Patrick Industries, Inc. (NASDAQ:PATK) Receives $114.33 Average PT from Brokerages

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have received an average rating of “Moderate Buy” from the nine analysts that are covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $116.1250.

A number of equities research analysts have issued reports on the stock. Weiss Ratings lowered shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Loop Capital assumed coverage on Patrick Industries in a research note on Friday, October 31st. They issued a “hold” rating and a $99.00 target price on the stock. BMO Capital Markets reissued an “outperform” rating and set a $115.00 target price on shares of Patrick Industries in a research note on Friday, October 31st. Roth Mkm set a $115.00 price target on Patrick Industries and gave the stock a “buy” rating in a research note on Friday, October 31st. Finally, Benchmark reiterated a “buy” rating and issued a $140.00 price target (up previously from $115.00) on shares of Patrick Industries in a report on Friday, January 16th.

Patrick Industries Stock Performance

Shares of PATK stock opened at $128.78 on Tuesday. The company has a market capitalization of $4.29 billion, a P/E ratio of 36.79, a PEG ratio of 1.39 and a beta of 1.34. Patrick Industries has a fifty-two week low of $72.99 and a fifty-two week high of $135.17. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.86 and a current ratio of 2.34. The stock has a 50 day moving average price of $112.09 and a two-hundred day moving average price of $106.95.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.06. Patrick Industries had a net margin of 3.11% and a return on equity of 12.44%. The firm had revenue of $975.63 million for the quarter, compared to analysts’ expectations of $900.35 million. During the same quarter last year, the business earned $1.80 earnings per share. The business’s revenue was up 6.1% on a year-over-year basis. Analysts expect that Patrick Industries will post 5.33 earnings per share for the current year.

Patrick Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, December 1st. This is a positive change from Patrick Industries’s previous quarterly dividend of $0.40. Patrick Industries’s payout ratio is presently 53.71%.

Insider Transactions at Patrick Industries

In related news, CEO Andy L. Nemeth sold 25,000 shares of the stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total value of $2,875,000.00. Following the completion of the transaction, the chief executive officer directly owned 301,641 shares of the company’s stock, valued at $34,688,715. This represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Arizona State Retirement System raised its position in shares of Patrick Industries by 1.1% in the 3rd 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 in the last quarter. Hennion & Walsh Asset Management Inc. grew its stake 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 worth $269,000 after purchasing an additional 98 shares during the period. Strs Ohio raised its holdings in Patrick Industries by 11.1% in the third quarter. Strs Ohio now owns 1,000 shares of the construction company’s stock worth $103,000 after purchasing an additional 100 shares in the last quarter. Bank of Montreal Can lifted its position in Patrick Industries by 2.1% during the second quarter. Bank of Montreal Can now owns 5,200 shares of the construction company’s stock valued at $480,000 after buying an additional 106 shares during the period. Finally, Atria Investments Inc lifted its position in Patrick Industries by 3.0% during the second quarter. Atria Investments Inc now owns 3,806 shares of the construction company’s stock valued at $351,000 after buying an additional 112 shares during the period. Hedge funds and other institutional investors 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.