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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been given a consensus recommendation of “Moderate Buy” by the nine ratings firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $121.00.

Several brokerages recently commented on PATK. Robert W. Baird set a $110.00 price target on Patrick Industries in a research report on Friday, May 1st. Raymond James Financial set a $108.00 price objective on Patrick Industries in a report on Friday, May 1st. Truist Financial decreased their target price on shares of Patrick Industries from $126.00 to $113.00 and set a “buy” rating for the company in a research note on Wednesday, July 8th. BMO Capital Markets restated an “outperform” rating and set a $150.00 target price (down from $155.00) on shares of Patrick Industries in a report on Monday, April 20th. Finally, Benchmark lowered their target price on shares of Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a report on Friday, May 1st.

Insider Buying and Selling

In other news, Director M Scott Welch bought 10,050 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was acquired at an average cost of $88.23 per share, for a total transaction of $886,711.50. Following the purchase, the director owned 156,000 shares of the company’s stock, valued at approximately $13,763,880. This trade represents a 6.89% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Blake Augsburger purchased 400 shares of Patrick Industries stock in a transaction that occurred on Tuesday, May 5th. The shares were acquired at an average price of $85.19 per share, with a total value of $34,076.00. Following the acquisition, the director directly owned 2,125 shares of the company’s stock, valued at $181,028.75. This trade represents a 23.19% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased 28,700 shares of company stock worth $2,532,880 in the last 90 days. 3.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Tactive Advisors LLC bought a new stake in shares of Patrick Industries during the second quarter worth approximately $338,000. Lodge Hill Capital LLC increased its stake in shares of Patrick Industries by 13.9% during the first quarter. Lodge Hill Capital LLC now owns 205,000 shares of the construction company’s stock worth $22,769,000 after purchasing an additional 25,000 shares during the period. California State Teachers Retirement System increased its stake in shares of Patrick Industries by 24.6% during the first quarter. California State Teachers Retirement System now owns 37,998 shares of the construction company’s stock worth $4,220,000 after purchasing an additional 7,501 shares during the period. Empowered Funds LLC lifted its holdings in Patrick Industries by 3.6% during the 1st quarter. Empowered Funds LLC now owns 18,761 shares of the construction company’s stock worth $2,084,000 after purchasing an additional 650 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Patrick Industries by 4.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 15,470 shares of the construction company’s stock worth $1,718,000 after purchasing an additional 599 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

Patrick Industries Trading Up 0.9%

Patrick Industries stock opened at $83.43 on Tuesday. The firm has a 50-day moving average of $89.20 and a 200-day moving average of $108.36. Patrick Industries has a one year low of $82.35 and a one year high of $148.50. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04. The company has a market cap of $2.74 billion, a price-to-earnings ratio of 21.39 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.02. The company had revenue of $997.17 million during 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%.Patrick Industries’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter last year, the company earned $1.11 EPS. On average, equities analysts expect that Patrick Industries will post 4.63 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th were paid a dividend of $0.47 per share. The ex-dividend date was Tuesday, May 26th. This represents a $1.88 annualized dividend and a dividend yield of 2.3%. Patrick Industries’s payout ratio is currently 48.21%.

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.