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 nine analysts, with six Buy ratings, two Holds, and one Sell. The average 12-month price target is $121.
• The company recently reported better-than-expected quarterly earnings of $1.10 per share versus $1.08 expected, and revenue of $997.17 million also slightly beat estimates. Analysts now forecast full-year earnings of $4.63 per share.
• Insiders have been buying shares, including director Blake Augsburger and insider Charles R. Roeder, with 28,700 shares purchased over the last three months. Patrick Industries also pays a quarterly dividend, yielding about 2.3% annually.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the nine ratings firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $121.00.

Several research analysts have weighed in on the company. Raymond James Financial set a $108.00 target price on Patrick Industries in a report on Friday, May 1st. KeyCorp lowered their price target on Patrick Industries from $140.00 to $125.00 and set an "overweight" rating for the company in a report on Friday, May 1st. Wall Street Zen lowered Patrick Industries from a "buy" rating to a "hold" rating in a research report on Sunday, April 12th. Robert W. Baird set a $110.00 price objective on Patrick Industries in a report on Friday, May 1st. Finally, Weiss Ratings lowered Patrick Industries from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, June 29th.

Insider Activity at Patrick Industries

In other news, Director Blake Augsburger purchased 400 shares of the company's stock in a transaction on Tuesday, May 5th. The shares were purchased at an average price of $85.19 per share, with a total value of $34,076.00. Following the purchase, the director directly owned 2,125 shares of the company's stock, valued at $181,028.75. This trade represents a 23.19% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Charles R. Roeder purchased 5,750 shares of the business's stock in a transaction dated 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 completion of the acquisition, the insider owned 42,147 shares of the company's stock, valued at approximately $3,701,771.01. This represents a 15.80% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 28,700 shares of company stock valued at $2,532,880 over the last three months. Insiders own 3.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PATK. Advisory Services Network LLC acquired a new position in Patrick Industries during the 3rd quarter worth approximately $25,000. Torren Management LLC acquired a new stake in shares of Patrick Industries in the fourth quarter valued at approximately $26,000. Allworth Financial LP raised its holdings in shares of Patrick Industries by 181.2% in 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 during the last quarter. Farther Finance Advisors LLC lifted its position in shares of Patrick Industries by 200.9% in the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company's stock worth $37,000 after purchasing an additional 229 shares in the last quarter. Finally, Strs Ohio bought a new stake in shares of Patrick Industries in the first quarter worth $42,000. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Stock Up 0.9%

Shares of NASDAQ:PATK opened at $83.43 on Tuesday. The company has a 50 day moving average price of $89.20 and a two-hundred day moving average price of $108.36. 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 company has a market capitalization of $2.74 billion, a PE ratio of 21.39 and a beta of 1.11. Patrick Industries has a 52 week low of $82.35 and a 52 week high of $148.50.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates of $1.08 by $0.02. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The company had revenue of $997.17 million for the quarter, compared to analysts' expectations of $989.06 million. During the same period last year, the firm posted $1.11 earnings per share. The business's quarterly revenue was down .6% compared to the same quarter last year. Analysts forecast that Patrick Industries will post 4.63 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Tuesday, May 26th were paid 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 yield of 2.3%. Patrick Industries's payout ratio is presently 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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