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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been given a consensus recommendation of “Moderate Buy” by the seven research firms that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $105.86.

Several equities research analysts have recently weighed in on PATK shares. StockNews.com cut Patrick Industries from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. Truist Financial reiterated a “buy” rating and issued a $130.00 target price on shares of Patrick Industries in a research note on Friday, April 12th. KeyCorp boosted their price target on shares of Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, February 9th. Roth Mkm increased their price objective on Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. Finally, BMO Capital Markets lifted their price objective on Patrick Industries from $120.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday.

Patrick Industries Stock Up 0.7 %

PATK opened at $111.13 on Friday. The company has a 50 day moving average of $112.17 and a 200 day moving average of $99.36. The company has a current ratio of 2.38, a quick ratio of 0.73 and a debt-to-equity ratio of 1.32. Patrick Industries has a 12 month low of $63.57 and a 12 month high of $123.58. The company has a market cap of $2.49 billion, a PE ratio of 16.46, a price-to-earnings-growth ratio of 0.69 and a beta of 1.73.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, May 2nd. The construction company reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.47. Patrick Industries had a return on equity of 14.90% and a net margin of 4.22%. The firm had revenue of $933.50 million during the quarter, compared to analyst estimates of $829.22 million. During the same period last year, the company earned $1.35 earnings per share. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, sell-side analysts expect that Patrick Industries will post 8 EPS for the current year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th were given a dividend of $0.55 per share. The ex-dividend date was Friday, February 16th. This represents a $2.20 dividend on an annualized basis and a yield of 1.98%. Patrick Industries’s payout ratio is 32.59%.

Insider Transactions at Patrick Industries

In other news, insider Kip B. Ellis sold 18,000 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $115.00, for a total value of $2,070,000.00. Following the completion of the sale, the insider now owns 108,778 shares of the company’s stock, valued at approximately $12,509,470. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Michael A. Kitson sold 3,290 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $110.87, for a total transaction of $364,762.30. Following the transaction, the director now directly owns 8,553 shares in the company, valued at approximately $948,271.11. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Kip B. Ellis sold 18,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $115.00, for a total value of $2,070,000.00. Following the completion of the sale, the insider now owns 108,778 shares of the company’s stock, valued at approximately $12,509,470. The disclosure for this sale can be found here. In the last three months, insiders sold 48,873 shares of company stock worth $5,681,957. 4.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC purchased a new position in Patrick Industries during the 4th quarter valued at about $35,000. Carmel Capital Partners LLC bought a new position in shares of Patrick Industries during the third quarter valued at approximately $44,000. Harel Insurance Investments & Financial Services Ltd. lifted its stake in Patrick Industries by 21.6% in the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,340 shares of the construction company’s stock worth $102,000 after acquiring an additional 238 shares during the period. Xponance Inc. bought a new stake in Patrick Industries in the fourth quarter valued at $203,000. Finally, Heritage Wealth Management LLC bought a new stake in Patrick Industries in the fourth quarter valued at $238,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Company Profile

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.