Brokerages Set Patrick Industries, Inc. (NASDAQ:PATK) PT at $92.63

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have received an average recommendation of “Moderate Buy” from the eight research firms that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $92.63.

PATK has been the subject of a number of recent research reports. Raymond James reduced their price objective on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a research note on Friday, November 1st. BMO Capital Markets boosted their price target on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a report on Friday, November 1st. Benchmark reaffirmed a “buy” rating and set a $96.67 price objective on shares of Patrick Industries in a research note on Monday, November 4th. KeyCorp boosted their target price on shares of Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Finally, StockNews.com upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, January 1st.

Insider Transactions at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of Patrick Industries stock in a transaction on Monday, November 25th. The shares were sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the sale, the chief executive officer now owns 364,678 shares of the company’s stock, valued at $34,192,209.28. The trade was a 3.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently modified their holdings of PATK. Northwestern Mutual Wealth Management Co. acquired a new position in Patrick Industries during the second quarter worth $41,000. Sound Income Strategies LLC purchased a new position in Patrick Industries during the third quarter worth about $46,000. GAMMA Investing LLC boosted its holdings in Patrick Industries by 61.2% in the 4th quarter. GAMMA Investing LLC now owns 764 shares of the construction company’s stock valued at $63,000 after purchasing an additional 290 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Patrick Industries by 176.6% during the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock worth $81,000 after buying an additional 362 shares during the last quarter. Finally, First Horizon Advisors Inc. raised its position in shares of Patrick Industries by 21.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock valued at $112,000 after buying an additional 139 shares during the period. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Stock Down 0.2 %

Patrick Industries stock opened at $83.34 on Friday. Patrick Industries has a fifty-two week low of $60.67 and a fifty-two week high of $98.90. The company has a market cap of $2.80 billion, a PE ratio of 11.97, a PEG ratio of 1.69 and a beta of 2.26. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41. The business’s 50-day simple moving average is $86.49 and its two-hundred day simple moving average is $86.08.

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

Patrick Industries Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 9th. Shareholders 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 dividend on an annualized basis and a dividend yield of 1.92%. Patrick Industries’s payout ratio is currently 34.48%.

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.