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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been assigned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $122.6250.

A number of research analysts have commented on the company. Wall Street Zen cut Patrick Industries from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. KeyCorp reduced their price objective on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Weiss Ratings cut Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, June 4th. BMO Capital Markets restated an “outperform” rating and set a $150.00 price objective (down from $155.00) on shares of Patrick Industries in a research note on Monday, April 20th. Finally, Robert W. Baird set a $110.00 price objective on Patrick Industries in a research note on Friday, May 1st.

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $87.37 on Friday. Patrick Industries has a twelve month low of $82.35 and a twelve month high of $148.50. The stock has a market capitalization of $2.87 billion, a P/E ratio of 22.40 and a beta of 1.09. 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 business’s fifty day moving average price is $94.98 and its 200 day moving average price is $111.18.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. The company had revenue of $997.17 million for the quarter, compared to analysts’ expectations of $989.06 million. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The firm’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.11 earnings per share. As a group, research analysts anticipate that Patrick Industries will post 4.94 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Tuesday, May 26th. Patrick Industries’s payout ratio is currently 48.21%.

Insider Activity at Patrick Industries

In related news, insider Charles R. Roeder acquired 5,750 shares of Patrick Industries stock in a transaction on Tuesday, May 5th. The shares were bought at an average price of $87.83 per share, for a total transaction of $505,022.50. Following the completion of the purchase, the insider directly owned 42,147 shares in the company, valued at $3,701,771.01. This trade represents a 15.80% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Blake Augsburger purchased 400 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was acquired at an average price of $85.19 per share, for a total transaction of $34,076.00. Following the purchase, the director owned 2,125 shares of the company’s stock, valued at approximately $181,028.75. This represents a 23.19% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 27,400 shares of company stock valued at $2,408,639 over the last 90 days. Corporate insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. First National Bank of Omaha bought a new stake in Patrick Industries in the third quarter valued at about $601,000. Bessemer Group Inc. increased its holdings in Patrick Industries by 3,602.4% in the fourth quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock valued at $16,255,000 after buying an additional 145,863 shares during the last quarter. SG Americas Securities LLC increased its holdings in Patrick Industries by 12,134.2% in the fourth quarter. SG Americas Securities LLC now owns 259,365 shares of the construction company’s stock valued at $28,123,000 after buying an additional 257,245 shares during the last quarter. Copeland Capital Management LLC increased its holdings in Patrick Industries by 23.4% in the fourth quarter. Copeland Capital Management LLC now owns 478,999 shares of the construction company’s stock valued at $51,938,000 after buying an additional 90,691 shares during the last quarter. Finally, Mairs & Power Inc. bought a new stake in Patrick Industries in the third quarter valued at about $2,419,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

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.