Patrick Industries, Inc. (NASDAQ:PATK) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have earned a consensus recommendation of “Moderate Buy” from the nine brokerages that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $121.00.

A number of brokerages recently weighed in on PATK. Truist Financial dropped their price objective on shares of Patrick Industries from $126.00 to $113.00 and set a “buy” rating for the company in a report on Wednesday, July 8th. Wall Street Zen lowered shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Raymond James Financial set a $108.00 price target on shares of Patrick Industries in a research report on Friday, May 1st. Benchmark dropped their price target on shares of Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Finally, KeyCorp cut their price objective on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st.

Insider Activity at Patrick Industries

In other news, CFO Matthew S. Filer purchased 1,000 shares of the stock in a transaction on Tuesday, May 5th. The stock was bought at an average price of $85.50 per share, for a total transaction of $85,500.00. Following the acquisition, the chief financial officer directly owned 21,614 shares of the company’s stock, valued at approximately $1,847,997. The trade was a 4.85% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Charles R. Roeder purchased 5,750 shares of the stock in a transaction on Tuesday, May 5th. The shares were purchased at an average price of $87.83 per share, with a total value of $505,022.50. Following the acquisition, the insider directly owned 42,147 shares in the company, valued at $3,701,771.01. This represents a 15.80% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 28,700 shares of company stock worth $2,532,880 over the last quarter. 3.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Patrick Industries

Several institutional investors have recently modified their holdings of the company. Tactive Advisors LLC acquired a new position in shares of Patrick Industries during the second quarter worth $338,000. Lodge Hill Capital LLC lifted its holdings in Patrick Industries by 13.9% during the 1st quarter. Lodge Hill Capital LLC now owns 205,000 shares of the construction company’s stock worth $22,769,000 after buying an additional 25,000 shares during the last quarter. California State Teachers Retirement System boosted its position in shares of Patrick Industries by 24.6% during the 1st quarter. California State Teachers Retirement System now owns 37,998 shares of the construction company’s stock worth $4,220,000 after acquiring an additional 7,501 shares in the last quarter. Empowered Funds LLC boosted its position in shares of Patrick Industries by 3.6% during the 1st quarter. Empowered Funds LLC now owns 18,761 shares of the construction company’s stock worth $2,084,000 after acquiring an additional 650 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Patrick Industries by 4.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 15,470 shares of the construction company’s stock valued at $1,718,000 after acquiring an additional 599 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Stock Performance

Shares of Patrick Industries stock opened at $87.40 on Tuesday. The stock has a market capitalization of $2.87 billion, a price-to-earnings ratio of 22.41 and a beta of 1.11. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04. The business has a 50-day moving average of $88.43 and a 200 day moving average of $107.46. Patrick Industries has a 12 month low of $81.29 and a 12 month high of $148.50.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. The company had revenue of $997.17 million for the quarter, compared to analyst estimates of $989.06 million. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The business’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.11 earnings per share. As a group, sell-side analysts forecast that Patrick Industries will post 4.63 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Tuesday, May 26th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Tuesday, May 26th. Patrick Industries’s payout ratio is presently 48.21%.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.