Patrick Industries (NASDAQ:PATK) Upgraded at StockNews.com

StockNews.com upgraded shares of Patrick Industries (NASDAQ:PATK) from a sell rating to a hold rating in a research report sent to investors on Wednesday.

Several other equities research analysts have also recently issued reports on the company. Truist Financial boosted their price target on Patrick Industries from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Raymond James dropped their price target on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a research note on Friday, November 1st. KeyCorp increased their price objective on shares of Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. BMO Capital Markets upped their price target on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a report on Friday, November 1st. Finally, Benchmark restated a “buy” rating and set a $96.67 price objective on shares of Patrick Industries in a research report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $93.25.

Patrick Industries Trading Up 1.5 %

Shares of NASDAQ:PATK opened at $83.40 on Wednesday. The stock has a market cap of $2.80 billion, a PE ratio of 11.98, a P/E/G ratio of 1.69 and a beta of 2.20. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. Patrick Industries has a 12-month low of $60.67 and a 12-month high of $98.90. The business has a 50 day moving average of $86.79 and a 200-day moving average of $85.46.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, October 31st. The construction company reported $1.20 earnings per share for the quarter, missing the consensus estimate of $1.22 by ($0.02). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The firm had revenue of $919.44 million for the quarter, compared to the consensus estimate of $935.75 million. During the same quarter in the previous year, the business earned $1.21 EPS. The firm’s quarterly revenue was up 6.2% on a year-over-year basis. As a group, equities research analysts forecast that Patrick Industries will post 6.43 earnings per share for the current year.

Patrick Industries Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 9th. Shareholders of record on Monday, November 25th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend was Monday, November 25th. Patrick Industries’s payout ratio is 34.48%.

Insider Activity

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the completion of the sale, the chief executive officer now owns 364,678 shares of the company’s stock, valued at approximately $34,192,209.28. This represents a 3.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

Several large investors have recently modified their holdings of PATK. Pacer Advisors Inc. grew its holdings in Patrick Industries by 20.1% during the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock worth $143,889,000 after acquiring an additional 221,904 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in Patrick Industries in the second quarter valued at $22,460,000. Fiera Capital Corp acquired a new position in shares of Patrick Industries during the third quarter valued at about $27,888,000. Argent Capital Management LLC grew its stake in shares of Patrick Industries by 758.4% in the 3rd quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock valued at $21,498,000 after buying an additional 133,413 shares during the period. Finally, Brightline Capital Management LLC bought a new stake in Patrick Industries in the 3rd quarter valued at about $14,806,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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.