Patrick Industries (NASDAQ:PATK) Share Price Passes Above 200-Day Moving Average – Here’s Why

Patrick Industries, Inc. (NASDAQ:PATK)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $113.63 and traded as high as $113.88. Patrick Industries shares last traded at $112.08, with a volume of 188,679 shares.

Analyst Ratings Changes

A number of brokerages have weighed in on PATK. BMO Capital Markets reaffirmed an “outperform” rating and set a $155.00 target price on shares of Patrick Industries in a research report on Friday, February 6th. Roth Mkm restated a “buy” rating and set a $157.00 price target on shares of Patrick Industries in a research note on Monday, February 9th. Weiss Ratings upgraded Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Robert W. Baird set a $140.00 price objective on shares of Patrick Industries in a research note on Friday, February 6th. Finally, Wall Street Zen cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $135.13.

Patrick Industries Price Performance

The stock has a fifty day moving average price of $126.41 and a 200-day moving average price of $113.58. The firm has a market capitalization of $3.60 billion, a PE ratio of 27.66 and a beta of 1.33. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $858.62 million. During the same period in the prior year, the business posted $0.52 EPS. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. Sell-side analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

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

Insider Transactions at Patrick Industries

In other news, EVP Stacey L. Amundson sold 3,903 shares of Patrick Industries stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $145.61, for a total value of $568,315.83. Following the transaction, the executive vice president owned 12,819 shares of the company’s stock, valued at $1,866,574.59. The trade was a 23.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director M Scott Welch bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were purchased at an average cost of $113.68 per share, with a total value of $1,136,800.00. Following the transaction, the director directly owned 146,000 shares of the company’s stock, valued at $16,597,280. The trade was a 7.35% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have bought 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 currently owned by corporate insiders.

Institutional Trading of Patrick Industries

Hedge funds and other institutional investors have recently made changes to their positions in the business. Salomon & Ludwin LLC purchased a new position in Patrick Industries during the 3rd quarter worth $25,000. Advisory Services Network LLC acquired a new stake in Patrick Industries in the third quarter worth about $25,000. Torren Management LLC acquired a new stake in Patrick Industries in the fourth quarter worth about $26,000. Cornerstone Planning Group LLC purchased a new stake in shares of Patrick Industries during the third quarter worth about $31,000. Finally, Allworth Financial LP increased its holdings in shares of Patrick Industries by 181.3% during the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after acquiring an additional 203 shares in the last quarter. 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.