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

Patrick Industries, Inc. (NASDAQ:PATK) has been given an average rating of “Moderate Buy” by the eight analysts that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $139.88.

PATK has been the topic of several recent research reports. Raymond James lowered their price target on shares of Patrick Industries from $160.00 to $136.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. KeyCorp boosted their price target on shares of Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. DA Davidson upped their target price on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Truist Financial upped their target price on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Finally, BMO Capital Markets upped their target price on shares of Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a research report on Friday, November 1st.

Insiders Place Their Bets

In other Patrick Industries news, CEO Andy L. Nemeth sold 20,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $135.00, for a total transaction of $2,700,000.00. Following the sale, the chief executive officer now directly owns 253,119 shares in the company, valued at $34,171,065. This represents a 7.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Todd M. Cleveland sold 7,500 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.05, for a total transaction of $982,875.00. Following the sale, the director now owns 82,374 shares in the company, valued at $10,795,112.70. This trade represents a 8.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 57,500 shares of company stock worth $7,716,675 over the last three months. Company insiders own 4.70% of the company’s stock.

Institutional Trading of Patrick Industries

A number of large investors have recently made changes to their positions in PATK. Pacer Advisors Inc. increased its stake in shares of Patrick Industries by 20.1% during the second quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock worth $143,889,000 after buying an additional 221,904 shares during the period. Massachusetts Financial Services Co. MA purchased a new stake in shares of Patrick Industries during the second quarter worth approximately $22,460,000. Fiera Capital Corp purchased a new stake in shares of Patrick Industries during the third quarter worth approximately $27,888,000. Argent Capital Management LLC increased its stake in shares of 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 buying an additional 133,413 shares during the period. Finally, Brightline Capital Management LLC purchased a new stake in shares of Patrick Industries during the third quarter worth approximately $14,806,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Stock Down 2.8 %

NASDAQ PATK opened at $134.42 on Thursday. The business’s fifty day simple moving average is $136.70 and its 200-day simple moving average is $124.52. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. The firm has a market cap of $3.01 billion, a PE ratio of 19.88, a P/E/G ratio of 1.48 and a beta of 1.62. Patrick Industries has a 52 week low of $80.62 and a 52 week high of $148.35.

Patrick Industries shares are set to split on the morning of Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly created shares will be issued to shareholders after the market closes on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.03). The firm had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The company’s revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.81 EPS. As a group, equities analysts anticipate that Patrick Industries will post 6.43 earnings per share for the current year.

Patrick Industries Increases Dividend

The firm also recently declared a — dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a dividend of $50.00 per share. The ex-dividend date is Monday, December 16th. This is a positive change from Patrick Industries’s previous — dividend of $0.25. This represents a yield of 1.7%. Patrick Industries’s dividend payout ratio is 34.48%.

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.