Patrick Industries (NASDAQ:PATK) Stock Passes Above Two Hundred Day Moving Average – Time to Sell?

Patrick Industries, Inc. (NASDAQ:PATK)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $126.42 and traded as high as $137.74. Patrick Industries shares last traded at $134.59, with a volume of 217,650 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. BMO Capital Markets upped their price target on shares of Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a report on Friday, November 1st. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, November 14th. Raymond James cut their price objective on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a research report on Friday, November 1st. Truist Financial lifted their price target on Patrick Industries from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Finally, Benchmark reaffirmed a “buy” rating and set a $96.67 price objective on shares of Patrick Industries in a research note on Monday, November 4th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $93.25.

Patrick Industries Trading Down 1.0 %

The company has a market cap of $3.01 billion, a PE ratio of 19.34, a PEG ratio of 1.70 and a beta of 2.24. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41. The company has a 50 day simple moving average of $89.80 and a two-hundred day simple moving average of $84.34.

Patrick Industries shares are scheduled to split on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly created shares will be payable to shareholders after the closing bell on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, October 31st. The construction company reported $1.20 EPS for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.02). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The firm had revenue of $919.44 million during the quarter, compared to analysts’ expectations of $935.75 million. During the same quarter last year, the firm earned $1.21 EPS. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. Sell-side analysts forecast that Patrick Industries, Inc. will post 6.43 EPS for the current year.

Patrick Industries Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, November 25th were issued a $0.40 dividend. The ex-dividend date of this dividend was Monday, November 25th. This represents a $1.60 dividend on an annualized basis and a yield of 1.19%. Patrick Industries’s dividend payout ratio is currently 34.48%.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the transaction, the chief executive officer now directly owns 364,678 shares in the company, valued at $34,192,209.28. This trade represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 4.70% of the company’s stock.

Institutional Trading of Patrick Industries

Several large investors have recently made changes to their positions in PATK. SG Americas Securities LLC boosted its position in Patrick Industries by 91.5% during the second quarter. SG Americas Securities LLC now owns 4,668 shares of the construction company’s stock worth $507,000 after purchasing an additional 2,230 shares during the period. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in shares of Patrick Industries by 78.5% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock worth $205,000 after buying an additional 840 shares during the period. SummerHaven Investment Management LLC grew its stake in Patrick Industries by 1.5% in the 2nd quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company’s stock valued at $977,000 after buying an additional 135 shares during the last quarter. Louisiana State Employees Retirement System raised its holdings in Patrick Industries by 2.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 10,600 shares of the construction company’s stock worth $1,151,000 after acquiring an additional 300 shares during the period. Finally, Tributary Capital Management LLC lifted its position in Patrick Industries by 0.3% during the 2nd quarter. Tributary Capital Management LLC now owns 205,788 shares of the construction company’s stock worth $22,338,000 after acquiring an additional 613 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

About Patrick Industries

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.