Patrick Industries (NASDAQ:PATK) Upgraded at StockNews.com

StockNews.com upgraded shares of Patrick Industries (NASDAQ:PATK) from a sell rating to a hold rating in a research note issued to investors on Wednesday morning.

Other research analysts also recently issued reports about the company. KeyCorp lifted their price target on Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Raymond James decreased their price target on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Benchmark reiterated a “buy” rating and issued a $96.67 target price on shares of Patrick Industries in a research note on Monday, November 4th. BMO Capital Markets upped their price target on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, Truist Financial boosted their price objective on Patrick Industries from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus target price of $93.25.

Patrick Industries Price Performance

PATK opened at $83.40 on Wednesday. The stock has a fifty day moving average price of $86.79 and a 200 day moving average price of $85.46. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. Patrick Industries has a 1 year low of $60.67 and a 1 year high of $98.90. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of 11.98, a PEG ratio of 1.69 and a beta of 2.20.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, October 31st. The construction company reported $1.20 earnings per share for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.02). The firm had revenue of $919.44 million during the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. Patrick Industries’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.21 earnings per share. Analysts forecast that Patrick Industries will post 6.43 EPS for the current fiscal year.

Patrick Industries Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Shareholders of record on Monday, November 25th were given a $0.40 dividend. The ex-dividend date of this dividend was Monday, November 25th. This represents a $1.60 annualized dividend and a yield of 1.92%. Patrick Industries’s payout ratio is 34.48%.

Insider Transactions at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 30,000 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $90.00, for a total value of $2,700,000.00. Following the transaction, the chief executive officer now owns 379,678 shares of the company’s stock, valued at approximately $34,171,020. This represents a 7.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PATK. Natixis Advisors LLC grew its stake in Patrick Industries by 41.7% in the second quarter. Natixis Advisors LLC now owns 15,283 shares of the construction company’s stock valued at $1,659,000 after acquiring an additional 4,497 shares during the period. Versor Investments LP acquired a new position in Patrick Industries in the 2nd quarter worth $282,000. Foster & Motley Inc. increased its holdings in Patrick Industries by 3.7% during the 2nd quarter. Foster & Motley Inc. now owns 17,727 shares of the construction company’s stock worth $1,924,000 after purchasing an additional 629 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of Patrick Industries by 3.1% in the second quarter. Arizona State Retirement System now owns 5,957 shares of the construction company’s stock valued at $647,000 after purchasing an additional 178 shares in the last quarter. Finally, BOKF NA grew its holdings in shares of Patrick Industries by 3.7% during the second quarter. BOKF NA now owns 4,848 shares of the construction company’s stock worth $526,000 after buying an additional 172 shares in 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.