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

Key Points

• Patrick Industries has a Consensus rating of “Moderate Buy” from 10 analysts, with six buy ratings, three holds, and one sell. The average 12-month price target is $122.63.
• The company reported better-than-expected quarterly earnings, posting $1.10 EPS versus $1.08 expected and revenue of $997.17 million versus $989.06 million anticipated. Revenue was still down 0.6% from a year earlier.
• Insiders have been buying shares, including CEO Andy L. Nemeth and insider Charles R. Roeder, while institutional investors own 93.29% of the stock. The company also paid a quarterly dividend of $0.47 per share, equal to a 2.2% annual yield.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) has earned an average recommendation of "Moderate Buy" from the ten research firms that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $122.6250.

PATK has been the subject of several recent research reports. KeyCorp dropped their price target on Patrick Industries from $140.00 to $125.00 and set an "overweight" rating for the company in a research report on Friday, May 1st. Zacks Research downgraded Patrick Industries from a "hold" rating to a "strong sell" rating in a research report on Tuesday, May 5th. Raymond James Financial set a $108.00 price objective on Patrick Industries in a research report on Friday, May 1st. BMO Capital Markets reaffirmed an "outperform" rating and issued a $150.00 price objective (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. Finally, Robert W. Baird set a $110.00 price objective on Patrick Industries in a research report on Friday, May 1st.

Insiders Place Their Bets

In other news, CEO Andy L. Nemeth bought 10,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, May 5th. The shares were purchased at an average price of $88.00 per share, for a total transaction of $880,000.00. Following the completion of the acquisition, the chief executive officer owned 287,745 shares of the company's stock, valued at $25,321,560. The trade was a 3.60% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charles R. Roeder bought 5,750 shares of Patrick Industries stock in a transaction that occurred on Tuesday, May 5th. The stock was purchased at an average price of $87.83 per share, for a total transaction of $505,022.50. Following the acquisition, the insider directly owned 42,147 shares of the company's stock, valued at $3,701,771.01. The trade was a 15.80% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have bought 27,400 shares of company stock valued at $2,408,639. 3.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC acquired a new position in Patrick Industries in the third quarter valued at $25,000. Torren Management LLC acquired a new position in Patrick Industries in the fourth quarter valued at $26,000. Allworth Financial LP boosted its holdings in Patrick Industries by 181.3% in the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company's stock valued at $34,000 after acquiring an additional 203 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in Patrick Industries by 200.9% in the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company's stock valued at $37,000 after acquiring an additional 229 shares during the last quarter. Finally, Strs Ohio acquired a new position in Patrick Industries in the first quarter valued at $42,000. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Stock Performance

Patrick Industries stock opened at $87.37 on Friday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 2.71. The stock has a fifty day moving average of $94.98 and a two-hundred day moving average of $111.18. The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of 22.40 and a beta of 1.09. Patrick Industries has a fifty-two week low of $82.35 and a fifty-two week high of $148.50.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.02. The company had revenue of $997.17 million during the quarter, compared to the consensus estimate of $989.06 million. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.Patrick Industries's revenue was down .6% compared to the same quarter last year. During the same quarter last year, the business posted $1.11 earnings per share. On average, analysts anticipate that Patrick Industries will post 4.94 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th were given a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.2%. Patrick Industries's payout ratio is currently 48.21%.

Patrick Industries Company Profile

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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