Patrick Industries (NASDAQ:PATK) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of Patrick Industries (NASDAQ:PATK) from a sell rating to a hold rating in a research report released on Wednesday.

PATK has been the subject of several other research reports. KeyCorp upped their price target on Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Benchmark reissued a “buy” rating and set a $96.67 price target on shares of Patrick Industries in a research note on Monday, November 4th. Truist Financial increased their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Raymond James cut their price target on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a report on Friday, November 1st. Finally, BMO Capital Markets boosted their price objective on shares of Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research report on Friday, November 1st. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Patrick Industries currently has a consensus rating of “Moderate Buy” and an average price target of $93.25.

Patrick Industries Stock Performance

NASDAQ PATK opened at $83.08 on Wednesday. The company has a market cap of $2.79 billion, a P/E ratio of 11.94, a P/E/G ratio of 1.69 and a beta of 2.20. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97. Patrick Industries has a 1-year low of $60.67 and a 1-year high of $98.90. The stock has a 50-day moving average of $87.07 and a two-hundred day moving average of $85.40.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $1.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.22 by ($0.02). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The business had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. During the same period in the prior year, the company posted $1.21 earnings per share. The company’s revenue was up 6.2% compared to the same quarter last year. As a group, analysts anticipate that Patrick Industries will post 6.43 EPS for the current year.

Patrick Industries Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, November 25th were issued a dividend of $0.40 per share. The ex-dividend date was Monday, November 25th. This represents a $1.60 annualized dividend and a dividend yield of 1.93%. Patrick Industries’s payout ratio is 34.48%.

Insider Transactions at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 30,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $90.00, for a total value of $2,700,000.00. Following the completion of the transaction, the chief executive officer now directly owns 379,678 shares of the company’s stock, valued at $34,171,020. This represents a 7.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

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