Patrick Industries (NASDAQ:PATK) Cut to Hold at Wall Street Zen

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

Other analysts have also recently issued research reports about the company. Roth Mkm reaffirmed a “buy” rating and issued a $157.00 price target on shares of Patrick Industries in a research report on Monday, February 9th. BMO Capital Markets reissued an “outperform” rating and issued a $155.00 price objective on shares of Patrick Industries in a research note on Friday, February 6th. KeyCorp restated an “overweight” rating and issued a $155.00 target price (up from $135.00) on shares of Patrick Industries in a report on Friday, February 6th. Truist Financial set a $126.00 price target on Patrick Industries in a report on Friday, January 9th. Finally, Benchmark reissued a “buy” rating on shares of Patrick Industries in a research report on Friday, February 6th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $135.13.

Patrick Industries Price Performance

NASDAQ PATK opened at $115.76 on Friday. 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 stock has a market capitalization of $3.85 billion, a PE ratio of 29.61 and a beta of 1.33. Patrick Industries has a 12-month low of $72.99 and a 12-month high of $148.50. The company has a 50 day moving average price of $127.11 and a two-hundred day moving average price of $113.65.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The business 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%. Patrick Industries’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 EPS. As a group, equities analysts predict that Patrick Industries will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

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

Insider Activity at Patrick Industries

In other Patrick Industries news, Director John A. Forbes sold 2,704 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $140.75, for a total value of $380,588.00. Following the completion of the sale, the director owned 49,272 shares in the company, valued at approximately $6,935,034. This trade represents a 5.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Andy L. Nemeth sold 25,000 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer owned 301,641 shares in the company, valued at approximately $34,688,715. This represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have acquired 1,110 shares of company stock worth $153,095 and have sold 31,607 shares worth $3,823,904. Company insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

A number of institutional investors have recently bought and sold shares of PATK. Salomon & Ludwin LLC acquired a new position in shares of Patrick Industries in the 3rd quarter valued at $25,000. Advisory Services Network LLC acquired a new stake in shares of Patrick Industries during the 3rd quarter valued at about $25,000. Torren Management LLC bought a new stake in Patrick Industries in the fourth quarter valued at about $26,000. Cornerstone Planning Group LLC acquired a new position in Patrick Industries in the third quarter worth about $31,000. Finally, Allworth Financial LP lifted its stake in Patrick Industries by 181.3% during the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock worth $34,000 after purchasing an additional 203 shares during the period. 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.