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

Patrick Industries, Inc. (NASDAQ:PATK) has been assigned an average recommendation of “Moderate Buy” from the nine ratings firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and six have given a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $113.1250.

Several research analysts have recently weighed in on PATK shares. Robert W. Baird set a $110.00 price objective on shares of Patrick Industries in a research note on Friday, May 1st. Truist Financial set a $108.00 target price on shares of Patrick Industries and gave the company a “buy” rating in a research note on Monday. Weiss Ratings cut Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, June 29th. KeyCorp lowered their price target on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 22nd. Finally, Zacks Research lowered Patrick Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th.

Patrick Industries Price Performance

NASDAQ:PATK opened at $86.06 on Friday. The stock has a market capitalization of $2.76 billion, a PE ratio of 20.39 and a beta of 1.11. Patrick Industries has a 1-year low of $81.29 and a 1-year high of $148.50. The firm has a fifty day simple moving average of $86.50 and a 200 day simple moving average of $103.05. The company has a current ratio of 2.67, a quick ratio of 0.96 and a debt-to-equity ratio of 1.25.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.05. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $994.95 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The company’s quarterly revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.50 earnings per share. On average, research analysts expect that Patrick Industries will post 4.26 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 24th will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, August 24th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.2%. Patrick Industries’s payout ratio is presently 44.55%.

Institutional Investors Weigh In On Patrick Industries

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Patrick Industries by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 2,470,559 shares of the construction company’s stock worth $267,883,000 after purchasing an additional 16,959 shares during the period. Wellington Management Group LLP raised its position in shares of Patrick Industries by 19.9% in the fourth quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company’s stock valued at $240,401,000 after purchasing an additional 367,802 shares during the period. Capital Research Global Investors raised its position in shares of Patrick Industries by 24.4% in the fourth quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock valued at $123,342,000 after purchasing an additional 223,014 shares during the period. Geode Capital Management LLC lifted its stake in shares of Patrick Industries by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 819,488 shares of the construction company’s stock worth $88,870,000 after buying an additional 4,816 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Patrick Industries by 17.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 748,904 shares of the construction company’s stock worth $81,205,000 after buying an additional 112,766 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.