Patrick Industries, Inc. (NASDAQ:PATK) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Patrick Industries, Inc. (NASDAQ:PATK) has been given a consensus rating of “Moderate Buy” by the ten ratings firms that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $114.00.

PATK has been the topic of a number of recent research reports. Northcoast Research set a $121.00 price target on shares of Patrick Industries and gave the stock a “buy” rating in a report on Tuesday, September 1st. Weiss Ratings downgraded Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday. KeyCorp lowered their target price on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating for the company in a research report on Wednesday, July 22nd. Raymond James Financial reaffirmed an “outperform” rating and set a $94.00 target price on shares of Patrick Industries in a report on Friday, July 31st. Finally, Roth Capital set a $114.00 price target on Patrick Industries in a research note on Friday, July 31st.

Patrick Industries Stock Up 0.9%

Shares of NASDAQ PATK opened at $67.16 on Friday. The company has a 50 day simple moving average of $79.47 and a 200 day simple moving average of $90.05. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.67 and a quick ratio of 0.96. Patrick Industries has a 1 year low of $66.24 and a 1 year high of $148.50. The firm has a market cap of $2.16 billion, a PE ratio of 15.91 and a beta of 1.16.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.05. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $994.95 million. During the same period in the previous year, the firm posted $1.50 EPS. The company’s revenue for the quarter was down .6% compared to the same quarter last year. On average, research analysts forecast that Patrick Industries will post 4.24 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Investors of record on Monday, August 24th were issued a $0.47 dividend. The ex-dividend date was Monday, August 24th. This represents a $1.88 annualized dividend and a yield of 2.8%. Patrick Industries’s dividend payout ratio is presently 44.55%.

Institutional Trading of Patrick Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new position in Patrick Industries during the second quarter worth $65,138,000. Bank of America Corp DE bought a new stake in Patrick Industries in the second quarter valued at $30,646,000. The Manufacturers Life Insurance Company bought a new stake in Patrick Industries in the second quarter valued at $27,166,000. Capital Research Global Investors raised its holdings in shares of Patrick Industries by 24.4% during the fourth quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock valued at $123,342,000 after purchasing an additional 223,014 shares during the period. Finally, 1ST Source Bank acquired a new position in shares of Patrick Industries during the second quarter valued at about $9,485,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Company Profile

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials used in recreational vehicles, marine vessels, manufactured housing, industrial applications and other markets. The company supplies original equipment manufacturers and other customers with products designed for use in interior, exterior and structural applications.

Its product portfolio includes cabinetry, furniture, countertops, flooring, wall panels, hardware, plumbing and electrical components, windows, doors, electronics, composite panels and other specialty products.