Patrick Industries, Inc. (NASDAQ:PATK) Receives $116.25 Average PT from Brokerages

Patrick Industries, Inc. (NASDAQ:PATK) has earned a consensus recommendation of “Moderate Buy” from the nine brokerages that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $115.6250.

Several equities research analysts have weighed in on the company. KeyCorp lowered their target price on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating for the company in a report on Wednesday, July 22nd. BMO Capital Markets reaffirmed an “outperform” rating and issued a $150.00 price objective (down from $155.00) on shares of Patrick Industries in a research note on Monday, April 20th. Weiss Ratings cut shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, June 29th. Zacks Research lowered shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Finally, Truist Financial set a $108.00 price objective on shares of Patrick Industries and gave the company a “buy” rating in a research note on Monday.

Hedge Funds Weigh In On Patrick Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in PATK. Persistent Asset Partners Ltd bought a new stake in shares of Patrick Industries in the 2nd quarter valued at about $25,000. Advisory Services Network LLC acquired a new stake in Patrick Industries in the third quarter valued at approximately $25,000. Torren Management LLC acquired a new stake in Patrick Industries in the fourth quarter valued at approximately $26,000. Allworth Financial LP grew its holdings in Patrick Industries by 181.2% in the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock worth $34,000 after purchasing an additional 203 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its position in shares of Patrick Industries by 200.9% during the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock worth $37,000 after purchasing an additional 229 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Trading Down 3.8%

Shares of PATK opened at $85.50 on Friday. The firm has a market capitalization of $2.75 billion, a price-to-earnings ratio of 20.26 and a beta of 1.11. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.67 and a quick ratio of 0.96. Patrick Industries has a 1-year low of $81.29 and a 1-year high of $148.50. The company has a 50-day moving average of $86.62 and a 200 day moving average of $104.08.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, July 30th. The construction company reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $0.05. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $994.95 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The company’s quarterly revenue was down .6% compared to the same quarter last year. During the same period last year, the company posted $1.50 earnings per share. On average, research analysts expect that Patrick Industries will post 4.26 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, May 26th. Patrick Industries’s payout ratio is presently 44.55%.

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.