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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have earned an average recommendation of “Moderate Buy” from the seven ratings firms that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $106.71.

A number of equities research analysts have weighed in on PATK shares. StockNews.com downgraded Patrick Industries from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. Roth Mkm reiterated a “buy” rating and issued a $126.00 price target (up from $120.00) on shares of Patrick Industries in a research report on Monday, May 6th. Truist Financial reiterated a “buy” rating and set a $130.00 price objective on shares of Patrick Industries in a research note on Friday, April 12th. Finally, BMO Capital Markets upped their target price on shares of Patrick Industries from $120.00 to $125.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd.

Institutional Investors Weigh In On Patrick Industries

A number of hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC bought a new position in Patrick Industries in the 4th quarter valued at $35,000. Xponance Inc. acquired a new stake in Patrick Industries in the fourth quarter worth about $203,000. Heritage Wealth Management LLC bought a new stake in Patrick Industries during the 4th quarter worth about $238,000. Everence Capital Management Inc. acquired a new position in Patrick Industries during the 4th quarter valued at about $243,000. Finally, BTC Capital Management Inc. bought a new position in shares of Patrick Industries in the 1st quarter valued at about $303,000. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Up 1.0 %

Shares of PATK stock opened at $107.97 on Monday. Patrick Industries has a one year low of $70.15 and a one year high of $123.58. The company has a debt-to-equity ratio of 1.32, a current ratio of 2.38 and a quick ratio of 0.96. The stock has a fifty day moving average price of $109.25 and a 200 day moving average price of $107.12. The stock has a market cap of $2.42 billion, a P/E ratio of 16.00, a price-to-earnings-growth ratio of 0.77 and a beta of 1.70.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, May 2nd. The construction company reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.47. The company had revenue of $933.50 million during the quarter, compared to the consensus estimate of $829.22 million. Patrick Industries had a net margin of 4.22% and a return on equity of 14.90%. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period last year, the firm earned $1.35 EPS. Analysts predict that Patrick Industries will post 8.12 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 2.04%. The ex-dividend date was Monday, June 3rd. Patrick Industries’s payout ratio is presently 32.59%.

Patrick Industries Company Profile

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.