Patrick Industries, Inc. (NASDAQ:PATK) Receives Average Recommendation of "Moderate Buy" from Analysts

Shares of Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) have been assigned an average rating of "Moderate Buy" from the nine analysts that are presently covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $96.42.

A number of analysts recently issued reports on the company. Roth Mkm reissued a "buy" rating and set a $100.00 price objective (down previously from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Truist Financial lifted their price objective on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Raymond James Financial reduced their price objective on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Baird R W cut Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Finally, Robert W. Baird lifted their price objective on Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, June 20th.

Insider Transactions at Patrick Industries

In other 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 cost of $85.80 per share, for a total transaction of $514,800.00. Following the completion of the purchase, the director directly owned 125,286 shares of the company's stock, valued at approximately $10,749,538.80. The trade was a 5.03% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John A. Forbes sold 2,875 shares of the business's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $91.62, for a total value of $263,407.50. Following the transaction, the director owned 52,591 shares in the company, valued at $4,818,387.42. This represents a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders bought 14,071 shares of company stock worth $1,205,964 over the last quarter. 4.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Patrick Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in PATK. Covestor Ltd increased its stake in Patrick Industries by 10,400.0% during the fourth quarter. Covestor Ltd now owns 315 shares of the construction company's stock valued at $26,000 after acquiring an additional 312 shares during the period. Quadrant Capital Group LLC increased its stake in Patrick Industries by 49.8% during the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock valued at $27,000 after acquiring an additional 109 shares during the period. Nomura Asset Management Co. Ltd. increased its stake in Patrick Industries by 49.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock valued at $29,000 after acquiring an additional 114 shares during the period. Strs Ohio bought a new position in Patrick Industries during the first quarter valued at about $42,000. Finally, Smartleaf Asset Management LLC increased its stake in Patrick Industries by 812.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock valued at $49,000 after acquiring an additional 528 shares during the period. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Price Performance

Shares of NASDAQ PATK traded down $1.74 during mid-day trading on Friday, reaching $96.71. The company had a trading volume of 216,161 shares, compared to its average volume of 350,861. The company has a current ratio of 2.41, a quick ratio of 1.04 and a debt-to-equity ratio of 1.25. The stock has a market cap of $3.23 billion, a PE ratio of 23.19, a P/E/G ratio of 1.42 and a beta of 1.22. The company has a 50-day moving average price of $88.32 and a two-hundred day moving average price of $87.42. Patrick Industries has a 1-year low of $69.86 and a 1-year high of $100.30.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, May 1st. The construction company reported $1.11 EPS for the quarter, topping 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%. Patrick Industries's revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.79 earnings per share. On average, equities analysts anticipate that Patrick Industries will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were paid a $0.40 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.65%. Patrick Industries's payout ratio is presently 38.37%.

Patrick Industries Company Profile

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.