Patrick Industries, Inc. (NASDAQ:PATK) Receives Average Recommendation of “Moderate Buy” from Analysts

Patrick Industries, Inc. (NASDAQ:PATK) has been given an average recommendation of “Moderate Buy” by the ten ratings firms that are covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $122.6250.

Several research analysts have recently issued reports on the company. BMO Capital Markets restated an “outperform” rating and issued a $150.00 price objective (down from $155.00) on shares of Patrick Industries in a research note on Monday, April 20th. KeyCorp reduced their price objective on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. Raymond James Financial set a $108.00 price objective on Patrick Industries in a research note on Friday, May 1st. Roth Mkm set a $128.00 price objective on Patrick Industries in a research note on Tuesday, May 5th. Finally, Robert W. Baird set a $110.00 price target on Patrick Industries in a research report on Friday, May 1st.

Patrick Industries Trading Down 2.9%

Shares of PATK opened at $90.52 on Monday. Patrick Industries has a 1-year low of $82.24 and a 1-year high of $148.50. The company has a 50-day moving average of $101.70 and a 200 day moving average of $112.70. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 23.21 and a beta of 1.12. 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 issued its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The company had revenue of $997.17 million for the quarter, compared to the consensus estimate of $989.06 million. During the same quarter last year, the company earned $1.11 earnings per share. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. On average, research analysts expect that Patrick Industries will post 4.94 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, May 26th. Patrick Industries’s dividend payout ratio (DPR) is presently 48.21%.

Insider Buying and Selling

In other news, insider Charles R. Roeder purchased 5,750 shares of the stock in a transaction dated Tuesday, May 5th. The shares were purchased at an average cost of $87.83 per share, with a total value of $505,022.50. Following the completion of the purchase, the insider directly 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 transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Blake Augsburger purchased 400 shares of the stock in a transaction dated Tuesday, May 5th. The stock was purchased at an average cost of $85.19 per share, for a total transaction of $34,076.00. Following the completion of the purchase, the director directly owned 2,125 shares of the company’s stock, valued at approximately $181,028.75. The trade was a 23.19% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 37,350 shares of company stock valued at $3,542,874 in the last 90 days. Corporate insiders own 3.80% of the company’s stock.

Institutional Trading of Patrick Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Patrick Industries by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock valued at $1,632,000 after purchasing an additional 851 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Patrick Industries by 5.6% in the first 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 period. Strs Ohio purchased a new stake in Patrick Industries in the first quarter valued at $42,000. Cetera Investment Advisers raised its position in 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 purchased a new stake in Patrick Industries in the second quarter valued at $340,000. 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.