Patrick Industries (NASDAQ:PATK) Stock Passes Above Two Hundred Day Moving Average – Here’s What Happened

Patrick Industries, Inc. (NASDAQ:PATK) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $89.06 and traded as high as $96.28. Patrick Industries shares last traded at $95.76, with a volume of 262,730 shares trading hands.

Analysts Set New Price Targets

Several research firms recently commented on PATK. KeyCorp upped their target price on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Raymond James raised their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. BMO Capital Markets increased their target price on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Truist Financial boosted their price objective on Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, February 10th. Finally, StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $97.96.

Patrick Industries Price Performance

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 has a market capitalization of $3.19 billion, a price-to-earnings ratio of 23.05, a P/E/G ratio of 1.45 and a beta of 2.26. The company’s 50 day moving average is $89.84 and its 200-day moving average is $89.19.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. Equities research analysts anticipate that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Tuesday, February 18th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date is Tuesday, February 18th. Patrick Industries’s payout ratio is 38.83%.

Insider Buying and Selling

In other news, CEO Andy L. Nemeth sold 15,000 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $93.76, for a total value of $1,406,400.00. Following the completion of the transaction, the chief executive officer now directly owns 364,678 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Patrick Industries

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Creative Planning purchased a new position in Patrick Industries during the third quarter valued at $337,000. Allspring Global Investments Holdings LLC lifted its position in Patrick Industries by 35.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock valued at $13,869,000 after purchasing an additional 25,556 shares during the period. Copeland Capital Management LLC bought a new stake in shares of Patrick Industries in the third quarter worth $8,070,000. Argent Capital Management LLC increased its position in shares of Patrick Industries by 758.4% during the 3rd quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock valued at $21,498,000 after purchasing an additional 133,413 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its position in Patrick Industries by 1.9% in the third quarter. Louisiana State Employees Retirement System now owns 10,800 shares of the construction company’s stock worth $1,538,000 after acquiring an additional 200 shares during the period. Institutional investors own 93.29% of the company’s stock.

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.