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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been given a consensus rating of “Moderate Buy” by the eight ratings firms that are covering the stock, MarketBeat reports. One 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 analysts that have issued a report on the stock in the last year is $97.96.

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

Hedge Funds Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PATK. Creative Planning acquired a new position in shares of Patrick Industries during the 3rd quarter worth about $337,000. Louisiana State Employees Retirement System increased its stake in Patrick Industries by 1.9% during the 3rd quarter. Louisiana State Employees Retirement System now owns 10,800 shares of the construction company’s stock worth $1,538,000 after buying an additional 200 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in shares of Patrick Industries by 3.4% during the third quarter. State of Alaska Department of Revenue now owns 12,783 shares of the construction company’s stock valued at $1,819,000 after acquiring an additional 419 shares during the last quarter. F M Investments LLC purchased a new position in shares of Patrick Industries in the third quarter valued at approximately $323,000. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Patrick Industries by 2.3% in the third quarter. Janney Montgomery Scott LLC now owns 20,137 shares of the construction company’s stock worth $2,867,000 after acquiring an additional 451 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Trading Down 0.9 %

Shares of Patrick Industries stock opened at $86.66 on Friday. The firm’s 50 day simple moving average is $90.68 and its two-hundred day simple moving average is $89.84. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of 21.03, a PEG ratio of 1.41 and a beta of 2.26. Patrick Industries has a 12-month low of $45.15 and a 12-month high of $98.60. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16.

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

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.85%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s payout ratio is presently 38.83%.

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.