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

Patrick Industries, Inc. (NASDAQ:PATK) has been assigned a consensus rating of “Moderate Buy” from the eight research firms that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $140.38.

A number of research firms recently issued reports on PATK. Raymond James began coverage on shares of Patrick Industries in a report on Tuesday, October 1st. They set an “outperform” rating and a $160.00 price objective for the company. DA Davidson raised their price objective on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. BMO Capital Markets lifted their target price on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. KeyCorp lifted their target price on shares of Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Truist Financial lifted their target price on shares of Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, September 20th.

Patrick Industries Stock Performance

NASDAQ PATK opened at $134.59 on Friday. Patrick Industries has a 52-week low of $70.15 and a 52-week high of $148.35. The company has a 50-day simple moving average of $136.51 and a 200 day simple moving average of $121.05. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.94 and a current ratio of 2.29. The company has a market capitalization of $3.01 billion, a PE ratio of 19.31, a price-to-earnings-growth ratio of 1.18 and a beta of 1.61.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.11. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $972.06 million. During the same quarter last year, the company posted $1.94 earnings per share. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, research analysts predict that Patrick Industries will post 7.21 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were given a $0.55 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.63%. Patrick Industries’s dividend payout ratio (DPR) is currently 31.56%.

Insider Activity

In other news, insider Jeff Rodino sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the completion of the transaction, the insider now directly owns 139,109 shares in the company, valued at approximately $18,274,749.33. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Patrick Industries news, Director Todd M. Cleveland sold 7,500 shares of Patrick Industries stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total transaction of $982,875.00. Following the completion of the sale, the director now directly owns 82,374 shares in the company, valued at $10,795,112.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the sale, the insider now owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,411 shares of company stock worth $3,858,915. 4.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Patrick Industries

Several hedge funds have recently bought and sold shares of PATK. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Patrick Industries during the second quarter worth approximately $41,000. Sound Income Strategies LLC purchased a new position in shares of Patrick Industries during the third quarter worth approximately $46,000. GAMMA Investing LLC raised its stake in shares of Patrick Industries by 76.2% during the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock worth $67,000 after acquiring an additional 205 shares in the last quarter. UMB Bank n.a. raised its stake in shares of Patrick Industries by 176.6% during the third quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock worth $81,000 after acquiring an additional 362 shares in the last quarter. Finally, nVerses Capital LLC purchased a new position in shares of Patrick Industries during the third quarter worth approximately $157,000. 93.29% of the stock is currently owned by institutional investors.

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.