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

Shares of Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) have earned a consensus rating of "Moderate Buy" from the nine analysts that are presently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $96.42.

A number of equities analysts recently weighed in on the company. KeyCorp reduced their price target on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Raymond James Financial cut their price objective on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Robert W. Baird boosted their price objective on Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a research note on Friday, June 20th. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Finally, Baird R W lowered Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th.

Insider Activity

In related news, Director Todd M. Cleveland purchased 6,000 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were purchased at an average price of $85.80 per share, with a total value of $514,800.00. Following the completion of the acquisition, the director directly owned 125,286 shares in the company, valued at $10,749,538.80. This represents a 5.03% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John A. Forbes sold 2,875 shares of Patrick Industries stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $91.62, for a total value of $263,407.50. Following the completion of the sale, the director directly owned 52,591 shares in the company, valued at $4,818,387.42. This represents a 5.18% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 14,071 shares of company stock worth $1,205,964. Corporate insiders own 4.40% of the company's stock.

Institutional Investors Weigh In On Patrick Industries

A number of institutional investors have recently added to or reduced their stakes in PATK. Wellington Management Group LLP boosted its holdings in Patrick Industries by 391.8% in the 4th quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company's stock valued at $168,462,000 after purchasing an additional 1,615,412 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Patrick Industries by 49.3% during the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock worth $193,266,000 after acquiring an additional 768,102 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Patrick Industries by 48.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock worth $154,823,000 after acquiring an additional 609,036 shares in the last quarter. Capital Research Global Investors purchased a new stake in shares of Patrick Industries during the 4th quarter worth approximately $38,275,000. Finally, Nuveen LLC purchased a new stake in shares of Patrick Industries during the 1st quarter worth approximately $33,735,000. Hedge funds and other institutional investors own 93.29% of the company's stock.

Patrick Industries Stock Performance

Shares of PATK opened at $98.44 on Friday. The stock has a 50-day moving average of $87.58 and a two-hundred day moving average of $87.20. Patrick Industries has a one year low of $69.86 and a one year high of $100.30. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.04 and a current ratio of 2.41. The stock has a market cap of $3.29 billion, a P/E ratio of 23.61, a P/E/G ratio of 1.43 and a beta of 1.22.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.13. The business had revenue of $1 billion during the quarter, compared to analysts' expectations of $959.46 million. Patrick Industries had a return on equity of 12.90% and a net margin of 3.74%. The company's revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.79 EPS. As a group, research analysts predict that Patrick Industries will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date was Tuesday, May 27th. Patrick Industries's dividend payout ratio is presently 38.37%.

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.

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