Patrick Industries (NASDAQ:PATK) Cut to “Sell” at StockNews.com

StockNews.com lowered shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a sell rating in a research report report published on Thursday.

Several other analysts have also recently commented on PATK. Raymond James decreased their price target on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a research note on Friday, November 1st. BMO Capital Markets boosted their target price on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research report on Friday, November 1st. KeyCorp raised their price target on Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Benchmark reissued a “buy” rating and set a $96.67 price objective on shares of Patrick Industries in a report on Monday, November 4th. Finally, Truist Financial reduced their target price on shares of Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $92.63.

Patrick Industries Price Performance

NASDAQ:PATK opened at $92.72 on Thursday. The firm has a market cap of $3.12 billion, a PE ratio of 19.98, a price-to-earnings-growth ratio of 1.25 and a beta of 2.26. The company’s 50-day moving average price is $87.15 and its two-hundred day moving average price is $86.56. 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 has a 12 month low of $63.52 and a 12 month high of $98.90.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $1.20 EPS for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.02). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The business had revenue of $919.44 million for the quarter, compared to the consensus estimate of $935.75 million. During the same quarter last year, the company earned $1.21 earnings per share. The firm’s revenue was up 6.2% on a year-over-year basis. On average, equities analysts anticipate that Patrick Industries will post 4.28 EPS for the current fiscal year.

Patrick Industries Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, November 25th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date was Monday, November 25th. Patrick Industries’s dividend payout ratio is currently 34.48%.

Insiders Place Their Bets

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the sale, the chief executive officer now directly owns 364,678 shares in the company, valued at approximately $34,192,209.28. This trade represents a 3.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

Several large investors have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. bought a new stake in Patrick Industries in the 2nd quarter valued at $41,000. Sound Income Strategies LLC acquired a new position in shares of Patrick Industries during the third quarter worth about $46,000. GAMMA Investing LLC raised its position in Patrick Industries by 61.2% in the 4th quarter. GAMMA Investing LLC now owns 764 shares of the construction company’s stock valued at $63,000 after buying an additional 290 shares during the last quarter. UMB Bank n.a. lifted its stake in Patrick Industries by 35.1% in the 4th quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock valued at $64,000 after acquiring an additional 199 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its position in Patrick Industries by 21.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock worth $112,000 after acquiring an additional 139 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

About Patrick Industries

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.