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

Patrick Industries, Inc. (NASDAQ:PATK) has earned an average rating of “Moderate Buy” from the ten ratings firms that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $122.6250.

A number of analysts have commented on the stock. Benchmark reduced their target price on shares of Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a report on Friday, May 1st. Weiss Ratings upgraded shares of Patrick Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday. BMO Capital Markets reissued an “outperform” rating and issued a $150.00 price objective (down from $155.00) on shares of Patrick Industries in a research note on Monday, April 20th. Robert W. Baird set a $110.00 price objective on shares of Patrick Industries in a research note on Friday, May 1st. Finally, Roth Mkm set a $128.00 price objective on shares of Patrick Industries in a research note on Tuesday, May 5th.

Insider Transactions at Patrick Industries

In other news, CFO Matthew S. Filer acquired 1,000 shares of Patrick Industries stock in a transaction dated Tuesday, May 5th. The stock was purchased at an average cost of $85.50 per share, with a total value of $85,500.00. Following the completion of the purchase, the chief financial officer directly owned 21,614 shares in the company, valued at approximately $1,847,997. This trade represents a 4.85% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director M Scott Welch acquired 10,050 shares of Patrick Industries stock in a transaction dated Tuesday, May 5th. The stock was purchased at an average cost of $88.23 per share, with a total value of $886,711.50. Following the completion of the purchase, the director owned 156,000 shares of the company’s stock, valued at approximately $13,763,880. This represents a 6.89% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders bought 37,410 shares of company stock valued at $3,550,239. Company insiders own 3.80% of the company’s stock.

Institutional Trading of Patrick Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Mackenzie Financial Corp lifted its position in Patrick Industries by 4.0% during the fourth quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company’s stock valued at $231,000 after purchasing an additional 80 shares during the last quarter. CIBC Asset Management Inc lifted its position in Patrick Industries by 4.1% during the fourth quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company’s stock valued at $245,000 after purchasing an additional 88 shares during the last quarter. Arizona State Retirement System lifted its position in Patrick Industries by 1.1% during the third quarter. Arizona State Retirement System now owns 9,387 shares of the construction company’s stock valued at $971,000 after purchasing an additional 98 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its position in Patrick Industries by 4.1% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company’s stock valued at $269,000 after purchasing an additional 98 shares during the last quarter. Finally, Strs Ohio lifted its position in Patrick Industries by 11.1% during the third quarter. Strs Ohio now owns 1,000 shares of the construction company’s stock valued at $103,000 after purchasing an additional 100 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Price Performance

Shares of PATK stock opened at $90.87 on Monday. Patrick Industries has a 12 month low of $82.24 and a 12 month high of $148.50. The stock has a market cap of $2.99 billion, a P/E ratio of 23.30 and a beta of 1.12. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16. The company has a 50 day simple moving average of $103.88 and a two-hundred day simple moving average of $113.22.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The business had revenue of $997.17 million during the quarter, compared to analysts’ expectations of $989.06 million. During the same period in the prior year, the company earned $1.11 earnings per share. The firm’s revenue was down .6% on a year-over-year basis. On average, research analysts expect that Patrick Industries will post 4.94 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.1%. Patrick Industries’s dividend payout ratio is 48.21%.

Patrick Industries Company Profile

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.