Patrick Industries, Inc. (PATK) - What Are Investment Firms Thinking About This Stock?

Key Points

• Analysts remain moderately bullish: Patrick Industries has a “Moderate Buy” consensus from 10 analysts, with seven buy ratings, two holds and one sell. The average 12-month price target is $106.78, despite several recent target-price cuts.
• Shares have weakened significantly: PATK opened at $67.30, near its 12-month low of $63.00 and well below its 12-month high of $148.50. The stock’s 50-day and 200-day moving averages are $74.20 and $85.75, respectively.
• Financial results exceeded expectations, while institutions remain heavily invested: The company reported quarterly EPS of $1.29 versus a $1.24 consensus estimate and paid a $0.47 quarterly dividend. Institutional investors own approximately 93.29% of outstanding shares.

Shares of Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) have been given an average recommendation of "Moderate Buy" by the ten analysts that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $106.78.

A number of brokerages recently issued reports on PATK. Raymond James Financial restated an "outperform" rating and issued a $94.00 target price on shares of Patrick Industries in a report on Friday, July 31st. KeyCorp cut their target price on shares of Patrick Industries from $115.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday, October 8th. Weiss Ratings cut shares of Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, September 29th. BMO Capital Markets decreased their price target on Patrick Industries from $120.00 to $100.00 and set an "outperform" rating for the company in a research note on Tuesday, October 13th. Finally, Roth Capital set a $114.00 target price on shares of Patrick Industries in a research note on Friday, July 31st.

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $67.30 on Thursday. Patrick Industries has a 12 month low of $63.00 and a 12 month high of $148.50. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.67 and a quick ratio of 0.96. The stock's 50 day moving average price is $74.20 and its 200 day moving average price is $85.75. The stock has a market cap of $2.16 billion, a price-to-earnings ratio of 15.95 and a beta of 1.16.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.24 by $0.05. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%. The business had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $994.95 million. During the same quarter last year, the business posted $1.50 earnings per share. The company's quarterly revenue was down .6% on a year-over-year basis. Equities research analysts anticipate that Patrick Industries will post 4.17 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th were paid a $0.47 dividend. The ex-dividend date was Monday, August 24th. This represents a $1.88 annualized dividend and a dividend yield of 2.8%. Patrick Industries's dividend payout ratio (DPR) is presently 44.55%.

Hedge Funds Weigh In On Patrick Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in PATK. Bank of New York Mellon Corp bought a new stake in Patrick Industries in the 2nd quarter valued at $65,138,000. Copeland Capital Management LLC raised its holdings in shares of Patrick Industries by 17.6% in the first quarter. Copeland Capital Management LLC now owns 563,507 shares of the construction company's stock valued at $62,589,000 after buying an additional 84,508 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of Patrick Industries during the second quarter worth approximately $30,646,000. The Manufacturers Life Insurance Company acquired a new position in Patrick Industries during the 2nd quarter worth $27,166,000. Finally, Lodge Hill Capital LLC lifted its stake in shares of Patrick Industries by 13.9% during the first quarter. Lodge Hill Capital LLC now owns 205,000 shares of the construction company's stock valued at $22,769,000 after acquiring an additional 25,000 shares during the period. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Company Profile

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.

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