Patrick Industries (NASDAQ:PATK) Upgraded by Northcoast Research to “Strong-Buy” Rating

Northcoast Research upgraded shares of Patrick Industries (NASDAQ:PATK) to a strong-buy rating in a research note published on Tuesday,Zacks reports.

Several other equities analysts have also weighed in on PATK. Weiss Ratings lowered shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, June 29th. Zacks Research lowered shares of Patrick Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Truist Financial set a $108.00 price objective on shares of Patrick Industries and gave the company a “buy” rating in a research report on Monday, August 10th. Benchmark reiterated a “buy” rating and issued a $115.00 target price (down from $135.00) on shares of Patrick Industries in a research report on Tuesday, August 11th. Finally, KeyCorp lowered their price target on shares of Patrick Industries from $125.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Patrick Industries has a consensus rating of “Moderate Buy” and an average price target of $114.00.

Patrick Industries Stock Performance

Shares of PATK opened at $81.30 on Tuesday. 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 12-month low of $80.76 and a 12-month high of $148.50. The business’s fifty day moving average price is $85.94 and its 200 day moving average price is $98.56. The stock has a market capitalization of $2.61 billion, a PE ratio of 19.27 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $994.95 million. During the same quarter in the prior year, the firm earned $1.50 EPS. The company’s revenue for the quarter was down .6% compared to the same quarter last year. Equities research analysts forecast that Patrick Industries will post 4.26 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th will be issued a dividend of $0.47 per share. The ex-dividend date is Monday, August 24th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.3%. Patrick Industries’s dividend payout ratio (DPR) is currently 44.55%.

Institutional Investors Weigh In On Patrick Industries

A number of large investors have recently bought and sold shares of PATK. Bessemer Group Inc. lifted its position in shares of Patrick Industries by 3,602.4% in the fourth quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock worth $16,255,000 after buying an additional 145,863 shares during the last quarter. Nicholas Investment Partners LP acquired a new stake in Patrick Industries in the 4th quarter worth approximately $5,201,000. Kennedy Capital Management LLC boosted its position in Patrick Industries by 14.2% during the fourth quarter. Kennedy Capital Management LLC now owns 238,981 shares of the construction company’s stock worth $25,913,000 after purchasing an additional 29,714 shares during the period. WCG Wealth Advisors LLC acquired a new stake in shares of Patrick Industries in the fourth quarter worth $1,641,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in Patrick Industries in the 1st quarter valued at $5,220,000. 93.29% of the stock is currently owned by institutional investors.

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.