Patrick Industries, Inc. (NASDAQ:PATK) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have received a consensus recommendation of “Moderate Buy” from the seven brokerages that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating on the company. The average 12-month target price among brokers that have covered the stock in the last year is $103.00.

Several equities research analysts have recently weighed in on PATK shares. Roth Mkm boosted their target price on shares of Patrick Industries from $101.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. KeyCorp upped their price objective on Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, February 9th. Truist Financial reiterated a “buy” rating and issued a $130.00 target price on shares of Patrick Industries in a research report on Friday, April 12th. Finally, StockNews.com lowered Patrick Industries from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st.

Insider Activity at Patrick Industries

In other Patrick Industries news, insider Kip B. Ellis sold 18,000 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $115.00, for a total value of $2,070,000.00. Following the sale, the insider now directly owns 108,778 shares of the company’s stock, valued at $12,509,470. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Patrick Industries news, insider Kip B. Ellis sold 18,000 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $115.00, for a total transaction of $2,070,000.00. Following the completion of the transaction, the insider now directly owns 108,778 shares of the company’s stock, valued at approximately $12,509,470. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kip B. Ellis sold 7,462 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $121.99, for a total transaction of $910,289.38. Following the completion of the sale, the insider now owns 101,316 shares in the company, valued at approximately $12,359,538.84. The disclosure for this sale can be found here. Insiders sold 48,873 shares of company stock worth $5,681,957 in the last 90 days. 4.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC bought a new stake in shares of Patrick Industries during the fourth quarter valued at about $35,000. Tower Research Capital LLC TRC lifted its stake in shares of Patrick Industries by 129.6% in the 1st quarter. Tower Research Capital LLC TRC now owns 489 shares of the construction company’s stock worth $34,000 after acquiring an additional 276 shares during the period. Carmel Capital Partners LLC acquired a new stake in shares of Patrick Industries in the 3rd quarter worth approximately $44,000. Gyon Technologies Capital Management LP bought a new position in shares of Patrick Industries in the fourth quarter valued at approximately $48,000. Finally, Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of Patrick Industries by 21.6% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,340 shares of the construction company’s stock valued at $102,000 after acquiring an additional 238 shares during the period. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Trading Down 0.7 %

Shares of PATK opened at $104.88 on Wednesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.73 and a current ratio of 2.38. Patrick Industries has a one year low of $63.57 and a one year high of $123.58. The stock has a 50-day moving average price of $113.27 and a 200 day moving average price of $96.56. The company has a market capitalization of $2.35 billion, a P/E ratio of 16.11 and a beta of 1.72.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, February 8th. The construction company reported $1.49 EPS for the quarter, beating the consensus estimate of $1.39 by $0.10. The company had revenue of $781.20 million during the quarter, compared to analysts’ expectations of $780.97 million. Patrick Industries had a return on equity of 14.31% and a net margin of 4.12%. The business’s revenue was down 17.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.82 EPS. Sell-side analysts forecast that Patrick Industries will post 7.84 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 4th. Stockholders of record on Tuesday, February 20th were given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend was Friday, February 16th. Patrick Industries’s payout ratio is 33.79%.

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.