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

Patrick Industries, Inc. (NASDAQ:PATK) has received a consensus rating of “Moderate Buy” from the eight brokerages that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $97.96.

A number of research firms have commented on PATK. Raymond James lifted their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. KeyCorp increased their target price on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Truist Financial boosted their price target on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, February 10th. Finally, Benchmark increased their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th.

Patrick Industries Price Performance

NASDAQ PATK opened at $83.90 on Wednesday. Patrick Industries has a one year low of $67.72 and a one year high of $98.90. The stock has a 50-day moving average of $91.05 and a 200 day moving average of $89.91. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The company has a market capitalization of $2.82 billion, a price-to-earnings ratio of 20.36, a PEG ratio of 1.41 and a beta of 2.37.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. On average, sell-side analysts forecast that Patrick Industries will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.91%. Patrick Industries’s payout ratio is currently 38.83%.

Insider Activity at Patrick Industries

In other Patrick Industries news, EVP Stacey L. Neu sold 2,885 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the sale, the executive vice president now directly owns 18,044 shares of the company’s stock, valued at $1,543,303.32. This trade represents a 13.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director M Scott Welch acquired 10,000 shares of the stock in a transaction dated Tuesday, March 11th. The stock was acquired at an average price of $86.22 per share, for a total transaction of $862,200.00. Following the completion of the transaction, the director now directly owns 136,000 shares of the company’s stock, valued at approximately $11,725,920. This represents a 7.94 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Patrick Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Kestra Investment Management LLC bought a new position in Patrick Industries in the 4th quarter worth approximately $25,000. Covestor Ltd lifted its holdings in shares of Patrick Industries by 10,400.0% in the fourth quarter. Covestor Ltd now owns 315 shares of the construction company’s stock worth $26,000 after buying an additional 312 shares in the last quarter. Quadrant Capital Group LLC boosted its position in shares of Patrick Industries by 49.8% during the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock worth $27,000 after acquiring an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its stake in Patrick Industries by 49.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock valued at $29,000 after acquiring an additional 114 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after acquiring an additional 528 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.