Patrick Industries (NASDAQ:PATK) Downgraded by StockNews.com to “Sell”

StockNews.com cut shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a sell rating in a research note released on Tuesday.

Other equities analysts have also recently issued research reports about the stock. KeyCorp increased their price target on shares of Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. BMO Capital Markets raised their price objective on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Truist Financial boosted their target price 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 decreased their price target on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company 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. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Patrick Industries presently has an average rating of “Moderate Buy” and an average target price of $93.25.

Patrick Industries Price Performance

PATK opened at $83.60 on Tuesday. Patrick Industries has a twelve month low of $60.67 and a twelve month high of $98.90. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of 12.01, a PEG ratio of 1.69 and a beta of 2.20. The company has a fifty day simple moving average of $88.37 and a 200 day simple moving average of $84.94.

Patrick Industries (NASDAQ:PATK) last issued 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 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%. Patrick Industries’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.21 EPS. Equities research analysts expect that Patrick Industries will post 6.43 EPS for the current fiscal year.

Patrick Industries Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 9th. Shareholders of record on Monday, November 25th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, November 25th. This represents a $1.60 annualized dividend and a yield of 1.91%. Patrick Industries’s payout ratio is 34.48%.

Insiders Place Their Bets

In related news, CEO Andy L. Nemeth sold 15,000 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $93.76, for a total value of $1,406,400.00. Following the completion of the transaction, the chief executive officer now owns 364,678 shares in the company, valued at $34,192,209.28. This trade represents a 3.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Patrick Industries

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