Patrick Industries (NASDAQ:PATK) Stock Passes Above 200 Day Moving Average – Here’s Why

Patrick Industries, Inc. (NASDAQ:PATK) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $126.42 and traded as high as $137.74. Patrick Industries shares last traded at $134.59, with a volume of 217,650 shares trading hands.

Analyst Ratings Changes

A number of brokerages recently issued reports on PATK. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, November 14th. Raymond James lowered their price target on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a research note on Friday, November 1st. KeyCorp boosted their price objective on Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Benchmark reiterated a “buy” rating and set a $96.67 price target on shares of Patrick Industries in a research note on Monday, November 4th. Finally, BMO Capital Markets raised their price objective on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $93.25.

Patrick Industries Trading Down 1.0 %

The firm has a market cap of $3.01 billion, a P/E ratio of 19.34, a price-to-earnings-growth ratio of 1.70 and a beta of 2.24. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The company’s fifty day moving average price is $89.80 and its two-hundred day moving average price is $84.34.

Patrick Industries’s stock is scheduled 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 closing bell on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, October 31st. The construction company reported $1.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.02). The firm had revenue of $919.44 million during the quarter, compared to the consensus estimate of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The business’s revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.21 EPS. As a group, sell-side analysts predict that Patrick Industries, Inc. will post 6.43 EPS for the current fiscal year.

Patrick Industries Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 9th. Stockholders of record on Monday, November 25th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.19%. The ex-dividend date was Monday, November 25th. Patrick Industries’s payout ratio is presently 34.48%.

Insider Activity at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the transaction, the chief executive officer now owns 364,678 shares of the company’s stock, valued at approximately $34,192,209.28. This represents a 3.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Patrick Industries

A number of institutional investors and hedge funds have recently made changes to their positions in PATK. Xponance Inc. increased its position in Patrick Industries by 4.1% in the second quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock worth $230,000 after purchasing an additional 83 shares during the period. Trust Point Inc. lifted its holdings in Patrick Industries by 1.1% in the third quarter. Trust Point Inc. now owns 8,964 shares of the construction company’s stock valued at $1,276,000 after buying an additional 96 shares during the period. SummerHaven Investment Management LLC boosted its stake in Patrick Industries by 1.5% in the second quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company’s stock valued at $977,000 after acquiring an additional 135 shares during the last quarter. Amalgamated Bank grew its holdings in Patrick Industries by 2.1% during the 3rd quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock worth $936,000 after acquiring an additional 136 shares during the period. Finally, First Horizon Advisors Inc. grew its holdings in Patrick Industries by 21.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock worth $112,000 after acquiring an additional 139 shares during the period. Institutional investors own 93.29% of the company’s stock.

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.