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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have earned a consensus rating of “Moderate Buy” from the eight research firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12-month target price among analysts that have covered the stock in the last year is $93.25.

A number of analysts have recently issued reports on PATK shares. Benchmark reaffirmed a “buy” rating and set a $96.67 target price on shares of Patrick Industries in a research report on Monday, November 4th. KeyCorp upped their target price on Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. StockNews.com raised shares of Patrick Industries from a “sell” rating to a “hold” rating in a research report on Monday, December 16th. Raymond James cut their price target on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a report on Friday, November 1st. Finally, BMO Capital Markets raised their price objective on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a report on Friday, November 1st.

Patrick Industries Stock Down 0.8 %

NASDAQ PATK opened at $82.89 on Monday. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. Patrick Industries has a fifty-two week low of $60.67 and a fifty-two week high of $98.90. The business has a 50 day moving average price of $88.82 and a two-hundred day moving average price of $84.77. The stock has a market cap of $2.78 billion, a PE ratio of 11.91, a P/E/G ratio of 1.69 and a beta of 2.24.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, October 31st. The construction company reported $1.20 earnings per share for the quarter, missing the consensus estimate of $1.22 by ($0.02). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The firm had revenue of $919.44 million during the quarter, compared to analysts’ expectations of $935.75 million. During the same quarter last year, the company posted $1.21 earnings per share. Patrick Industries’s revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, sell-side analysts predict that Patrick Industries will post 6.43 EPS for the current fiscal year.

Patrick Industries Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 9th. Shareholders of record on Monday, November 25th were paid a $0.40 dividend. The ex-dividend date was Monday, November 25th. This represents a $1.60 dividend on an annualized basis and a yield of 1.93%. Patrick Industries’s payout ratio is currently 34.48%.

Insider Transactions at Patrick Industries

In related news, CEO Andy L. Nemeth sold 15,000 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the completion of the transaction, the chief executive officer now directly owns 364,678 shares in the company, valued at $34,192,209.28. This represents a 3.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC lifted its position in Patrick Industries by 91.5% in the 2nd quarter. SG Americas Securities LLC now owns 4,668 shares of the construction company’s stock valued at $507,000 after purchasing an additional 2,230 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its holdings in shares of Patrick Industries by 78.5% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock valued at $205,000 after buying an additional 840 shares during the last quarter. SummerHaven Investment Management LLC boosted its position in shares of Patrick Industries by 1.5% during the second quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company’s stock worth $977,000 after buying an additional 135 shares during the period. Louisiana State Employees Retirement System grew its holdings in Patrick Industries by 2.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 10,600 shares of the construction company’s stock worth $1,151,000 after buying an additional 300 shares in the last quarter. Finally, Tributary Capital Management LLC increased its position in Patrick Industries by 0.3% in the 2nd quarter. Tributary Capital Management LLC now owns 205,788 shares of the construction company’s stock valued at $22,338,000 after acquiring an additional 613 shares during the period. Institutional investors and hedge funds 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.