Patrick Industries, Inc. (NASDAQ:PATK) Given Consensus Recommendation of "Moderate Buy" by Analysts
Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) has earned a consensus rating of "Moderate Buy" from the eight research firms that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $97.96.
PATK has been the subject of a number of research reports. StockNews.com cut shares of Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. Raymond James lifted their target price on Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. Benchmark upped their price target on Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Truist Financial boosted their price objective on Patrick Industries from $115.00 to $120.00 and gave the company a "buy" rating in a research note on Monday, February 10th. Finally, KeyCorp increased their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a report on Friday, February 7th.
Get Our Latest Research Report on Patrick Industries
Shares of PATK opened at $87.14 on Wednesday. The firm has a fifty day simple moving average of $91.38 and a two-hundred day simple moving average of $89.88. The firm has a market cap of $2.93 billion, a PE ratio of 21.15, a P/E/G ratio of 1.41 and a beta of 2.37. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. Patrick Industries has a 1-year low of $67.72 and a 1-year high of $98.90.
Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, beating analysts' consensus estimates of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. On average, equities analysts anticipate that Patrick Industries will post 5.33 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.84%. The ex-dividend date was Tuesday, February 18th. Patrick Industries's payout ratio is currently 38.83%.
In other news, Director M Scott Welch bought 2,500 shares of the firm's stock in a transaction that occurred on Thursday, March 13th. The shares were bought at an average cost of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the transaction, the director now owns 2,961 shares of the company's stock, valued at approximately $250,559.82. This represents a 542.30 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total value of $246,754.05. Following the transaction, the executive vice president now directly owns 18,044 shares of the company's stock, valued at approximately $1,543,303.32. The trade was a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.70% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of PATK. Kestra Investment Management LLC bought a new stake in shares of Patrick Industries in the 4th quarter worth about $25,000. Covestor Ltd increased its stake in Patrick Industries by 10,400.0% during the fourth quarter. Covestor Ltd now owns 315 shares of the construction company's stock worth $26,000 after acquiring an additional 312 shares during the last quarter. Quadrant Capital Group LLC raised its position in Patrick Industries by 49.8% during the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock valued at $27,000 after purchasing an additional 109 shares during the period. Nomura Asset Management Co. Ltd. lifted its stake in shares of Patrick Industries by 49.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock valued at $29,000 after purchasing an additional 114 shares during the last quarter. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock worth $49,000 after purchasing an additional 528 shares during the period. Hedge funds and other institutional investors own 93.29% of the company's stock.
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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