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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been given an average recommendation of “Moderate Buy” by the eleven ratings firms that are covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price target among brokers that have covered the stock in the last year is $108.00.

A number of analysts have commented on the company. Roth Capital set a $115.00 price objective on Patrick Industries and gave the stock a “buy” rating in a report on Friday, October 31st. KeyCorp lifted their target price on Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, October 31st. BMO Capital Markets reiterated an “outperform” rating and set a $115.00 price target on shares of Patrick Industries in a report on Friday, October 31st. Weiss Ratings cut Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Finally, Truist Financial set a $114.00 price objective on shares of Patrick Industries and gave the stock a “buy” rating in a report on Wednesday, October 15th.

Patrick Industries Stock Up 0.6%

Patrick Industries stock opened at $108.23 on Monday. The firm has a market capitalization of $3.60 billion, a price-to-earnings ratio of 29.33, a price-to-earnings-growth ratio of 1.40 and a beta of 1.33. The firm’s fifty day moving average price is $102.21 and its two-hundred day moving average price is $100.37. Patrick Industries has a 1-year low of $72.99 and a 1-year high of $116.78. The company has a current ratio of 1.96, a quick ratio of 0.75 and a debt-to-equity ratio of 1.11.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, October 30th. The construction company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.95 by $0.06. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The company had revenue of $975.63 million during the quarter, compared to the consensus estimate of $900.35 million. During the same period in the previous year, the firm posted $1.80 earnings per share. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, equities research analysts predict that Patrick Industries will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 1.7%. This is a boost from Patrick Industries’s previous quarterly dividend of $0.40. The ex-dividend date is Monday, December 1st. Patrick Industries’s dividend payout ratio is presently 53.71%.

Institutional Investors Weigh In On Patrick Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CIBC Bancorp USA Inc. purchased a new position in shares of Patrick Industries in the 3rd quarter worth approximately $358,000. Coldstream Capital Management Inc. bought a new stake in Patrick Industries during the third quarter worth $215,000. Advisory Services Network LLC bought a new stake in Patrick Industries during the third quarter worth $25,000. CANADA LIFE ASSURANCE Co boosted its position in Patrick Industries by 2.2% in the third quarter. CANADA LIFE ASSURANCE Co now owns 27,772 shares of the construction company’s stock worth $2,873,000 after purchasing an additional 599 shares during the last quarter. Finally, Caxton Associates LLP bought a new position in Patrick Industries in the 3rd quarter valued at $2,240,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

About Patrick Industries

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.