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

by · The Cerbat Gem

Shares of Patrick Industries, Inc. (NASDAQ:PATK – Get Free Report) have been given a consensus recommendation of “Moderate Buy” by the seven research firms that are covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $103.00.

Several equities analysts have weighed in on PATK shares. Roth Mkm raised their price objective on Patrick Industries from $101.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, February 9th. KeyCorp raised their price objective on Patrick Industries from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, February 9th. Truist Financial restated a “buy” rating and set a $130.00 price objective on shares of Patrick Industries in a research note on Friday. Finally, StockNews.com cut Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st.

View Our Latest Stock Analysis on PATK

Patrick Industries Stock Performance

NASDAQ PATK opened at $107.10 on Wednesday. The company has a fifty day simple moving average of $113.13 and a 200 day simple moving average of $96.14. Patrick Industries has a 12-month low of $63.57 and a 12-month high of $123.58. The company has a current ratio of 2.38, a quick ratio of 0.73 and a debt-to-equity ratio of 0.97. The company has a market cap of $2.40 billion, a P/E ratio of 16.45 and a beta of 1.72.

Patrick Industries (NASDAQ:PATK – Get Free Report) last posted its quarterly earnings results on Thursday, February 8th. The construction company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.10. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The business had revenue of $781.20 million during the quarter, compared to the consensus estimate of $780.97 million. During the same quarter last year, the firm posted $1.82 EPS. Patrick Industries’s revenue was down 17.9% compared to the same quarter last year. Sell-side analysts predict that Patrick Industries will post 7.84 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 4th. Stockholders of record on Tuesday, February 20th were paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date was Friday, February 16th. Patrick Industries’s payout ratio is 33.79%.

Insider Transactions at Patrick Industries

In other news, insider Kip B. Ellis sold 7,462 shares of Patrick Industries stock in a transaction on Monday, March 4th. The stock was sold at an average price of $121.99, for a total transaction of $910,289.38. Following the sale, the insider now directly owns 101,316 shares in the company, valued at approximately $12,359,538.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Andy L. Nemeth sold 5,000 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $118.00, for a total value of $590,000.00. Following the sale, the chief executive officer now directly owns 279,619 shares in the company, valued at approximately $32,995,042. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kip B. Ellis sold 7,462 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $121.99, for a total value of $910,289.38. Following the completion of the sale, the insider now owns 101,316 shares in the company, valued at $12,359,538.84. The disclosure for this sale can be found here. Insiders have sold 48,873 shares of company stock worth $5,681,957 in the last ninety days. Company insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC raised its stake in Patrick Industries by 129.6% in the 1st quarter. Tower Research Capital LLC TRC now owns 489 shares of the construction company’s stock valued at $34,000 after acquiring an additional 276 shares during the period. GAMMA Investing LLC bought a new stake in Patrick Industries in the 4th quarter valued at about $35,000. Carmel Capital Partners LLC purchased a new position in Patrick Industries during the 3rd quarter valued at about $44,000. Gyon Technologies Capital Management LP purchased a new position in Patrick Industries during the 4th quarter valued at about $48,000. Finally, Quantbot Technologies LP purchased a new position in Patrick Industries during the 2nd quarter valued at about $71,000. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Company Profile

(Get Free Report

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.

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