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

Key Points

• Analyst consensus is “Moderate Buy”: Six of nine brokerages recommend buying Patrick Industries, while two rate it a hold and one a sell. The average 12-month price target is $116.25.
• Quarterly results exceeded expectations: Patrick Industries reported EPS of $1.29 versus the $1.24 consensus and revenue of $1.04 billion, though revenue declined 0.6% year over year.
• Shares and dividend: The stock opened at $88.84, well below its 52-week high of $148.50. The company pays a quarterly dividend of $0.47, equivalent to a 2.1% yield, while institutional investors own 93.29% of shares.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the nine brokerages that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $116.25.

A number of brokerages have issued reports on PATK. Weiss Ratings lowered shares of Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, June 29th. Truist Financial cut their price target on Patrick Industries from $126.00 to $113.00 and set a "buy" rating for the company in a research note on Wednesday, July 8th. Roth Capital set a $114.00 price objective on Patrick Industries in a research note on Friday, July 31st. Raymond James Financial restated an "outperform" rating and set a $94.00 price objective on shares of Patrick Industries in a research note on Friday, July 31st. Finally, Benchmark cut their target price on Patrick Industries from $150.00 to $135.00 and set a "buy" rating for the company in a research report on Friday, May 1st.

Patrick Industries Trading Up 2.7%

Shares of Patrick Industries stock opened at $88.84 on Friday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.96 and a current ratio of 2.67. The firm has a 50-day moving average of $86.71 and a 200-day moving average of $104.55. Patrick Industries has a 52-week low of $81.29 and a 52-week high of $148.50. The stock has a market cap of $2.92 billion, a PE ratio of 21.05 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 EPS for the quarter, topping analysts' consensus estimates of $1.24 by $0.05. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $994.95 million. During the same period last year, the firm earned $1.50 earnings per share. Patrick Industries's revenue for the quarter was down .6% compared to the same quarter last year. As a group, sell-side analysts forecast that Patrick Industries will post 4.26 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Tuesday, May 26th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, May 26th. Patrick Industries's payout ratio is 44.55%.

Institutional Investors Weigh In On Patrick Industries

Large investors have recently bought and sold shares of the company. Persistent Asset Partners Ltd acquired a new position in shares of Patrick Industries in the 2nd quarter valued at approximately $25,000. Advisory Services Network LLC acquired a new stake in shares of Patrick Industries during the 3rd quarter worth approximately $25,000. Torren Management LLC bought a new position in Patrick Industries in the fourth quarter valued at approximately $26,000. Allworth Financial LP raised its position in Patrick Industries by 181.2% during the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company's stock valued at $34,000 after purchasing an additional 203 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its position in Patrick Industries by 200.9% during the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company's stock valued at $37,000 after purchasing an additional 229 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.

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