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

Key Points

• Patrick Industries has a “Moderate Buy” consensus rating among 10 analysts, with seven buys, two holds and one sell. The average 12-month price target is $114, compared with the stock’s recent price of $81.30.
• The company reported quarterly EPS of $1.29, beating estimates of $1.24, while revenue reached $1.04 billion. Revenue declined 0.6% year over year, and analysts expect full-year EPS of $4.26.
• Patrick Industries declared a quarterly dividend of $0.47 per share, equivalent to $1.88 annually and a 2.3% yield. Institutional investors own approximately 93.29% of the company’s shares.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the ten analysts that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $114.00.

A number of research firms have issued reports on PATK. Raymond James Financial reaffirmed an "outperform" rating and issued a $94.00 price target on shares of Patrick Industries in a research report on Friday, July 31st. Northcoast Research set a $121.00 price objective on Patrick Industries and gave the stock a "buy" rating in a research report on Tuesday. KeyCorp cut their target price on shares of Patrick Industries from $125.00 to $115.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 22nd. Roth Capital set a $114.00 target price on shares of Patrick Industries in a report on Friday, July 31st. Finally, Weiss Ratings downgraded shares of Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, June 29th.

Institutional Investors Weigh In On Patrick Industries

Several institutional investors have recently modified their holdings of the company. Persistent Asset Partners Ltd purchased a new position in Patrick Industries in the second quarter valued at $25,000. Advisory Services Network LLC acquired a new stake in Patrick Industries in the third quarter valued at $25,000. Allworth Financial LP lifted its holdings in Patrick Industries by 181.2% during the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company's stock worth $34,000 after buying an additional 203 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in Patrick Industries by 200.9% during the 4th quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company's stock worth $37,000 after buying an additional 229 shares during the last quarter. Finally, Strs Ohio acquired a new position in shares of Patrick Industries during the 1st quarter worth about $42,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Stock Down 0.5%

Patrick Industries stock opened at $81.30 on Wednesday. Patrick Industries has a twelve month low of $80.76 and a twelve month high of $148.50. The stock's fifty day simple moving average is $85.94 and its 200-day simple moving average is $98.56. The company has a current ratio of 2.67, a quick ratio of 0.96 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $2.61 billion, a P/E ratio of 19.27 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.24 by $0.05. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%.The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $994.95 million. During the same period last year, the business posted $1.50 earnings per share. Patrick Industries's revenue was down .6% compared to the same quarter last year. As a group, equities analysts expect that Patrick Industries will post 4.26 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

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

Patrick Industries Company Profile

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.

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