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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have earned a consensus recommendation of “Moderate Buy” from the nine analysts that are presently covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $116.1250.

A number of research firms recently commented on PATK. Benchmark reiterated a “buy” rating and set a $140.00 price objective (up previously from $115.00) on shares of Patrick Industries in a research report on Friday, January 16th. Roth Mkm set a $115.00 price target on Patrick Industries and gave the company a “buy” rating in a research note on Friday, October 31st. BMO Capital Markets reiterated an “outperform” rating and issued a $115.00 price objective on shares of Patrick Industries in a research note on Friday, October 31st. Weiss Ratings downgraded shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Finally, Loop Capital initiated coverage on shares of Patrick Industries in a research report on Friday, October 31st. They set a “hold” rating and a $99.00 target price for the company.

Patrick Industries Stock Down 0.4%

Shares of Patrick Industries stock opened at $128.28 on Tuesday. Patrick Industries has a twelve month low of $72.99 and a twelve month high of $135.17. The company has a quick ratio of 0.86, a current ratio of 2.34 and a debt-to-equity ratio of 1.13. The company’s 50 day moving average is $112.65 and its 200 day moving average is $107.23. The company has a market cap of $4.27 billion, a price-to-earnings ratio of 36.65, a price-to-earnings-growth ratio of 1.34 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.06. The business had revenue of $975.63 million during the quarter, compared to analyst estimates of $900.35 million. Patrick Industries had a net margin of 3.11% and a return on equity of 12.44%. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.80 EPS. Research analysts anticipate that Patrick Industries will post 5.33 EPS for the current year.

Patrick Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, December 1st. This is a positive change from Patrick Industries’s previous quarterly dividend of $0.40. Patrick Industries’s payout ratio is presently 53.71%.

Insider Buying and Selling

In related news, CEO Andy L. Nemeth sold 25,000 shares of the firm’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $115.00, for a total value of $2,875,000.00. Following the transaction, the chief executive officer directly owned 301,641 shares of the company’s stock, valued at approximately $34,688,715. This trade represents a 7.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC grew its stake in shares of Patrick Industries by 0.9% during the 2nd quarter. Geode Capital Management LLC now owns 812,740 shares of the construction company’s stock valued at $75,000,000 after acquiring an additional 7,011 shares during the period. American Century Companies Inc. lifted its holdings in Patrick Industries by 33.8% during the second quarter. American Century Companies Inc. now owns 712,383 shares of the construction company’s stock valued at $65,732,000 after purchasing an additional 180,092 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Patrick Industries by 2.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 578,733 shares of the construction company’s stock worth $59,858,000 after purchasing an additional 15,582 shares during the period. Schroder Investment Management Group increased its stake in shares of Patrick Industries by 7.2% in the third quarter. Schroder Investment Management Group now owns 413,789 shares of the construction company’s stock worth $42,798,000 after purchasing an additional 27,954 shares in the last quarter. Finally, Copeland Capital Management LLC raised its position in shares of Patrick Industries by 16.8% during the 2nd quarter. Copeland Capital Management LLC now owns 410,343 shares of the construction company’s stock valued at $37,862,000 after purchasing an additional 58,987 shares during the period. 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.