Patrick Industries, Inc. (NASDAQ:PATK) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been given an average recommendation of “Moderate Buy” by the eight ratings firms that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $92.63.

Several equities analysts have issued reports on the stock. Benchmark reissued a “buy” rating and issued a $96.67 price objective on shares of Patrick Industries in a research note on Monday, November 4th. Raymond James dropped their price objective on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Truist Financial dropped their price objective on shares of Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. BMO Capital Markets upped their price target on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday.

Patrick Industries Stock Performance

Shares of Patrick Industries stock opened at $92.21 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97. The stock has a market capitalization of $3.10 billion, a price-to-earnings ratio of 19.87, a PEG ratio of 1.25 and a beta of 2.26. The firm’s fifty day simple moving average is $86.98 and its 200-day simple moving average is $86.32. Patrick Industries has a 12 month low of $60.67 and a 12 month high of $98.90.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, October 31st. The construction company reported $1.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.22 by ($0.02). The firm had revenue of $919.44 million during the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.21 earnings per share. As a group, equities analysts forecast that Patrick Industries will post 4.28 earnings per share for the current year.

Patrick Industries Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, November 25th were given a $0.40 dividend. The ex-dividend date was Monday, November 25th. This represents a $1.60 annualized dividend and a dividend yield of 1.74%. Patrick Industries’s dividend payout ratio is presently 34.48%.

Insider Buying and Selling

In related news, CEO Andy L. Nemeth sold 30,000 shares of the business’s 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 sale, the chief executive officer now directly owns 379,678 shares in the company, valued at $34,171,020. The trade was a 7.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

Several institutional investors and hedge funds have recently made changes to their positions in PATK. Arizona State Retirement System boosted its position in shares of Patrick Industries by 3.1% in the 2nd quarter. Arizona State Retirement System now owns 5,957 shares of the construction company’s stock worth $647,000 after buying an additional 178 shares in the last quarter. BOKF NA lifted its holdings in Patrick Industries by 3.7% in the 2nd quarter. BOKF NA now owns 4,848 shares of the construction company’s stock valued at $526,000 after purchasing an additional 172 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new position in Patrick Industries in the 2nd quarter valued at about $22,460,000. Hsbc Holdings PLC lifted its holdings in Patrick Industries by 57.9% in the 2nd quarter. Hsbc Holdings PLC now owns 4,348 shares of the construction company’s stock valued at $469,000 after purchasing an additional 1,594 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in Patrick Industries by 20.1% in the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after purchasing an additional 221,904 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

About Patrick Industries

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.