Patrick Industries’ (PATK) “Buy” Rating Reiterated at Truist Financial

Truist Financial restated their buy rating on shares of Patrick Industries (NASDAQ:PATK) in a research report sent to investors on Friday, Benzinga reports. Truist Financial currently has a $130.00 target price on the construction company’s stock.

Several other analysts also recently issued reports on the stock. StockNews.com downgraded shares of Patrick Industries from a buy rating to a hold rating in a research note on Thursday, March 21st. KeyCorp boosted their target price on shares of Patrick Industries from $110.00 to $115.00 and gave the company an overweight rating in a research note on Friday, February 9th. Finally, Roth Mkm boosted their target price on shares of Patrick Industries from $101.00 to $120.00 and gave the company a buy rating in a research note on Friday, February 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $103.00.

Patrick Industries Trading Down 1.8 %

Shares of NASDAQ:PATK opened at $107.10 on Friday. The stock has a market capitalization of $2.40 billion, a price-to-earnings ratio of 16.45 and a beta of 1.72. Patrick Industries has a 1-year low of $63.57 and a 1-year high of $123.58. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.73 and a current ratio of 2.38. The company has a 50 day moving average price of $113.13 and a 200 day moving average price of $96.14.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, February 8th. The construction company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.10. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The firm had revenue of $781.20 million for the quarter, compared to analysts’ expectations of $780.97 million. During the same period in the previous year, the company posted $1.82 EPS. The company’s quarterly revenue was down 17.9% compared to the same quarter last year. On average, research analysts anticipate that Patrick Industries will post 7.84 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Tuesday, February 20th were paid a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 2.05%. The ex-dividend date was Friday, February 16th. Patrick Industries’s payout ratio is presently 33.79%.

Insider Buying and Selling

In related news, Director Michael A. Kitson sold 3,290 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $110.87, for a total value of $364,762.30. Following the completion of the sale, the director now directly owns 8,553 shares in the company, valued at $948,271.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Kip B. Ellis sold 7,462 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $121.99, for a total value of $910,289.38. Following the completion of the sale, the insider now directly owns 101,316 shares in the company, valued at $12,359,538.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael A. Kitson sold 3,290 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $110.87, for a total transaction of $364,762.30. Following the sale, the director now owns 8,553 shares of the company’s stock, valued at $948,271.11. The disclosure for this sale can be found here. Over the last three months, insiders sold 48,873 shares of company stock worth $5,681,957. Corporate insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

A number of hedge funds have recently bought and sold shares of PATK. Millennium Management LLC boosted its holdings in Patrick Industries by 908.3% during the second quarter. Millennium Management LLC now owns 384,664 shares of the construction company’s stock valued at $19,941,000 after acquiring an additional 346,513 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Patrick Industries by 39.7% in the fourth quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company’s stock valued at $104,972,000 after buying an additional 297,381 shares during the period. Norges Bank bought a new stake in shares of Patrick Industries in the fourth quarter valued at about $13,444,000. BlackRock Inc. lifted its stake in shares of Patrick Industries by 5.8% in the first quarter. BlackRock Inc. now owns 3,691,563 shares of the construction company’s stock valued at $222,602,000 after buying an additional 201,274 shares during the period. Finally, Chartwell Investment Partners LLC bought a new stake in shares of Patrick Industries in the fourth quarter valued at about $7,057,000. 93.29% of the stock is currently owned by institutional investors.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.