Patrick Industries, Inc. (NASDAQ:PATK) Receives $93.25 Consensus Price Target from Brokerages

Patrick Industries, Inc. (NASDAQ:PATK) has earned an average recommendation of “Moderate Buy” from the eight analysts that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $93.25.

A number of research firms recently issued reports on PATK. BMO Capital Markets lifted their target price on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a report on Friday, November 1st. KeyCorp increased their target price on shares of Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Raymond James dropped their price target on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a report on Friday, November 1st. Benchmark reissued a “buy” rating and set a $96.67 price objective on shares of Patrick Industries in a research note on Monday, November 4th. Finally, StockNews.com raised Patrick Industries from a “sell” rating to a “hold” rating in a research report on Monday, December 16th.

Patrick Industries Stock Down 0.8 %

PATK stock opened at $82.89 on Monday. The firm’s 50-day moving average is $88.82 and its two-hundred day moving average is $84.77. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of 11.91, a price-to-earnings-growth ratio of 1.69 and a beta of 2.24. Patrick Industries has a 52 week low of $60.67 and a 52 week high of $98.90. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22.

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

Patrick Industries Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, November 25th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.93%. The ex-dividend date was Monday, November 25th. Patrick Industries’s payout ratio is 34.48%.

Insider Activity

In other Patrick Industries news, CEO Andy L. Nemeth sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $90.00, for a total value of $2,700,000.00. Following the transaction, the chief executive officer now owns 379,678 shares in the company, valued at approximately $34,171,020. This represents a 7.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Patrick Industries

Institutional investors and hedge funds have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. purchased a new position in Patrick Industries in the second quarter valued at about $41,000. Sound Income Strategies LLC acquired a new position in Patrick Industries in the third quarter worth approximately $46,000. GAMMA Investing LLC raised its position in Patrick Industries by 76.2% during the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock valued at $67,000 after acquiring an additional 205 shares in the last quarter. UMB Bank n.a. lifted its stake in Patrick Industries by 176.6% in the third quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock valued at $81,000 after acquiring an additional 362 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its position in Patrick Industries by 21.4% in the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock worth $112,000 after acquiring an additional 139 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

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.