Patrick Industries, Inc. (NASDAQ:PATK) Receives Average Rating of "Moderate Buy" from Analysts

Shares of Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the eight analysts that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $92.63.

PATK has been the topic of several research analyst reports. StockNews.com upgraded Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, January 1st. Benchmark reissued a "buy" rating and set a $96.67 price target on shares of Patrick Industries in a research report on Monday, November 4th. BMO Capital Markets lifted their target price on shares of Patrick Industries from $100.00 to $103.33 and gave the company an "outperform" rating in a research note on Friday, November 1st. KeyCorp raised their price target on Patrick Industries from $90.00 to $100.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 23rd. Finally, Truist Financial decreased their price objective on shares of Patrick Industries from $110.00 to $105.00 and set a "buy" rating for the company in a report on Tuesday.

Insider Activity at Patrick Industries

In related news, CEO Andy L. Nemeth sold 30,000 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $90.00, for a total value of $2,700,000.00. Following the completion of the transaction, the chief executive officer now owns 379,678 shares of the company's stock, valued at $34,171,020. This represents a 7.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 4.70% of the company's stock.

Institutional Trading of Patrick Industries

Institutional investors have recently bought and sold shares of the stock. Sound Income Strategies LLC acquired a new stake in shares of Patrick Industries during the 3rd quarter worth about $46,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Patrick Industries in the second quarter valued at approximately $41,000. GAMMA Investing LLC boosted its holdings in shares of Patrick Industries by 76.2% in the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company's stock worth $67,000 after acquiring an additional 205 shares in the last quarter. UMB Bank n.a. grew its position in Patrick Industries by 176.6% during the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company's stock worth $81,000 after acquiring an additional 362 shares during the last quarter. Finally, First Horizon Advisors Inc. increased its holdings in Patrick Industries by 21.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company's stock valued at $112,000 after purchasing an additional 139 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Stock Performance

NASDAQ PATK traded down $0.13 during trading hours on Friday, hitting $83.34. The company had a trading volume of 386,498 shares, compared to its average volume of 275,400. The firm has a market cap of $2.80 billion, a P/E ratio of 11.97, a price-to-earnings-growth ratio of 1.69 and a beta of 2.26. The business has a fifty day simple moving average of $86.37 and a 200-day simple moving average of $85.80. Patrick Industries has a fifty-two week low of $60.67 and a fifty-two week high of $98.90. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The construction company reported $1.20 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.22 by ($0.02). The business had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The company's revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.21 EPS. Equities analysts predict that Patrick Industries will post 6.43 EPS for the current year.

Patrick Industries Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Stockholders of record on Monday, November 25th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date was Monday, November 25th. Patrick Industries's dividend payout ratio is currently 34.48%.

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.