Patrick Industries (NASDAQ:PATK) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a buy rating in a report released on Saturday morning.

PATK has been the topic of several other research reports. Robert W. Baird set a $140.00 target price on Patrick Industries in a research note on Friday, February 6th. Truist Financial set a $126.00 target price on Patrick Industries in a research note on Friday, January 9th. Weiss Ratings raised Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. BMO Capital Markets reissued an “outperform” rating and set a $155.00 target price on shares of Patrick Industries in a research note on Friday, February 6th. Finally, KeyCorp reissued an “overweight” rating and set a $155.00 target price (up from $135.00) on shares of Patrick Industries in a research note on Friday, February 6th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Patrick Industries currently has a consensus rating of “Moderate Buy” and an average price target of $135.13.

Patrick Industries Stock Down 0.6%

NASDAQ PATK opened at $113.86 on Friday. The stock’s 50-day moving average price is $123.95 and its 200-day moving average price is $113.69. The company has a quick ratio of 0.80, a current ratio of 2.51 and a debt-to-equity ratio of 1.08. Patrick Industries has a 52 week low of $72.99 and a 52 week high of $148.50. The company has a market capitalization of $3.77 billion, a P/E ratio of 29.12 and a beta of 1.35.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The firm had revenue of $924.17 million for the quarter, compared to the consensus estimate of $858.62 million. During the same quarter last year, the company earned $0.52 earnings per share. The business’s revenue for the quarter was up 9.2% compared to the same quarter last year. On average, equities research analysts predict that Patrick Industries will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 9th. Investors of record on Monday, February 23rd were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Monday, February 23rd. Patrick Industries’s dividend payout ratio (DPR) is 48.08%.

Insiders Place Their Bets

In other news, Director M Scott Welch acquired 10,000 shares of Patrick Industries stock in a transaction on Thursday, March 12th. The shares were acquired at an average price of $113.68 per share, with a total value of $1,136,800.00. Following the purchase, the director directly owned 146,000 shares in the company, valued at $16,597,280. The trade was a 7.35% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Hugo E. Gonzalez sold 13,514 shares of Patrick Industries stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $113.10, for a total value of $1,528,433.40. Following the completion of the sale, the chief operating officer directly owned 33,864 shares in the company, valued at approximately $3,830,018.40. The trade was a 28.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have purchased 11,110 shares of company stock worth $1,289,895 and have sold 20,121 shares worth $2,477,337. 4.40% of the stock is owned by insiders.

Institutional Trading of Patrick Industries

A number of large investors have recently added to or reduced their stakes in PATK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Patrick Industries by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock worth $1,632,000 after acquiring an additional 851 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Patrick Industries by 5.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company’s stock worth $5,957,000 after acquiring an additional 3,748 shares during the last quarter. Strs Ohio bought a new stake in Patrick Industries in the 1st quarter worth approximately $42,000. Cetera Investment Advisers increased its stake in Patrick Industries by 64.8% in the 2nd quarter. Cetera Investment Advisers now owns 6,058 shares of the construction company’s stock worth $559,000 after acquiring an additional 2,381 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Patrick Industries by 7.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 23,839 shares of the construction company’s stock worth $2,200,000 after acquiring an additional 1,568 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

About Patrick Industries

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.