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

Patrick Industries, Inc. (NASDAQ:PATK) has received an average rating of “Moderate Buy” from the eleven research firms that are currently covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $108.5556.

Several research analysts have recently issued reports on the stock. Truist Financial set a $114.00 target price on shares of Patrick Industries and gave the stock a “buy” rating in a research note on Wednesday, October 15th. BMO Capital Markets restated an “outperform” rating and issued a $115.00 price objective on shares of Patrick Industries in a report on Friday, October 31st. Benchmark lifted their price objective on Patrick Industries from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Roth Capital set a $115.00 target price on Patrick Industries and gave the stock a “buy” rating in a research report on Friday, October 31st. Finally, Weiss Ratings downgraded shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th.

Insider Buying and Selling

In other Patrick Industries news, CEO Andy L. Nemeth sold 25,000 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the completion of the sale, the chief executive officer directly owned 301,641 shares in the company, valued at approximately $34,688,715. The trade was a 7.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.40% of the company’s stock.

Institutional Trading of Patrick Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PATK. Northern Trust Corp increased its stake in shares of Patrick Industries by 0.4% in the 1st quarter. Northern Trust Corp now owns 415,657 shares of the construction company’s stock worth $35,148,000 after purchasing an additional 1,602 shares in the last quarter. AlphaQuest LLC bought a new position in Patrick Industries in the 1st quarter worth $87,000. Smartleaf Asset Management LLC grew its position in shares of Patrick Industries by 27.0% during the first quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company’s stock worth $63,000 after purchasing an additional 160 shares in the last quarter. Timucuan Asset Management Inc. FL raised its position in shares of Patrick Industries by 7.9% during the first quarter. Timucuan Asset Management Inc. FL now owns 136,000 shares of the construction company’s stock valued at $11,500,000 after buying an additional 10,000 shares during the last quarter. Finally, State of Wyoming increased its holdings in Patrick Industries by 38.5% in the 1st quarter. State of Wyoming now owns 2,648 shares of the construction company’s stock valued at $224,000 after acquiring an additional 736 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Trading Up 0.6%

NASDAQ:PATK opened at $112.48 on Friday. The firm has a market capitalization of $3.74 billion, a P/E ratio of 32.14, a PEG ratio of 1.49 and a beta of 1.34. The company has a debt-to-equity ratio of 1.13, a current ratio of 2.34 and a quick ratio of 0.86. Patrick Industries has a one year low of $72.99 and a one year high of $116.78. The company’s 50-day simple moving average is $105.87 and its 200 day simple moving average is $103.33.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.06. Patrick Industries had a net margin of 3.11% and a return on equity of 12.44%. The firm had revenue of $975.63 million during the quarter, compared to analyst estimates of $900.35 million. During the same period last year, the business earned $1.80 earnings per share. The business’s revenue was up 6.1% on a year-over-year basis. As a group, analysts forecast that Patrick Industries will post 5.33 EPS for the current fiscal year.

Patrick Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were issued a $0.47 dividend. This is an increase from Patrick Industries’s previous quarterly dividend of $0.40. This represents a $1.88 annualized dividend and a yield of 1.7%. The ex-dividend date was Monday, December 1st. Patrick Industries’s dividend payout ratio is 53.71%.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.