Patrick Industries (NASDAQ:PATK) Stock Passes Above 200-Day Moving Average – What’s Next?

Patrick Industries, Inc. (NASDAQ:PATK)’s stock price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $89.06 and traded as high as $96.28. Patrick Industries shares last traded at $95.76, with a volume of 262,730 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PATK. BMO Capital Markets lifted their price target on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Benchmark lifted their price objective on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, February 7th. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Truist Financial increased their price objective on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, February 10th. Finally, KeyCorp increased their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $97.96.

Patrick Industries Stock Performance

The stock has a 50 day simple moving average of $89.84 and a 200 day simple moving average of $89.19. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The company has a market capitalization of $3.19 billion, a price-to-earnings ratio of 23.05, a P/E/G ratio of 1.45 and a beta of 2.26.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating 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 anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th will be issued a dividend of $0.40 per share. The ex-dividend date is Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.68%. Patrick Industries’s dividend payout ratio is currently 38.83%.

Insider Buying and Selling at Patrick Industries

In other news, CEO Andy L. Nemeth sold 30,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $90.00, for a total transaction of $2,700,000.00. Following the transaction, the chief executive officer now owns 379,678 shares in the company, valued at approximately $34,171,020. The trade was a 7.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PATK. Quadrant Capital Group LLC increased its position in shares of Patrick Industries by 49.8% in the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company’s stock valued at $27,000 after buying an additional 109 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position in Patrick Industries by 49.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock worth $29,000 after buying an additional 114 shares in the last quarter. Amalgamated Bank increased its position in shares of 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 purchasing an additional 136 shares during the last quarter. First Horizon Advisors Inc. lifted its stake in Patrick Industries by 21.4% in the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock valued at $112,000 after acquiring an additional 139 shares during the last quarter. Finally, UMB Bank n.a. grew its holdings in Patrick Industries by 35.1% during the fourth quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock worth $64,000 after purchasing an additional 199 shares during the period. Institutional investors and hedge funds 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.