Patrick Industries, Inc. (NASDAQ:PATK) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have earned a consensus recommendation of “Moderate Buy” from the eight analysts that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $138.50.

PATK has been the subject of several research analyst reports. BMO Capital Markets lifted their price objective on Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Truist Financial boosted their target price on Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Benchmark reiterated a “buy” rating and issued a $145.00 target price on shares of Patrick Industries in a research report on Tuesday, September 17th. Robert W. Baird boosted their target price on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, KeyCorp boosted their target price on Patrick Industries from $125.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd.

Patrick Industries Trading Up 1.1 %

PATK opened at $146.16 on Wednesday. The stock has a market cap of $3.27 billion, a PE ratio of 21.65, a PEG ratio of 1.22 and a beta of 1.61. The company has a quick ratio of 0.94, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. The business has a 50 day moving average of $131.20 and a 200-day moving average of $118.49. Patrick Industries has a 52 week low of $70.15 and a 52 week high of $148.35.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, August 1st. The construction company reported $2.16 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.11. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $972.06 million. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.94 EPS. Equities research analysts predict that Patrick Industries will post 7.31 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.51%. The ex-dividend date was Monday, August 26th. Patrick Industries’s dividend payout ratio is currently 32.59%.

Insider Activity

In other news, Director Todd M. Cleveland sold 7,500 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.05, for a total transaction of $982,875.00. Following the sale, the director now directly owns 82,374 shares in the company, valued at $10,795,112.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Todd M. Cleveland sold 7,500 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $131.05, for a total value of $982,875.00. Following the transaction, the director now directly owns 82,374 shares of the company’s stock, valued at approximately $10,795,112.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jeff Rodino sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the transaction, the insider now directly owns 139,109 shares in the company, valued at $18,274,749.33. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,411 shares of company stock worth $3,858,915 in the last ninety days. Company insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Institutional investors have recently modified their holdings of the business. Boston Partners acquired a new position in shares of Patrick Industries during the first quarter worth $1,645,000. Price T Rowe Associates Inc. MD grew its stake in shares of Patrick Industries by 10.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock worth $33,078,000 after purchasing an additional 26,389 shares in the last quarter. Public Sector Pension Investment Board grew its stake in shares of Patrick Industries by 8.7% during the second quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock worth $5,032,000 after purchasing an additional 3,705 shares in the last quarter. Illinois Municipal Retirement Fund grew its stake in shares of Patrick Industries by 7.4% during the first quarter. Illinois Municipal Retirement Fund now owns 12,684 shares of the construction company’s stock worth $1,515,000 after purchasing an additional 869 shares in the last quarter. Finally, Louisiana State Employees Retirement System grew its stake in shares of Patrick Industries by 2.9% during the second quarter. Louisiana State Employees Retirement System now owns 10,600 shares of the construction company’s stock worth $1,151,000 after purchasing an additional 300 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

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.