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

Patrick Industries, Inc. (NASDAQ:PATK) has been given a consensus rating of “Moderate Buy” by the nine analysts that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $122.6250.

A number of brokerages recently weighed in on PATK. BMO Capital Markets restated an “outperform” rating and issued a $150.00 price objective (down from $155.00) on shares of Patrick Industries in a report on Monday, April 20th. KeyCorp dropped their price objective on shares of Patrick Industries from $140.00 to $125.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Zacks Research cut shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Wall Street Zen cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Finally, Roth Mkm set a $128.00 price target on shares of Patrick Industries in a research note on Tuesday, May 5th.

Patrick Industries Trading Up 0.8%

Shares of PATK stock opened at $87.17 on Friday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 2.71. The stock has a market capitalization of $2.87 billion, a P/E ratio of 22.35 and a beta of 1.09. The company has a 50 day moving average price of $93.05 and a 200 day moving average price of $110.74. Patrick Industries has a fifty-two week low of $82.35 and a fifty-two week high of $148.50.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. The firm had revenue of $997.17 million during the quarter, compared to analysts’ expectations of $989.06 million. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.11 earnings per share. Equities research analysts predict that Patrick Industries will post 4.94 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Tuesday, May 26th were paid a $0.47 dividend. The ex-dividend date was Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a yield of 2.2%. Patrick Industries’s payout ratio is currently 48.21%.

Insider Buying and Selling

In other news, Director M Scott Welch purchased 10,050 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was bought at an average price of $88.23 per share, for a total transaction of $886,711.50. Following the completion of the purchase, the director directly owned 156,000 shares of the company’s stock, valued at $13,763,880. The trade was a 6.89% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Charles R. Roeder purchased 5,750 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was purchased at an average price of $87.83 per share, with a total value of $505,022.50. Following the purchase, the insider directly owned 42,147 shares of the company’s stock, valued at $3,701,771.01. The trade was a 15.80% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 27,400 shares of company stock valued at $2,408,639 over the last ninety days. 3.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PATK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Patrick Industries by 4.6% in the first 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 lifted its position in shares of Patrick Industries by 5.6% during 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 buying an additional 3,748 shares during the last quarter. Strs Ohio purchased a new stake in shares of Patrick Industries during the 1st quarter worth approximately $42,000. Cetera Investment Advisers lifted its position in shares of Patrick Industries by 64.8% during the 2nd quarter. Cetera Investment Advisers now owns 6,058 shares of the construction company’s stock worth $559,000 after buying an additional 2,381 shares during the last quarter. Finally, Hsbc Holdings PLC purchased a new stake in shares of Patrick Industries during the 2nd quarter worth approximately $340,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

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.