Patrick Industries, Inc. (NASDAQ:PATK) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been given an average recommendation of “Moderate Buy” by the eight analysts that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $139.88.

PATK has been the subject of a number of analyst reports. Benchmark restated a “buy” rating and issued a $145.00 price target on shares of Patrick Industries in a research report on Monday, November 4th. Robert W. Baird raised their price target on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. BMO Capital Markets raised their price target on Patrick Industries from $150.00 to $155.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Raymond James lowered their price target on Patrick Industries from $160.00 to $136.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Finally, StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, November 14th.

Patrick Industries Stock Up 0.8 %

NASDAQ PATK opened at $130.78 on Thursday. 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 company has a market capitalization of $2.93 billion, a P/E ratio of 18.79, a P/E/G ratio of 1.36 and a beta of 1.62. Patrick Industries has a one year low of $80.62 and a one year high of $148.35. The stock has a 50 day moving average price of $136.61 and a 200-day moving average price of $123.82.

Shares of Patrick Industries are set to split before the market opens on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly issued shares will be issued to shareholders after the market closes on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, October 31st. The construction company reported $1.80 EPS for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). The firm had revenue of $919.44 million for 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%. The firm’s revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.81 earnings per share. As a group, equities analysts predict that Patrick Industries will post 6.43 EPS for the current fiscal year.

Patrick Industries Increases Dividend

The business also recently declared a — dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a dividend of $50.00 per share. This is a boost from Patrick Industries’s previous — dividend of $0.25. This represents a yield of 1.7%. The ex-dividend date of this dividend is Monday, December 16th. Patrick Industries’s dividend payout ratio (DPR) is currently 31.61%.

Insider Activity at Patrick Industries

In other Patrick Industries news, Director Todd M. Cleveland sold 7,500 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total transaction of $982,875.00. Following the transaction, the director now owns 82,374 shares of the company’s stock, valued at approximately $10,795,112.70. The trade was a 8.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the transaction, the chief operating officer now directly owns 23,759 shares in the company, valued at $3,091,283.49. This trade represents a 7.44 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,411 shares of company stock worth $3,858,915. 4.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Patrick Industries

Large investors have recently modified their holdings of the business. Russell Investments Group Ltd. increased its holdings in shares of Patrick Industries by 21.1% in the 1st quarter. Russell Investments Group Ltd. now owns 14,302 shares of the construction company’s stock valued at $1,709,000 after acquiring an additional 2,492 shares during the last quarter. ProShare Advisors LLC increased its stake in Patrick Industries by 6.5% in the 1st quarter. ProShare Advisors LLC now owns 4,254 shares of the construction company’s stock valued at $508,000 after purchasing an additional 258 shares in the last quarter. UniSuper Management Pty Ltd purchased a new position in Patrick Industries in the 1st quarter valued at approximately $619,000. CANADA LIFE ASSURANCE Co increased its stake in Patrick Industries by 8.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 17,944 shares of the construction company’s stock valued at $2,139,000 after purchasing an additional 1,398 shares in the last quarter. Finally, Pitcairn Co. increased its position in Patrick Industries by 10.5% during the first quarter. Pitcairn Co. now owns 4,637 shares of the construction company’s stock worth $554,000 after buying an additional 439 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

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.