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

Key Points

• Patrick Industries, Inc. has received a consensus rating of "Moderate Buy" from eight brokerages, with an average price target of $104.86.
• Insider trades revealed significant sales, including CEO Andy L. Nemeth selling 25,000 shares at an average price of $110.68, indicating a 7.07% decrease in his position.
• The company recently declared a quarterly dividend of $0.40 per share, yielding 1.5% annually, with a dividend payout ratio of 43.36%.

Shares of Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) have earned an average recommendation of "Moderate Buy" from the eight ratings firms that are presently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $104.8571.

Several brokerages have issued reports on PATK. KeyCorp lifted their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Truist Financial raised their price objective on shares of Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. BMO Capital Markets lifted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Robert W. Baird upped their target price on shares of Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, June 20th. Finally, Benchmark raised their price target on Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, August 1st.

Insider Transactions at Patrick Industries

In related news, insider Jeff Rodino sold 22,389 shares of the stock in a transaction on Wednesday, August 13th. The shares were 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 of the company's stock, valued at approximately $22,780,197.44. This trade represents a 9.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $110.68, for a total transaction of $2,767,000.00. Following the completion of the transaction, the chief executive officer owned 328,641 shares in the company, valued at approximately $36,373,985.88. The trade was a 7.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold 73,413 shares of company stock worth $8,112,016 in the last three months. Corporate insiders own 4.70% of the company's stock.

Institutional Trading of Patrick Industries

Several institutional investors have recently added to or reduced their stakes in PATK. Cetera Investment Advisers increased its holdings in shares of Patrick Industries by 18.8% in the fourth quarter. Cetera Investment Advisers now owns 4,551 shares of the construction company's stock worth $378,000 after buying an additional 719 shares during the period. Deutsche Bank AG grew its position in Patrick Industries by 118.4% during the 4th quarter. Deutsche Bank AG now owns 28,445 shares of the construction company's stock worth $2,363,000 after acquiring an additional 15,421 shares during the last quarter. Gotham Asset Management LLC increased its stake in Patrick Industries by 49.8% in the 4th quarter. Gotham Asset Management LLC now owns 5,354 shares of the construction company's stock worth $445,000 after purchasing an additional 1,780 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Patrick Industries by 50.0% during the fourth quarter. Janus Henderson Group PLC now owns 14,365 shares of the construction company's stock valued at $1,195,000 after purchasing an additional 4,788 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Patrick Industries by 56.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,451 shares of the construction company's stock valued at $1,533,000 after purchasing an additional 6,634 shares during the period. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Price Performance

Shares of NASDAQ PATK opened at $107.50 on Wednesday. The stock's 50-day simple moving average is $106.06 and its two-hundred day simple moving average is $92.92. Patrick Industries has a twelve month low of $72.99 and a twelve month high of $116.78. The firm has a market capitalization of $3.58 billion, a P/E ratio of 29.13, a P/E/G ratio of 1.56 and a beta of 1.33. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.41 by $0.09. The firm 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 company's revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter last year, the company posted $2.16 EPS. As a group, equities analysts anticipate that Patrick Industries will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Monday, August 25th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, August 25th. Patrick Industries's dividend payout ratio (DPR) is currently 43.36%.

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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