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

Patrick Industries, Inc. (NASDAQ:PATK) has been given an average recommendation of “Moderate Buy” by the eight brokerages that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $97.96.

A number of analysts recently weighed in on PATK shares. Truist Financial increased their price target 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. KeyCorp increased their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Raymond James upped their price objective on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Finally, Benchmark upped their price target on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th.

Patrick Industries Stock Up 0.7 %

PATK opened at $85.11 on Wednesday. Patrick Industries has a one year low of $67.72 and a one year high of $98.90. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The stock has a market capitalization of $2.86 billion, a P/E ratio of 20.66, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37. The business’s 50-day simple moving average is $90.69 and its 200-day simple moving average is $89.85.

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

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were issued a $0.40 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.88%. Patrick Industries’s dividend payout ratio is presently 38.83%.

Insider Buying and Selling

In other Patrick Industries news, EVP Stacey L. Neu sold 2,885 shares of the business’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the sale, the executive vice president now directly owns 18,044 shares in the company, valued at approximately $1,543,303.32. The trade was a 13.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director M Scott Welch purchased 10,000 shares of the company’s stock in a transaction dated Tuesday, March 11th. The stock was purchased at an average price of $86.22 per share, with a total value of $862,200.00. Following the transaction, the director now owns 136,000 shares of the company’s stock, valued at approximately $11,725,920. This represents a 7.94 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 4.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Patrick Industries

A number of large investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its holdings in shares of Patrick Industries by 5.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 353,633 shares of the construction company’s stock worth $50,347,000 after acquiring an additional 17,747 shares during the last quarter. Citigroup Inc. raised its stake in Patrick Industries by 66.7% in the 3rd quarter. Citigroup Inc. now owns 34,618 shares of the construction company’s stock valued at $4,929,000 after purchasing an additional 13,851 shares during the last quarter. Hancock Whitney Corp purchased a new position in Patrick Industries in the 3rd quarter valued at about $220,000. Advantage Alpha Capital Partners LP acquired a new stake in shares of Patrick Industries during the 3rd quarter worth about $2,545,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of Patrick Industries by 23.9% during the third quarter. BNP Paribas Financial Markets now owns 11,273 shares of the construction company’s stock worth $1,605,000 after buying an additional 2,175 shares in the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

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.