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

Patrick Industries, Inc. (NASDAQ:PATK) has earned a consensus recommendation of “Moderate Buy” from the eight research firms that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $92.63.

Several research firms have issued reports on PATK. KeyCorp increased their target price on 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 dropped their target price on Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Benchmark restated a “buy” rating and set a $96.67 target price on shares of Patrick Industries in a research report on Monday, November 4th. Raymond James decreased their price target on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a report on Friday, November 1st. Finally, StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th.

Insider Activity at Patrick Industries

In related news, CEO Andy L. Nemeth sold 15,000 shares of the stock in a transaction on 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 transaction, the chief executive officer now owns 364,678 shares of the company’s stock, valued at $34,192,209.28. This represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PATK. First Horizon Advisors Inc. grew its stake in shares of Patrick Industries by 46.4% during the fourth quarter. First Horizon Advisors Inc. now owns 1,154 shares of the construction company’s stock valued at $96,000 after buying an additional 366 shares during the last quarter. Handelsbanken Fonder AB grew its stake in shares of Patrick Industries by 50.0% during the fourth quarter. Handelsbanken Fonder AB now owns 4,361 shares of the construction company’s stock valued at $362,000 after buying an additional 1,453 shares during the last quarter. Global Retirement Partners LLC grew its stake in shares of Patrick Industries by 44.8% during the fourth quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock valued at $53,000 after buying an additional 199 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of Patrick Industries by 50.0% during the fourth quarter. New York State Common Retirement Fund now owns 80,649 shares of the construction company’s stock valued at $6,700,000 after buying an additional 26,882 shares during the last quarter. Finally, Kestra Investment Management LLC bought a new position in shares of Patrick Industries during the fourth quarter valued at about $25,000. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Trading Down 1.5 %

NASDAQ:PATK opened at $95.73 on Tuesday. The company has a market cap of $3.22 billion, a P/E ratio of 20.63, a P/E/G ratio of 1.46 and a beta of 2.26. The stock’s fifty day moving average price is $88.77 and its two-hundred day moving average price is $88.18. Patrick Industries has a 1 year low of $66.49 and a 1 year high of $98.90. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97.

Patrick Industries Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, November 25th were paid a $0.40 dividend. The ex-dividend date of this dividend was Monday, November 25th. This represents a $1.60 dividend on an annualized basis and a yield of 1.67%. Patrick Industries’s dividend payout ratio is presently 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.