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

Key Points

• Patrick Industries, Inc. (NASDAQ:PATK) has received an average rating of "Moderate Buy" from eight brokerages, with six analysts recommending buying the stock and two advising to hold.
• The company recently declared a quarterly dividend of $0.40 per share, translating to an annual yield of 1.4%, and the ex-dividend date is set for August 25th.
• In its latest quarter, Patrick Industries reported $1.50 EPS, above analyst expectations, with revenue of $1.05 billion, marking a year-over-year increase of 3.0%.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the eight analysts that are presently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $104.8571.

Several equities research analysts have commented on the stock. Robert W. Baird upped their price target on shares of Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, June 20th. KeyCorp boosted their price target on Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Roth Mkm reaffirmed a "buy" rating and set a $100.00 target price (down from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Raymond James Financial lifted their price objective on shares of Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Finally, Benchmark lifted their price target on Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a research note on Friday, August 1st.

Insiders Place Their Bets

In related news, insider Kip B. Ellis sold 21,452 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $110.01, for a total transaction of $2,359,934.52. Following the completion of the sale, the insider owned 125,379 shares in the company, valued at $13,792,943.79. The trade was a 14.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeff Rodino sold 22,389 shares of Patrick Industries stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $110.32, for a total value of $2,469,954.48. Following the sale, the insider owned 206,492 shares in the company, valued at $22,780,197.44. This trade represents a 9.78% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have bought 3,071 shares of company stock valued at $253,714 and have sold 76,288 shares valued at $8,375,424. 4.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Patrick Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Patrick Industries by 4.2% during the first quarter. Vanguard Group Inc. now owns 2,423,512 shares of the construction company's stock worth $204,932,000 after acquiring an additional 97,250 shares during the period. Dimensional Fund Advisors LP boosted its position 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 purchasing an additional 609,036 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Patrick Industries by 0.9% during the 2nd quarter. Geode Capital Management LLC now owns 812,740 shares of the construction company's stock worth $75,000,000 after purchasing an additional 7,011 shares during the period. American Century Companies Inc. lifted its stake in shares of Patrick Industries by 33.8% in the second quarter. American Century Companies Inc. now owns 712,383 shares of the construction company's stock valued at $65,732,000 after purchasing an additional 180,092 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Patrick Industries by 0.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 551,192 shares of the construction company's stock worth $46,609,000 after buying an additional 2,421 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Trading Down 0.1%

PATK stock traded down $0.09 during mid-day trading on Friday, reaching $113.60. The company had a trading volume of 79,866 shares, compared to its average volume of 357,232. The company has a market capitalization of $3.78 billion, a PE ratio of 30.72, a price-to-earnings-growth ratio of 1.63 and a beta of 1.23. The firm has a 50 day moving average of $100.55 and a 200 day moving average of $90.94. Patrick Industries has a 12 month low of $72.99 and a 12 month high of $116.78. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.96 and a quick ratio of 0.75.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, topping the consensus estimate of $1.41 by $0.09. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.Patrick Industries's quarterly revenue was up 3.0% on a year-over-year basis. During the same period last year, the business posted $2.16 EPS. On average, equities analysts predict that Patrick Industries will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 8th. Investors of record on Monday, August 25th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Monday, August 25th. Patrick Industries's payout ratio is presently 43.36%.

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.