Patrick Industries, Inc. (NASDAQ:PATK) Receives Average Rating of “Moderate Buy” from Analysts

Patrick Industries, Inc. (NASDAQ:PATK) has been given a consensus recommendation of “Moderate Buy” by the eight brokerages that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $97.96.

Several analysts have issued reports on PATK shares. Truist Financial upped their target price on Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a report on Monday, February 10th. Raymond James upped their price objective on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Benchmark raised their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. KeyCorp boosted their target price on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Finally, StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th.

Patrick Industries Stock Performance

PATK opened at $86.66 on Friday. Patrick Industries has a twelve month low of $45.15 and a twelve month high of $98.60. The firm has a market capitalization of $2.92 billion, a PE ratio of 21.03, a PEG ratio of 1.41 and a beta of 2.26. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The firm’s 50-day moving average price is $90.68 and its 200 day moving average price is $89.84.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. As a group, sell-side analysts expect that Patrick Industries will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s dividend payout ratio is presently 38.83%.

Hedge Funds Weigh In On Patrick Industries

Large investors have recently made changes to their positions in the stock. Assetmark Inc. raised its position in Patrick Industries by 1,589.0% in the third quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock valued at $938,000 after purchasing an additional 6,197 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of Patrick Industries by 27.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 123,972 shares of the construction company’s stock valued at $10,222,000 after buying an additional 26,558 shares in the last quarter. Fiera Capital Corp purchased a new stake in shares of Patrick Industries in the 3rd quarter valued at $27,888,000. Rhumbline Advisers lifted its stake in Patrick Industries by 53.2% during the 4th quarter. Rhumbline Advisers now owns 94,291 shares of the construction company’s stock worth $7,835,000 after acquiring an additional 32,740 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Patrick Industries by 55.3% during the 4th quarter. Principal Financial Group Inc. now owns 173,819 shares of the construction company’s stock valued at $14,441,000 after acquiring an additional 61,867 shares during the period. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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.