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

Shares of Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) have been given a consensus rating of "Moderate Buy" by the eight brokerages that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $97.96.

PATK has been the subject of a number of research analyst reports. StockNews.com cut Patrick Industries from a "hold" rating to a "sell" rating in a research report on Thursday, January 16th. Truist Financial raised their target price on shares of Patrick Industries from $115.00 to $120.00 and gave the company a "buy" rating in a report on Monday, February 10th. Benchmark increased their price target on shares of Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research report on Friday, February 7th. KeyCorp raised their price objective 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. Finally, Raymond James increased their target price on Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a report on Friday, February 7th.

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Patrick Industries Price Performance

Shares of NASDAQ PATK traded down $3.00 during trading on Wednesday, hitting $83.90. 247,845 shares of the company were exchanged, compared to its average volume of 325,608. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. Patrick Industries has a 1 year low of $67.72 and a 1 year high of $98.90. The company has a market cap of $2.82 billion, a price-to-earnings ratio of 20.36, a PEG ratio of 1.41 and a beta of 2.37. The firm's fifty day moving average price is $91.05 and its 200 day moving average price is $89.88.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share 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%. On average, sell-side analysts expect that Patrick Industries will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.91%. The ex-dividend date was Tuesday, February 18th. Patrick Industries's dividend payout ratio (DPR) is 38.83%.

Insider Activity at Patrick Industries

In related news, Director M Scott Welch purchased 10,000 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the director now owns 136,000 shares of the company's stock, valued at approximately $11,725,920. This trade represents a 7.94 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the transaction, the executive vice president now owns 18,044 shares in the company, valued at approximately $1,543,303.32. This trade represents a 13.78 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.70% of the company's stock.

Institutional Investors Weigh In On Patrick Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kestra Investment Management LLC purchased a new stake in shares of Patrick Industries during the 4th quarter worth about $25,000. Covestor Ltd grew its stake in Patrick Industries by 10,400.0% during the fourth quarter. Covestor Ltd now owns 315 shares of the construction company's stock worth $26,000 after buying an additional 312 shares during the period. Quadrant Capital Group LLC grew its stake in Patrick Industries by 49.8% during the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock worth $27,000 after buying an additional 109 shares during the period. Nomura Asset Management Co. Ltd. increased its position in shares of Patrick Industries by 49.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock worth $29,000 after acquiring an additional 114 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in shares of Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock valued at $49,000 after acquiring an additional 528 shares during the period. 93.29% of the stock is currently 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.