Patrick Industries (NASDAQ:PATK) Downgraded by Wall Street Zen to Hold

Wall Street Zen lowered shares of Patrick Industries (NASDAQ:PATK) from a buy rating to a hold rating in a research report report published on Sunday morning.

A number of other analysts have also recently issued reports on the company. Benchmark reissued a “buy” rating on shares of Patrick Industries in a research note on Friday, February 6th. Truist Financial set a $126.00 target price on Patrick Industries in a research report on Friday, January 9th. Robert W. Baird set a $140.00 target price on shares of Patrick Industries in a report on Friday, February 6th. Weiss Ratings raised Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Finally, KeyCorp reaffirmed an “overweight” rating and set a $155.00 target price (up from $135.00) on shares of Patrick Industries in a report on Friday, February 6th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $135.13.

Patrick Industries Trading Down 3.1%

NASDAQ PATK opened at $115.81 on Friday. The company has a market capitalization of $3.85 billion, a PE ratio of 29.62 and a beta of 1.33. Patrick Industries has a 12 month low of $72.99 and a 12 month high of $148.50. The stock has a 50-day simple moving average of $126.94 and a 200 day simple moving average of $113.62. The company has a current ratio of 2.51, a quick ratio of 0.80 and a debt-to-equity ratio of 1.08.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The business had revenue of $924.17 million for the quarter, compared to the consensus estimate of $858.62 million. During the same period last year, the company posted $0.52 EPS. Patrick Industries’s revenue for the quarter was up 9.2% on a year-over-year basis. Research analysts forecast that Patrick Industries will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 9th. Shareholders of record on Monday, February 23rd will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 1.6%. The ex-dividend date is Monday, February 23rd. Patrick Industries’s payout ratio is currently 48.08%.

Insiders Place Their Bets

In related news, EVP Stacey L. Amundson sold 3,903 shares of the firm’s stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $145.61, for a total value of $568,315.83. Following the sale, the executive vice president directly owned 12,819 shares of the company’s stock, valued at $1,866,574.59. This trade represents a 23.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Matthew S. Filer bought 1,000 shares of the firm’s stock in a transaction on Friday, February 6th. The stock was acquired at an average price of $139.91 per share, for a total transaction of $139,910.00. Following the transaction, the chief accounting officer owned 20,614 shares of the company’s stock, valued at approximately $2,884,104.74. The trade was a 5.10% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders sold 31,607 shares of company stock worth $3,823,904. 4.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently made changes to their positions in PATK. Torren Management LLC acquired a new stake in Patrick Industries in the fourth quarter valued at approximately $26,000. Advisory Services Network LLC acquired a new position in shares of Patrick Industries during the third quarter worth $25,000. Salomon & Ludwin LLC acquired a new position in shares of Patrick Industries during the third quarter worth $25,000. Cornerstone Planning Group LLC bought a new position in shares of Patrick Industries in the 3rd quarter valued at $31,000. Finally, Allworth Financial LP lifted its stake in shares of Patrick Industries by 181.3% in the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after acquiring an additional 203 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.