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

Patrick Industries, Inc. (NASDAQ:PATK) has been given an average recommendation of “Moderate Buy” by the nine research firms that are presently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $135.1250.

A number of research firms have weighed in on PATK. Wall Street Zen raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a research note on Saturday. Roth Mkm restated a “buy” rating and set a $157.00 price objective on shares of Patrick Industries in a report on Monday, February 9th. KeyCorp reaffirmed an “overweight” rating and issued a $155.00 target price (up from $135.00) on shares of Patrick Industries in a research report on Friday, February 6th. BMO Capital Markets reiterated an “outperform” rating and issued a $155.00 target price on shares of Patrick Industries in a report on Friday, February 6th. Finally, Truist Financial set a $126.00 price target on Patrick Industries in a research report on Friday, January 9th.

Insider Activity

In other Patrick Industries news, Director John A. Forbes sold 2,704 shares of Patrick Industries stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $140.75, for a total transaction of $380,588.00. Following the transaction, the director directly owned 49,272 shares of the company’s stock, valued at $6,935,034. The trade was a 5.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Stacey L. Amundson sold 3,903 shares of the business’s stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $145.61, for a total transaction of $568,315.83. Following the sale, the executive vice president owned 12,819 shares of the company’s stock, valued at approximately $1,866,574.59. This represents a 23.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have acquired 11,110 shares of company stock worth $1,289,895 and have sold 20,121 shares worth $2,477,337. Company insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rockefeller Capital Management L.P. boosted its position in Patrick Industries by 235.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,193 shares of the construction company’s stock worth $129,000 after purchasing an additional 837 shares during the period. Corient Private Wealth LLC increased its holdings in Patrick Industries by 17.2% in the 4th quarter. Corient Private Wealth LLC now owns 3,308 shares of the construction company’s stock valued at $359,000 after purchasing an additional 485 shares in the last quarter. DGS Capital Management LLC raised its position in Patrick Industries by 15.0% in the fourth quarter. DGS Capital Management LLC now owns 2,391 shares of the construction company’s stock valued at $259,000 after purchasing an additional 312 shares during the period. Mackenzie Financial Corp lifted its stake in shares of Patrick Industries by 4.0% during the fourth quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company’s stock worth $231,000 after purchasing an additional 80 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Patrick Industries during the fourth quarter worth about $362,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Stock Performance

NASDAQ PATK opened at $114.54 on Friday. The company has a market cap of $3.79 billion, a P/E ratio of 29.29 and a beta of 1.35. Patrick Industries has a 12 month low of $72.99 and a 12 month high of $148.50. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.51 and a quick ratio of 0.80. The company has a 50-day moving average of $124.25 and a 200-day moving average of $113.59.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.10. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The business had revenue of $924.17 million for the quarter, compared to analysts’ expectations of $858.62 million. During the same period last year, the company earned $0.52 earnings per share. The company’s quarterly revenue was up 9.2% on a year-over-year basis. As a group, equities analysts predict that Patrick Industries will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 9th. Stockholders of record on Monday, February 23rd were issued a dividend of $0.47 per share. The ex-dividend date was Monday, February 23rd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.6%. Patrick Industries’s payout ratio is presently 48.08%.

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.