Patrick Industries (NASDAQ:PATK) Upgraded at StockNews.com

StockNews.com upgraded shares of Patrick Industries (NASDAQ:PATK) from a sell rating to a hold rating in a research report sent to investors on Monday morning.

A number of other research firms also recently issued reports on PATK. KeyCorp increased their price objective 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. BMO Capital Markets raised their price objective on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research report on Friday, November 1st. Truist Financial boosted their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Raymond James lowered their price target on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a report on Friday, November 1st. Finally, Benchmark reiterated a “buy” rating and set a $96.67 price objective on shares of Patrick Industries in a research note on Monday, November 4th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $93.25.

Patrick Industries Trading Down 1.6 %

Shares of NASDAQ PATK opened at $88.25 on Monday. Patrick Industries has a twelve month low of $60.67 and a twelve month high of $98.90. The firm has a market cap of $1.98 billion, a PE ratio of 12.68, a price-to-earnings-growth ratio of 1.69 and a beta of 2.24. The business has a fifty day simple moving average of $89.63 and a two-hundred day simple moving average of $84.50. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22.

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

Patrick Industries Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, November 25th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend was Monday, November 25th. Patrick Industries’s dividend payout ratio (DPR) is presently 34.48%.

Insiders Place Their Bets

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of Patrick Industries stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the completion of the sale, the chief executive officer now owns 364,678 shares of the company’s stock, valued at approximately $34,192,209.28. The trade was a 3.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. acquired a new position in Patrick Industries in the 2nd quarter worth approximately $41,000. Sound Income Strategies LLC purchased a new stake in shares of Patrick Industries in the 3rd quarter valued at $46,000. GAMMA Investing LLC increased its stake in shares of Patrick Industries by 76.2% in the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock worth $67,000 after acquiring an additional 205 shares during the period. UMB Bank n.a. raised its holdings in shares of Patrick Industries by 176.6% during the third quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock worth $81,000 after purchasing an additional 362 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its position in Patrick Industries by 21.4% during the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock valued at $112,000 after purchasing an additional 139 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.