Industries in the third quarter worth $601,000. Citizens Financial Group Inc. RI bought a new stake in Patrick Industries during the third quarter worth about $1,704,000. Tributary Capital Management LLC lifted its position in Patrick Industries by 52.0% during the third quarter. Tributary Capital Management LLC now owns 371,608 shares of the construction company’s stock worth $38,435,000 after purchasing an additional 127,099 shares during the period. Truist Financial Corp grew its stake in Patrick Industries by 133.6% during the third quarter. Truist Financial Corp now owns 16,812 shares of the construction company’s stock worth $1,739,000 after buying an additional 9,616 shares in the last quarter. Finally, Magnetar Financial LLC bought a new position in Patrick Industries in the 3rd quarter valued at about $2,134,000. 93.29% of the stock is owned by institutional investors and hedge funds.

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.