Patrick Industries (NASDAQ:PATK) Upgraded at StockNews.com

StockNews.com upgraded shares of Patrick Industries (NASDAQ:PATK) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning.

Other equities analysts have also recently issued reports about the stock. KeyCorp lifted their price objective on shares of Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Truist Financial boosted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, September 20th. BMO Capital Markets boosted their price target on shares of Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a report on Friday, November 1st. Benchmark restated a “buy” rating and issued a $96.67 target price on shares of Patrick Industries in a research note on Monday, November 4th. Finally, Raymond James lowered their price target on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a research note on Friday, November 1st. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $93.25.

Patrick Industries Trading Up 0.4 %

Patrick Industries stock opened at $83.08 on Wednesday. Patrick Industries has a 1 year low of $60.67 and a 1 year high of $98.90. The firm’s 50 day moving average price is $87.07 and its two-hundred day moving average price is $85.40. The firm has a market cap of $2.79 billion, a price-to-earnings ratio of 11.94, a price-to-earnings-growth ratio of 1.69 and a beta of 2.20. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, October 31st. The construction company reported $1.20 EPS for the quarter, missing the consensus estimate of $1.22 by ($0.02). The company had revenue of $919.44 million for the quarter, compared to analysts’ expectations 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 for the quarter was up 6.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.21 earnings per share. On average, research analysts predict that Patrick Industries will post 6.43 EPS for the current fiscal year.

Patrick Industries Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 9th. Shareholders of record on Monday, November 25th were issued a dividend of $0.40 per share. The ex-dividend date was Monday, November 25th. This represents a $1.60 annualized dividend and a yield of 1.93%. Patrick Industries’s dividend payout ratio (DPR) is presently 34.48%.

Insider Transactions at Patrick Industries

In other news, CEO Andy L. Nemeth sold 15,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $93.76, for a total value of $1,406,400.00. Following the sale, the chief executive officer now directly owns 364,678 shares of the company’s stock, valued at approximately $34,192,209.28. This trade represents a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Patrick Industries

Several large investors have recently made changes to their positions in PATK. Principal Financial Group Inc. increased its position in Patrick Industries by 2.1% in the 3rd quarter. Principal Financial Group Inc. now owns 111,952 shares of the construction company’s stock worth $15,939,000 after buying an additional 2,275 shares during the period. DGS Capital Management LLC acquired a new stake in shares of Patrick Industries in the third quarter worth $200,000. Tidal Investments LLC bought a new position in Patrick Industries during the third quarter worth $271,000. Teachers Retirement System of The State of Kentucky raised its stake in Patrick Industries by 6.6% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 16,513 shares of the construction company’s stock valued at $2,351,000 after purchasing an additional 1,022 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Patrick Industries by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company’s stock valued at $73,968,000 after purchasing an additional 20,694 shares during the period. Institutional investors and hedge funds 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.