Brokerages Set Patrick Industries, Inc. (NASDAQ:PATK) PT at $92.63

Patrick Industries, Inc. (NASDAQ:PATK) has earned a consensus rating of “Moderate Buy” from the eight analysts that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $92.63.

PATK has been the subject of a number of recent analyst reports. Benchmark reissued a “buy” rating and set a $96.67 price objective on shares of Patrick Industries in a research report on Monday, November 4th. Raymond James cut their price objective on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a research report on Friday, November 1st. Truist Financial cut their price objective on Patrick Industries from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. BMO Capital Markets raised their price objective on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th.

Patrick Industries Stock Down 2.7 %

Shares of PATK opened at $95.01 on Tuesday. Patrick Industries has a 52-week low of $67.10 and a 52-week high of $98.90. The company has a market capitalization of $3.19 billion, a PE ratio of 20.47, a price-to-earnings-growth ratio of 1.46 and a beta of 2.26. The stock has a fifty day simple moving average of $89.13 and a two-hundred day simple moving average of $88.42. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. As a group, equities analysts forecast that Patrick Industries will post 4.28 EPS for the current year.

Patrick Industries Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, November 25th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date of this dividend was Monday, November 25th. Patrick Industries’s dividend payout ratio (DPR) is 34.48%.

Insider Activity at Patrick Industries

In other news, CEO Andy L. Nemeth sold 30,000 shares of Patrick Industries stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $90.00, for a total value of $2,700,000.00. Following the completion of the transaction, the chief executive officer now owns 379,678 shares in the company, valued at approximately $34,171,020. This trade represents a 7.32 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Assetmark Inc. lifted its stake in Patrick Industries by 1,589.0% during the third quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock worth $938,000 after purchasing an additional 6,197 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Patrick Industries by 35.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock worth $13,869,000 after purchasing an additional 25,556 shares during the last quarter. Fiera Capital Corp purchased a new stake in Patrick Industries during the third quarter worth approximately $27,888,000. Argent Capital Management LLC lifted its stake in Patrick Industries by 758.4% during the third quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock worth $21,498,000 after purchasing an additional 133,413 shares during the last quarter. Finally, Copeland Capital Management LLC purchased a new stake in Patrick Industries during the third quarter worth approximately $8,070,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

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.