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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been assigned an average rating of “Moderate Buy” from the eight research firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $138.50.

Several analysts have issued reports on PATK shares. Robert W. Baird increased their target price on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. BMO Capital Markets increased their price objective on Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. DA Davidson upped their target price on Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Benchmark reaffirmed a “buy” rating and issued a $145.00 price target on shares of Patrick Industries in a report on Tuesday, September 17th. Finally, Raymond James began coverage on Patrick Industries in a report on Tuesday. They set an “outperform” rating and a $160.00 price objective for the company.

Patrick Industries Stock Performance

Shares of PATK opened at $144.32 on Wednesday. Patrick Industries has a 1 year low of $70.15 and a 1 year high of $147.80. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.29 and a quick ratio of 0.94. The stock’s fifty day moving average price is $129.48 and its two-hundred day moving average price is $117.62. The firm has a market cap of $3.23 billion, a PE ratio of 21.38, a PEG ratio of 1.15 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.11. The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $972.06 million. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.94 EPS. On average, equities research analysts forecast that Patrick Industries will post 7.32 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were given a $0.55 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.20 annualized dividend and a yield of 1.52%. Patrick Industries’s payout ratio is currently 32.59%.

Insider Transactions at Patrick Industries

In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the sale, the chief operating officer now owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the sale, the insider now directly owns 139,109 shares in the company, valued at approximately $18,274,749.33. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,411 shares of company stock worth $3,858,915. Insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Xponance Inc. grew its position in Patrick Industries by 4.1% during the 2nd quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock valued at $230,000 after purchasing an additional 83 shares during the last quarter. US Bancorp DE grew its holdings in shares of Patrick Industries by 1.3% during the fourth quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock valued at $770,000 after buying an additional 95 shares during the last quarter. FORA Capital LLC raised its holdings in Patrick Industries by 2.9% in the 1st quarter. FORA Capital LLC now owns 4,492 shares of the construction company’s stock worth $537,000 after acquiring an additional 128 shares during the last quarter. SummerHaven Investment Management LLC lifted its position in Patrick Industries by 1.5% in the 2nd quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company’s stock valued at $977,000 after acquiring an additional 135 shares in the last quarter. Finally, BOKF NA boosted its stake in Patrick Industries by 3.7% during the 2nd quarter. BOKF NA now owns 4,848 shares of the construction company’s stock valued at $526,000 after purchasing an additional 172 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

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.