Patrick Industries (NASDAQ:PATK) Stock Rating Raised to “Hold” at Zacks Research

Zacks Research upgraded shares of Patrick Industries (NASDAQ:PATK) from a strong sell rating to a hold rating in a research note issued to investors on Tuesday,Zacks reports.

A number of other research analysts have also recently commented on PATK. Benchmark reissued a “buy” rating and issued a $115.00 target price (down from $135.00) on shares of Patrick Industries in a research note on Tuesday, August 11th. Roth Capital reaffirmed a “buy” rating and set a $96.00 price target on shares of Patrick Industries in a research note on Tuesday, October 27th. Raymond James Financial reiterated an “outperform” rating on shares of Patrick Industries in a report on Thursday, October 29th. Weiss Ratings lowered Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, September 29th. Finally, BMO Capital Markets decreased their price objective on Patrick Industries from $120.00 to $100.00 and set an “outperform” rating on the stock in a report on Tuesday, October 13th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $103.00.

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $84.68 on Tuesday. The company’s fifty day moving average price is $72.23 and its 200-day moving average price is $95.34. The firm has a market capitalization of $2.72 billion, a price-to-earnings ratio of 21.99, a PEG ratio of 2.11 and a beta of 1.21. Patrick Industries has a one year low of $63.00 and a one year high of $148.50. The company has a debt-to-equity ratio of 1.20, a current ratio of 2.51 and a quick ratio of 0.86.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, October 29th. The construction company reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.06. Patrick Industries had a net margin of 3.38% and a return on equity of 12.61%. The firm had revenue of $975.28 million for the quarter, compared to analysts’ expectations of $938.49 million. During the same quarter last year, the company posted $1.01 EPS. The business’s quarterly revenue was up .0% on a year-over-year basis. On average, equities research analysts anticipate that Patrick Industries will post 4.24 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Investors of record on Monday, August 24th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Monday, August 24th. Patrick Industries’s dividend payout ratio (DPR) is presently 48.83%.

Institutional Trading of Patrick Industries

Several hedge funds have recently added to or reduced their stakes in the business. Fulcrum Asset Management LLP purchased a new position in shares of Patrick Industries in the third quarter worth about $36,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Patrick Industries by 9.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 51,467 shares of the construction company’s stock valued at $3,426,000 after acquiring an additional 4,501 shares during the last quarter. Heritage Family Offices LLP purchased a new stake in Patrick Industries during the 3rd quarter valued at about $28,000. ARGA Investment Management LP purchased a new stake in Patrick Industries during the 3rd quarter valued at about $997,000. Finally, Evergreen Capital Management LLC boosted its holdings in Patrick Industries by 41.3% during the 3rd quarter. Evergreen Capital Management LLC now owns 3,407 shares of the construction company’s stock valued at $231,000 after acquiring an additional 995 shares during the period. 93.29% of the stock is owned by institutional investors.

About Patrick Industries

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials serving the recreational vehicle, marine, manufactured housing, and industrial markets. The company supplies products used in the construction, furnishing, and finishing of recreational and residential vehicles, boats, homes, and other manufactured structures.

Its product offerings include cabinetry, furniture, countertops, flooring, interior and exterior components, electronics, audio systems, lighting, plumbing products, hardware, adhesives, and related materials.