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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been given an average recommendation of “Moderate Buy” by the nine research firms that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $135.1250.

A number of brokerages have issued reports on PATK. Robert W. Baird set a $140.00 price target on shares of Patrick Industries in a report on Friday, February 6th. Truist Financial set a $126.00 price objective on shares of Patrick Industries in a research note on Friday, January 9th. Roth Mkm restated a “buy” rating and set a $157.00 target price on shares of Patrick Industries in a research report on Monday, February 9th. BMO Capital Markets reaffirmed an “outperform” rating and set a $155.00 target price on shares of Patrick Industries in a research note on Friday, February 6th. Finally, Wall Street Zen cut Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, March 8th.

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $114.45 on Wednesday. The business has a 50 day moving average of $127.53 and a 200 day moving average of $113.68. Patrick Industries has a 52 week low of $72.99 and a 52 week high of $148.50. 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 company has a market cap of $3.80 billion, a PE ratio of 29.27 and a beta of 1.33.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The business had revenue of $924.17 million for the quarter, compared to the consensus estimate of $858.62 million. During the same period in the previous year, the company posted $0.52 earnings per share. The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. As a group, equities research analysts forecast that Patrick Industries will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

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

Insider Activity at Patrick Industries

In related news, Director M Scott Welch bought 10,000 shares of the company’s stock in a transaction dated Thursday, March 12th. The shares were acquired at an average price of $113.68 per share, for a total transaction of $1,136,800.00. Following the completion of the transaction, the director directly owned 146,000 shares in the company, valued at $16,597,280. This trade represents a 7.35% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Hugo E. Gonzalez sold 13,514 shares of the business’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $113.10, for a total transaction of $1,528,433.40. Following the sale, the chief operating officer directly owned 33,864 shares of the company’s stock, valued at $3,830,018.40. This represents a 28.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders bought 11,110 shares of company stock worth $1,289,895 and sold 20,121 shares worth $2,477,337. 4.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Patrick Industries

Several institutional investors have recently bought and sold shares of PATK. Salomon & Ludwin LLC acquired a new position in shares of Patrick Industries during the third quarter valued at approximately $25,000. Advisory Services Network LLC acquired a new stake in shares of Patrick Industries in the third quarter worth approximately $25,000. Torren Management LLC purchased a new stake in shares of Patrick Industries during the fourth quarter worth approximately $26,000. Cornerstone Planning Group LLC purchased a new stake in shares of Patrick Industries during the third quarter worth approximately $31,000. Finally, Allworth Financial LP raised its stake in Patrick Industries by 181.3% in the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after purchasing an additional 203 shares during the last quarter. 93.29% of the stock is currently 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.