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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been assigned a consensus recommendation of “Moderate Buy” from the eight research firms that are covering the company, Marketbeat reports. One analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $97.96.

Several equities research analysts recently weighed in on the company. KeyCorp increased their target price on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 7th. StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Benchmark lifted their target price on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Truist Financial increased their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, February 10th. Finally, Raymond James boosted their price objective on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research report on Friday, February 7th.

Patrick Industries Stock Down 3.5 %

Shares of NASDAQ PATK opened at $83.90 on Wednesday. The stock has a market capitalization of $2.82 billion, a P/E ratio of 20.36, a PEG ratio of 1.41 and a beta of 2.37. Patrick Industries has a one year low of $67.72 and a one year high of $98.90. The firm’s 50 day simple moving average is $91.05 and its two-hundred day simple moving average is $89.91. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. As a group, analysts expect that Patrick Industries will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 annualized dividend and a dividend yield of 1.91%. Patrick Industries’s dividend payout ratio is 38.83%.

Insider Activity at Patrick Industries

In other Patrick Industries news, Director M Scott Welch bought 2,500 shares of Patrick Industries stock in a transaction dated Thursday, March 13th. The shares were purchased at an average cost of $84.62 per share, with a total value of $211,550.00. Following the transaction, the director now directly owns 2,961 shares of the company’s stock, valued at $250,559.82. This represents a 542.30 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the transaction, the executive vice president now owns 18,044 shares of the company’s stock, valued at approximately $1,543,303.32. The trade was a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Patrick Industries

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Patrick Industries by 49.3% in the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company’s stock worth $193,266,000 after acquiring an additional 768,102 shares during the last quarter. Wellington Management Group LLP boosted its stake in Patrick Industries by 391.8% in the 4th quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company’s stock worth $168,462,000 after purchasing an additional 1,615,412 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Patrick Industries by 48.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company’s stock valued at $154,823,000 after purchasing an additional 609,036 shares during the last quarter. Capital World Investors increased its stake in Patrick Industries by 50.0% during the 4th quarter. Capital World Investors now owns 944,319 shares of the construction company’s stock valued at $78,454,000 after purchasing an additional 314,773 shares in the last quarter. Finally, State Street Corp raised its holdings in Patrick Industries by 3.5% in the third quarter. State Street Corp now owns 816,031 shares of the construction company’s stock worth $116,178,000 after buying an additional 27,669 shares during the last quarter. 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.