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

Patrick Industries, Inc. (NASDAQ:PATK) has received an average rating of “Moderate Buy” from the nine brokerages that are covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $95.67.

A number of equities research analysts have recently commented on PATK shares. Robert W. Baird dropped their price target on Patrick Industries from $96.00 to $84.00 and set a “neutral” rating on the stock in a research report on Friday, May 2nd. Baird R W downgraded shares of Patrick Industries from a “strong-buy” rating to a “hold” rating in a report on Friday, April 4th. Wall Street Zen upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a report on Wednesday, April 30th. Truist Financial lifted their price target on Patrick Industries from $100.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, June 3rd. Finally, Raymond James decreased their price objective on Patrick Industries from $103.00 to $95.00 and set an “outperform” rating for the company in a report on Friday, May 2nd.

Insiders Place Their Bets

In other news, Director Todd M. Cleveland bought 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was acquired at an average cost of $82.75 per share, with a total value of $82,750.00. Following the completion of the purchase, the director now owns 133,286 shares of the company’s stock, valued at $11,029,416.50. This represents a 0.76% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have purchased 14,071 shares of company stock valued at $1,205,964 in the last 90 days. 4.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Patrick Industries

A number of large investors have recently added to or reduced their stakes in the business. Arizona State Retirement System grew its stake in Patrick Industries by 51.3% in the 4th quarter. Arizona State Retirement System now owns 9,271 shares of the construction company’s stock valued at $770,000 after buying an additional 3,143 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Patrick Industries by 27.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company’s stock valued at $10,222,000 after purchasing an additional 26,558 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Patrick Industries by 55.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock valued at $45,592,000 after purchasing an additional 195,138 shares during the period. Nuveen Asset Management LLC grew its holdings in Patrick Industries by 495.5% in the 4th quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company’s stock valued at $28,730,000 after buying an additional 287,739 shares in the last quarter. Finally, Xponance Inc. increased its position in Patrick Industries by 13.8% during the 4th quarter. Xponance Inc. now owns 3,070 shares of the construction company’s stock worth $255,000 after buying an additional 372 shares during the period. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Down 3.3%

Patrick Industries stock opened at $89.92 on Monday. The company’s 50 day simple moving average is $84.07 and its 200 day simple moving average is $87.03. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The firm has a market capitalization of $3.01 billion, a price-to-earnings ratio of 21.82, a PEG ratio of 1.41 and a beta of 2.00. Patrick Industries has a fifty-two week low of $67.72 and a fifty-two week high of $98.90.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, topping the consensus estimate of $0.98 by $0.13. The business had revenue of $1 billion for the quarter, compared to the consensus estimate of $959.46 million. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. The firm’s revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.79 EPS. As a group, sell-side analysts anticipate that Patrick Industries will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Tuesday, May 27th were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 annualized dividend and a yield of 1.78%. Patrick Industries’s dividend payout ratio (DPR) is presently 38.37%.

About Patrick Industries

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.