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

Key Points

• "Moderate Buy": Nine analysts give Patrick Industries a consensus "Moderate Buy" rating (7 buys, 2 holds) with an average 12‑month price target of $130.50, although several firms have trimmed targets recently (e.g., KeyCorp and Roth MKM to $140).
• Mixed insider activity: Director M. Scott Welch bought 10,000 shares at $113.68 while COO Hugo E. Gonzalez sold 13,514 shares; insiders net sold more than they bought in the last 90 days and now own about 3.8% of the company.
• Quarterly performance beat expectations: Patrick reported $0.84 EPS vs. $0.74 expected and revenue of $924.17M (up 9.2% year‑over‑year), and it pays a $0.47 quarterly dividend (roughly a 2.0% yield).

Shares of Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the nine analysts that are covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $130.50.

PATK has been the subject of a number of research reports. Weiss Ratings raised Patrick Industries from a "hold (c)" rating to a "buy (b-)" rating in a research note on Monday, February 23rd. KeyCorp reduced their price objective on Patrick Industries from $155.00 to $140.00 and set an "overweight" rating for the company in a research note on Thursday, April 9th. Robert W. Baird set a $140.00 price objective on Patrick Industries in a research note on Friday, February 6th. Truist Financial set a $126.00 price objective on Patrick Industries in a research note on Friday, January 9th. Finally, Roth Mkm reissued a "buy" rating and issued a $140.00 price objective (down from $157.00) on shares of Patrick Industries in a research note on Thursday, April 16th.

Insider Transactions at Patrick Industries

In other news, Director M Scott Welch acquired 10,000 shares of Patrick Industries stock in a transaction on Thursday, March 12th. The stock was purchased at an average price of $113.68 per share, with a total value of $1,136,800.00. Following the completion of the purchase, the director owned 146,000 shares of the company's stock, valued at approximately $16,597,280. The trade was a 7.35% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Hugo E. Gonzalez sold 13,514 shares of the firm's stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $113.10, for a total value of $1,528,433.40. Following the completion of the sale, the chief operating officer directly owned 33,864 shares of the company's stock, valued at $3,830,018.40. This trade represents a 28.52% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have acquired 11,110 shares of company stock valued at $1,289,895 and have sold 20,121 shares valued at $2,477,337. 3.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Patrick Industries

Several institutional investors have recently bought and sold shares of the stock. Hodges Capital Management Inc. bought a new stake in Patrick Industries during the first quarter worth $1,955,000. Abel Hall LLC grew its holdings in Patrick Industries by 37.2% during the first quarter. Abel Hall LLC now owns 2,767 shares of the construction company's stock worth $307,000 after buying an additional 750 shares in the last quarter. DGS Capital Management LLC grew its holdings in Patrick Industries by 24.3% during the first quarter. DGS Capital Management LLC now owns 2,972 shares of the construction company's stock worth $330,000 after buying an additional 581 shares in the last quarter. Elevation Point Wealth Partners LLC bought a new stake in Patrick Industries during the first quarter worth $378,000. Finally, Strs Ohio grew its holdings in Patrick Industries by 17.1% during the first quarter. Strs Ohio now owns 48,000 shares of the construction company's stock worth $5,331,000 after buying an additional 7,000 shares in the last quarter. Institutional investors own 93.29% of the company's stock.

Patrick Industries Price Performance

Shares of PATK opened at $93.30 on Thursday. The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of 23.86 and a beta of 1.35. The business has a 50-day moving average of $113.28 and a 200-day moving average of $113.97. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.51 and a quick ratio of 0.80. Patrick Industries has a 1 year low of $75.26 and a 1 year high of $148.50.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, topping analysts' consensus estimates of $0.74 by $0.10. The business had revenue of $924.17 million during the quarter, compared to the consensus estimate of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The firm's revenue for the quarter was up 9.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 earnings per share. As a group, equities research analysts anticipate that Patrick Industries will post 5.37 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 9th. Shareholders of record on Monday, February 23rd were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Monday, February 23rd. Patrick Industries's dividend payout ratio (DPR) is 48.08%.

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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