Patrick Industries (NASDAQ:PATK) Upgraded at StockNews.com

StockNews.com upgraded shares of Patrick Industries (NASDAQ:PATK) from a sell rating to a hold rating in a report published on Monday.

Several other brokerages also recently weighed in on PATK. Raymond James decreased their target price on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a research report on Friday, November 1st. Truist Financial boosted their price target on Patrick Industries from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. KeyCorp boosted their price target on Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. BMO Capital Markets upped their price objective on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, Benchmark restated a “buy” rating and set a $96.67 price objective on shares of Patrick Industries in a research note on Monday, November 4th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Patrick Industries currently has an average rating of “Moderate Buy” and an average target price of $93.25.

Patrick Industries Price Performance

PATK stock opened at $83.88 on Monday. The stock has a 50-day moving average price of $89.47 and a two-hundred day moving average price of $84.58. Patrick Industries has a 12-month low of $60.67 and a 12-month high of $98.90. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The company has a market cap of $1.88 billion, a PE ratio of 12.05, a price-to-earnings-growth ratio of 1.69 and a beta of 2.24.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, October 31st. The construction company reported $1.20 earnings per share 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 during the quarter, compared to analysts’ expectations of $935.75 million. During the same period in the previous year, the company earned $1.21 EPS. Patrick Industries’s quarterly revenue was up 6.2% on a year-over-year basis. As a group, research analysts predict that Patrick Industries will post 6.43 EPS for the current year.

Patrick Industries Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 9th. Stockholders of record on Monday, November 25th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.91%. The ex-dividend date of this dividend was Monday, November 25th. Patrick Industries’s dividend payout ratio (DPR) is presently 34.48%.

Insider Activity

In other news, CEO Andy L. Nemeth sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the completion of the transaction, the chief executive officer now directly owns 364,678 shares of the company’s stock, valued at approximately $34,192,209.28. This represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Institutional investors have recently made changes to their positions in the stock. Assetmark Inc. grew its holdings in shares of Patrick Industries by 1,589.0% during the third quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock valued at $938,000 after purchasing an additional 6,197 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Patrick Industries by 35.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock worth $13,869,000 after buying an additional 25,556 shares in the last quarter. Fiera Capital Corp bought a new position in Patrick Industries in the 3rd quarter worth approximately $27,888,000. Argent Capital Management LLC grew its holdings in Patrick Industries by 758.4% in the 3rd 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 in the last quarter. Finally, Public Sector Pension Investment Board grew its holdings in Patrick Industries by 8.7% in the 2nd quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock worth $5,032,000 after buying an additional 3,705 shares in the last quarter. 93.29% of the stock is owned by 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.