Patrick Industries (NASDAQ:PATK) Stock Price Passes Above Two Hundred Day Moving Average – What’s Next?

Patrick Industries, Inc. (NASDAQ:PATK)’s share price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $126.42 and traded as high as $137.74. Patrick Industries shares last traded at $134.59, with a volume of 217,650 shares.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Raymond James decreased their target price on shares of Patrick Industries from $160.00 to $136.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. KeyCorp increased their price objective on shares of Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Truist Financial boosted their target price on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a report on Friday, September 20th. StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, November 14th. Finally, Benchmark restated a “buy” rating and set a $145.00 target price on shares of Patrick Industries in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Patrick Industries currently has a consensus rating of “Moderate Buy” and an average price target of $139.88.

Patrick Industries Price Performance

The business has a 50-day moving average of $134.70 and a 200 day moving average of $126.42. The firm has a market capitalization of $3.01 billion, a P/E ratio of 19.34, a price-to-earnings-growth ratio of 1.70 and a beta of 2.24. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22.

Patrick Industries’s stock is going to split on the morning of Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly minted shares will be distributed to shareholders after the market closes on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.03). The business had revenue of $919.44 million during the quarter, compared to the consensus estimate of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. Patrick Industries’s revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.81 EPS. On average, sell-side analysts predict that Patrick Industries, Inc. will post 6.43 earnings per share for the current fiscal year.

Patrick Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, November 25th were given a dividend of $0.60 per share. This is a boost from Patrick Industries’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Monday, November 25th. This represents a $2.40 annualized dividend and a dividend yield of 1.78%. Patrick Industries’s payout ratio is presently 34.48%.

Insider Activity at Patrick Industries

In other news, CEO Andy L. Nemeth sold 10,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $140.64, for a total value of $1,406,400.00. Following the completion of the sale, the chief executive officer now owns 243,119 shares in the company, valued at $34,192,256.16. This represents a 3.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 4.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PATK. Assetmark Inc. increased its position in shares of Patrick Industries by 1,589.0% during the third quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock valued at $938,000 after acquiring an additional 6,197 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Patrick Industries by 35.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock valued at $13,869,000 after buying an additional 25,556 shares in the last quarter. Fiera Capital Corp bought a new stake in Patrick Industries during the 3rd quarter valued at $27,888,000. Argent Capital Management LLC lifted its position in shares of Patrick Industries by 758.4% during the third quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock worth $21,498,000 after acquiring an additional 133,413 shares in the last quarter. Finally, Public Sector Pension Investment Board boosted its holdings in shares of Patrick Industries by 8.7% in the second quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock worth $5,032,000 after acquiring an additional 3,705 shares during the period. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

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.