Patrick Industries, Inc. (NASDAQ:PATK) Given Consensus Recommendation 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 given an average rating of "Moderate Buy" by the eight research firms that are currently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $104.8571.

A number of analysts have commented on PATK shares. Roth Mkm reaffirmed a "buy" rating and set a $100.00 price target (down previously from $112.00) on shares of Patrick Industries in a research report on Friday, May 2nd. Raymond James Financial lifted their price objective on Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. 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 note on Tuesday, June 3rd. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Finally, KeyCorp lifted their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research note on Friday, August 1st.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, insider Kip B. Ellis sold 21,452 shares of Patrick Industries stock in a transaction dated 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 transaction, the insider owned 125,379 shares in the company, valued at approximately $13,792,943.79. This trade represents a 14.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $110.68, for a total value of $2,767,000.00. Following the completion of the transaction, the chief executive officer owned 328,641 shares of the company's stock, valued at approximately $36,373,985.88. This represents a 7.07% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have bought 3,071 shares of company stock worth $253,714 and have sold 76,288 shares worth $8,375,424. Corporate insiders own 4.40% of the company's stock.

Hedge Funds Weigh In On Patrick Industries

Several institutional investors and hedge funds have recently modified their holdings of the business. Orion Porfolio Solutions LLC increased its stake in shares of Patrick Industries by 5.2% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 8,588 shares of the construction company's stock valued at $792,000 after purchasing an additional 426 shares in the last quarter. Public Sector Pension Investment Board increased its stake in shares of Patrick Industries by 7.0% in the 2nd quarter. Public Sector Pension Investment Board now owns 113,977 shares of the construction company's stock valued at $10,517,000 after purchasing an additional 7,464 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Patrick Industries by 692.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,040 shares of the construction company's stock valued at $465,000 after purchasing an additional 4,404 shares in the last quarter. Snowden Capital Advisors LLC increased its stake in shares of Patrick Industries by 31.7% in the 2nd quarter. Snowden Capital Advisors LLC now owns 7,830 shares of the construction company's stock valued at $722,000 after purchasing an additional 1,885 shares in the last quarter. Finally, Benjamin Edwards Inc. increased its stake in shares of Patrick Industries by 1.5% in the 2nd quarter. Benjamin Edwards Inc. now owns 27,187 shares of the construction company's stock valued at $2,509,000 after purchasing an additional 397 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.

Patrick Industries Stock Performance

PATK traded down $1.55 on Friday, reaching $112.47. 220,966 shares of the stock were exchanged, compared to its average volume of 361,536. The company's 50-day moving average price is $101.49 and its 200 day moving average price is $91.23. Patrick Industries has a fifty-two week low of $72.99 and a fifty-two week 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. The firm has a market capitalization of $3.74 billion, a PE ratio of 30.48, a PEG ratio of 1.62 and a beta of 1.23.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.09. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The company had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter in the previous year, the firm posted $2.16 EPS. The firm's revenue was up 3.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Patrick Industries will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 8th. Shareholders of record on Monday, August 25th will be paid a dividend of $0.40 per share. The ex-dividend date is Monday, August 25th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.4%. Patrick Industries's dividend payout ratio (DPR) is presently 43.36%.

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.