Patrick Industries (NASDAQ:PATK) Cut to Sell at StockNews.com

StockNews.com lowered shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a sell rating in a research note issued to investors on Thursday.

A number of other research firms also recently commented on PATK. Raymond James decreased their price target on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a research note on Friday, November 1st. Truist Financial lowered their price target on Patrick Industries from $110.00 to $105.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. KeyCorp lifted their price objective on shares of Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Benchmark reaffirmed a “buy” rating and set a $96.67 target price on shares of Patrick Industries in a report on Monday, November 4th. Finally, BMO Capital Markets raised their price target on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Patrick Industries has a consensus rating of “Moderate Buy” and a consensus price target of $92.63.

Patrick Industries Stock Up 0.6 %

PATK opened at $92.72 on Thursday. The company has a market cap of $3.12 billion, a PE ratio of 19.98, a price-to-earnings-growth ratio of 1.25 and a beta of 2.26. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41. Patrick Industries has a 1 year low of $63.52 and a 1 year high of $98.90. The firm has a 50 day moving average price of $87.15 and a 200 day moving average price of $86.56.

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

Patrick Industries Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 9th. Stockholders of record on Monday, November 25th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend was Monday, November 25th. Patrick Industries’s dividend payout ratio (DPR) is currently 34.48%.

Insider Buying and Selling

In other news, CEO Andy L. Nemeth sold 15,000 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the transaction, the chief executive officer now owns 364,678 shares in the company, valued at $34,192,209.28. This represents a 3.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 4.70% of the company’s stock.

Institutional Trading of Patrick Industries

Several large investors have recently modified their holdings of PATK. Pacer Advisors Inc. grew its position in shares of Patrick Industries by 20.1% in the second 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 during the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in Patrick Industries in the 2nd quarter valued at approximately $22,460,000. Fiera Capital Corp acquired a new stake in Patrick Industries in the 3rd quarter valued at approximately $27,888,000. Argent Capital Management LLC lifted its holdings in shares of Patrick Industries by 758.4% during the third quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock worth $21,498,000 after buying an additional 133,413 shares during the last quarter. Finally, Brightline Capital Management LLC bought a new stake in shares of Patrick Industries in the third quarter valued at approximately $14,806,000. 93.29% of the stock is owned by 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.