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

Patrick Industries, Inc. (NASDAQ:PATK) has received an average rating of “Moderate Buy” from the nine brokerages that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $135.1250.

A number of research analysts recently weighed in on PATK shares. BMO Capital Markets restated an “outperform” rating and issued a $155.00 price objective on shares of Patrick Industries in a report on Friday, February 6th. Roth Mkm restated a “buy” rating and issued a $157.00 price target on shares of Patrick Industries in a research note on Monday, February 9th. Weiss Ratings upgraded Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Benchmark reissued a “buy” rating on shares of Patrick Industries in a research note on Friday, February 6th. Finally, KeyCorp reaffirmed an “overweight” rating and issued a $155.00 price target (up from $135.00) on shares of Patrick Industries in a research report on Friday, February 6th.

Patrick Industries Price Performance

PATK stock opened at $114.31 on Wednesday. The company has a current ratio of 2.51, a quick ratio of 0.80 and a debt-to-equity ratio of 1.08. The company has a market capitalization of $3.80 billion, a PE ratio of 29.24 and a beta of 1.33. Patrick Industries has a 12-month low of $72.99 and a 12-month high of $148.50. The business’s fifty day moving average price is $127.42 and its 200 day moving average price is $113.65.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The company had revenue of $924.17 million during the quarter, compared to analysts’ expectations of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.Patrick Industries’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same period last year, the business posted $0.52 EPS. On average, sell-side analysts anticipate that Patrick Industries will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 9th. Investors of record on Monday, February 23rd were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, February 23rd. This represents a $1.88 annualized dividend and a yield of 1.6%. Patrick Industries’s dividend payout ratio (DPR) is 48.08%.

Insider Buying and Selling

In other Patrick Industries news, CEO Andy L. Nemeth sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the completion of the transaction, the chief executive officer owned 301,641 shares in the company, valued at $34,688,715. The trade was a 7.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director M Scott Welch acquired 10,000 shares of the company’s stock in a transaction on Thursday, March 12th. The stock was purchased at an average cost of $113.68 per share, for a total transaction of $1,136,800.00. Following the completion of the transaction, the director owned 146,000 shares in the company, valued at approximately $16,597,280. The trade was a 7.35% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have bought 11,110 shares of company stock valued at $1,289,895 and have sold 45,121 shares valued at $5,352,337. Insiders own 4.70% of the company’s stock.

Institutional Trading of Patrick Industries

Hedge funds and other institutional investors have recently bought and sold shares of the business. Torren Management LLC acquired a new position in shares of Patrick Industries during the 4th quarter worth about $26,000. Advisory Services Network LLC acquired a new stake in shares of Patrick Industries during the 3rd quarter worth about $25,000. Salomon & Ludwin LLC purchased a new stake in Patrick Industries during the third quarter worth approximately $25,000. Cornerstone Planning Group LLC purchased a new stake in Patrick Industries during the third quarter worth approximately $31,000. Finally, Allworth Financial LP boosted its holdings in Patrick Industries by 181.3% in the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after purchasing an additional 203 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.