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

Shares of Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the nine ratings firms that are presently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $95.67.

PATK has been the subject of several recent analyst reports. Truist Financial upped their price target on Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. 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. Baird R W cut Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. KeyCorp cut their price objective on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Finally, Robert W. Baird cut their price objective on Patrick Industries from $96.00 to $84.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd.

Patrick Industries Stock Down 0.4%

Shares of PATK traded down $0.37 during trading hours on Monday, hitting $90.64. 189,654 shares of the company were exchanged, compared to its average volume of 361,401. The company has a market cap of $3.03 billion, a PE ratio of 22.00, a PEG ratio of 1.41 and a beta of 2.00. The firm's 50 day moving average is $83.45 and its 200-day moving average is $87.05. Patrick Industries has a 52 week low of $67.72 and a 52 week high of $98.90. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.13. The company had revenue of $1 billion during the quarter, compared to the consensus estimate of $959.46 million. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. The firm's revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.79 EPS. On average, equities research analysts forecast that Patrick Industries will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.60 annualized dividend and a yield of 1.77%. Patrick Industries's dividend payout ratio (DPR) is 38.37%.

Insider Buying and Selling at Patrick Industries

In other news, Director Todd M. Cleveland purchased 1,000 shares of the business's stock in a transaction on Tuesday, June 3rd. The stock was purchased at an average price of $82.75 per share, with a total value of $82,750.00. Following the acquisition, the director now directly owns 133,286 shares in the company, valued at approximately $11,029,416.50. The trade was a 0.76% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director M Scott Welch bought 2,500 shares of the company's stock in a transaction dated Thursday, March 13th. The stock was bought at an average cost of $84.62 per share, with a total value of $211,550.00. Following the completion of the acquisition, the director now owns 2,961 shares in the company, valued at $250,559.82. This represents a 542.30% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 16,571 shares of company stock valued at $1,417,514 in the last quarter. Corporate insiders own 4.40% of the company's stock.

Hedge Funds Weigh In On Patrick Industries

Hedge funds have recently modified their holdings of the stock. Arizona State Retirement System raised its holdings in shares of Patrick Industries by 51.3% in the 4th quarter. Arizona State Retirement System now owns 9,271 shares of the construction company's stock worth $770,000 after buying an additional 3,143 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Patrick Industries by 27.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company's stock worth $10,222,000 after acquiring an additional 26,558 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Patrick Industries by 55.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company's stock worth $45,592,000 after acquiring an additional 195,138 shares during the last quarter. Nuveen Asset Management LLC grew its position in Patrick Industries by 495.5% during the 4th quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company's stock worth $28,730,000 after acquiring an additional 287,739 shares during the last quarter. Finally, Xponance Inc. grew its position in Patrick Industries by 13.8% during the 4th quarter. Xponance Inc. now owns 3,070 shares of the construction company's stock worth $255,000 after acquiring an additional 372 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

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.