Patrick Industries, Inc. (NASDAQ:PATK) Receives $122.63 Consensus PT from Analysts

Patrick Industries, Inc. (NASDAQ:PATK) has been given a consensus recommendation of “Moderate Buy” by the nine analysts that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $122.6250.

A number of brokerages have recently commented on PATK. Benchmark dropped their target price on shares of Patrick Industries from $150.00 to $135.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Raymond James Financial set a $108.00 target price on Patrick Industries in a research report on Friday, May 1st. Roth Mkm set a $128.00 target price on Patrick Industries in a report on Tuesday, May 5th. KeyCorp decreased their price target on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Finally, Robert W. Baird set a $110.00 price target on Patrick Industries in a research note on Friday, May 1st.

Patrick Industries Stock Performance

PATK opened at $92.68 on Friday. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16. The company’s fifty day moving average price is $92.24 and its two-hundred day moving average price is $110.52. Patrick Industries has a 1-year low of $82.35 and a 1-year high of $148.50. The company has a market cap of $3.05 billion, a price-to-earnings ratio of 23.76 and a beta of 1.09.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.08 by $0.02. Patrick Industries had a net margin of 3.46% and a return on equity of 13.24%. The company had revenue of $997.17 million during the quarter, compared to the consensus estimate of $989.06 million. During the same quarter in the prior year, the company posted $1.11 earnings per share. The firm’s revenue for the quarter was down .6% on a year-over-year basis. On average, analysts expect that Patrick Industries will post 4.94 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th were issued a $0.47 dividend. The ex-dividend date was Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.0%. Patrick Industries’s dividend payout ratio is presently 48.21%.

Insiders Place Their Bets

In related news, CFO Matthew S. Filer purchased 1,000 shares of the company’s stock in a transaction on Tuesday, May 5th. The stock was bought at an average price of $85.50 per share, with a total value of $85,500.00. Following the completion of the transaction, the chief financial officer owned 21,614 shares of the company’s stock, valued at approximately $1,847,997. This represents a 4.85% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director M Scott Welch purchased 10,050 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were bought at an average cost of $88.23 per share, with a total value of $886,711.50. Following the transaction, the director directly owned 156,000 shares of the company’s stock, valued at $13,763,880. This represents a 6.89% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have bought 28,700 shares of company stock worth $2,532,880. 3.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Patrick Industries

Several hedge funds have recently bought and sold shares of PATK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Patrick Industries by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock worth $1,632,000 after buying an additional 851 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Patrick Industries by 5.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company’s stock valued at $5,957,000 after purchasing an additional 3,748 shares during the period. Strs Ohio purchased a new stake in shares of Patrick Industries in the first quarter valued at $42,000. Cetera Investment Advisers grew its position in shares of Patrick Industries by 64.8% in the second quarter. Cetera Investment Advisers now owns 6,058 shares of the construction company’s stock valued at $559,000 after purchasing an additional 2,381 shares during the period. Finally, Hsbc Holdings PLC purchased a new stake in shares of Patrick Industries in the second quarter valued at $340,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

About Patrick Industries

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.