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

Key Points

• Patrick Industries, Inc. has received an average rating of "Moderate Buy" from nine research firms, with two holding the stock and seven recommending it as a buy.
• The company recently reported a quarterly EPS of $1.50, beating expectations and showing a revenue increase of 3.0% compared to the same quarter last year.
• Patrick Industries declared a quarterly dividend of $0.40 per share, yielding 1.6% annually, with a payout ratio of 43.36%.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) has been given an average rating of "Moderate Buy" by the nine research firms that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $104.8571.

Several brokerages have issued reports on PATK. Robert W. Baird raised their price target on Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, June 20th. Raymond James Financial raised their price target on Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Patrick Industries in a report on Wednesday. Benchmark raised their price target on Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a report on Friday, August 1st. Finally, BMO Capital Markets raised their price target on Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a report on Friday, August 1st.

Patrick Industries Trading Up 0.1%

NASDAQ PATK opened at $97.27 on Friday. The company has a market cap of $3.24 billion, a PE ratio of 26.36, a PEG ratio of 1.38 and a beta of 1.34. The company has a current ratio of 1.96, a quick ratio of 0.75 and a debt-to-equity ratio of 1.11. Patrick Industries has a 12 month low of $72.99 and a 12 month high of $116.78. The stock has a 50 day moving average of $107.54 and a 200-day moving average of $94.99.

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, beating the consensus estimate of $1.41 by $0.09. The company had revenue of $1.05 billion during 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%.The firm's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.16 EPS. On average, equities research analysts anticipate that Patrick Industries will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 8th. Shareholders of record on Monday, August 25th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, August 25th. This represents a $1.60 annualized dividend and a yield of 1.6%. Patrick Industries's dividend payout ratio (DPR) is currently 43.36%.

Insiders Place Their Bets

In other Patrick Industries news, insider Jeff Rodino sold 22,389 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $110.32, for a total transaction of $2,469,954.48. Following the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Andy L. Nemeth sold 25,000 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $110.68, for a total value of $2,767,000.00. Following the transaction, the chief executive officer owned 328,641 shares in the company, valued at $36,373,985.88. The trade was a 7.07% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 73,413 shares of company stock worth $8,112,016. Company insiders own 4.40% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PATK. Handelsbanken Fonder AB increased its position in Patrick Industries by 4.6% during the 1st quarter. Handelsbanken Fonder AB now owns 4,561 shares of the construction company's stock worth $386,000 after buying an additional 200 shares during the period. Elevation Point Wealth Partners LLC increased its position in Patrick Industries by 17.1% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 4,076 shares of the construction company's stock worth $345,000 after buying an additional 595 shares during the period. Peregrine Capital Management LLC increased its position in Patrick Industries by 3.4% during the 1st quarter. Peregrine Capital Management LLC now owns 146,989 shares of the construction company's stock worth $12,429,000 after buying an additional 4,830 shares during the period. Private Trust Co. NA increased its position in Patrick Industries by 432.4% during the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock worth $50,000 after buying an additional 480 shares during the period. Finally, First Horizon Advisors Inc. increased its position in Patrick Industries by 17.5% during the 1st quarter. First Horizon Advisors Inc. now owns 1,356 shares of the construction company's stock worth $115,000 after buying an additional 202 shares during the period. Institutional investors own 93.29% of the company's stock.

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.

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