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

Shares of Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) have been given a consensus rating of "Moderate Buy" by the nine research firms that are currently covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation and six 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 $96.79.

Several equities analysts have weighed in on the company. Baird R W cut Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Benchmark upped their target price on Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a report on Friday, February 7th. StockNews.com downgraded shares of Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. Truist Financial dropped their target price on shares of Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Finally, KeyCorp lowered their price target on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th.

Patrick Industries Stock Up 1.2 %

Shares of NASDAQ PATK traded up $0.93 during mid-day trading on Friday, reaching $78.89. 183,447 shares of the company's stock traded hands, compared to its average volume of 340,330. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The business has a 50-day simple moving average of $84.96 and a 200 day simple moving average of $88.02. The stock has a market cap of $2.65 billion, a P/E ratio of 19.12, a PEG ratio of 1.41 and a beta of 2.17. Patrick Industries has a 1-year low of $67.72 and a 1-year high of $98.90.

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

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.03%. The ex-dividend date was Tuesday, February 18th. Patrick Industries's payout ratio is 38.83%.

Insider Buying and Selling

In related news, EVP Stacey L. Neu sold 2,885 shares of the 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 transaction, the executive vice president now owns 18,044 shares of the company's stock, valued at approximately $1,543,303.32. This trade represents a 13.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director M Scott Welch purchased 10,000 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were acquired 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 ownership of the stock. The disclosure for this purchase can be found here. 4.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Patrick Industries

Several institutional investors have recently bought and sold shares of PATK. Kestra Investment Management LLC purchased a new stake in shares of Patrick Industries during the fourth quarter worth about $25,000. Covestor Ltd increased its stake in shares of Patrick Industries by 10,400.0% during the fourth quarter. Covestor Ltd now owns 315 shares of the construction company's stock valued at $26,000 after buying an additional 312 shares during the period. Quadrant Capital Group LLC raised its holdings in shares of Patrick Industries by 49.8% during the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock valued at $27,000 after acquiring an additional 109 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in 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 during the period. Finally, Smartleaf Asset Management LLC boosted its holdings in Patrick Industries by 812.3% in the fourth 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 in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

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.