Patrick Industries (NASDAQ:PATK) Shares Gap Up – Time to Buy?

Patrick Industries, Inc. (NASDAQ:PATK)’s stock price gapped up before the market opened on Friday. The stock had previously closed at $78.59, but opened at $81.52. Patrick Industries shares last traded at $79.86, with a volume of 21,442 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PATK. Wall Street Zen cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Saturday, October 31st. Northcoast Research set a $121.00 price objective on Patrick Industries and gave the company a “buy” rating in a report on Tuesday, September 1st. KeyCorp decreased their price target on shares of Patrick Industries from $115.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, October 8th. Benchmark reissued a “buy” rating and issued a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a research report on Tuesday, August 11th. Finally, Weiss Ratings lowered Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, September 29th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $101.90.

Patrick Industries Trading Up 2.7%

The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of 20.96, a P/E/G ratio of 2.03 and a beta of 1.21. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.86 and a current ratio of 2.51. The company has a 50 day moving average of $71.93 and a 200 day moving average of $93.63.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, October 29th. The construction company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.06. The company had revenue of $975.28 million for the quarter, compared to the consensus estimate of $938.49 million. Patrick Industries had a return on equity of 12.61% and a net margin of 3.38%. The company’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.01 earnings per share. On average, research analysts predict that Patrick Industries, Inc. will post 4.24 EPS for the current fiscal year.

Patrick Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 7th. Shareholders of record on Monday, November 23rd will be paid a $0.52 dividend. This is a boost from Patrick Industries’s previous quarterly dividend of $0.47. This represents a $2.08 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Monday, November 23rd. Patrick Industries’s dividend payout ratio (DPR) is presently 48.83%.

Institutional Trading of Patrick Industries

Several hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its stake in shares of Patrick Industries by 1.2% in the third quarter. Nisa Investment Advisors LLC now owns 15,490 shares of the construction company’s stock worth $1,050,000 after purchasing an additional 182 shares in the last quarter. Persistent Asset Partners Ltd bought a new stake in Patrick Industries during the second quarter valued at approximately $25,000. Integrated Wealth Concepts LLC purchased a new position in Patrick Industries in the second quarter worth $34,000. Heritage Family Offices LLP purchased a new position in shares of Patrick Industries during the 3rd quarter valued at about $28,000. Finally, Fulcrum Asset Management LLP purchased a new position in Patrick Industries in the 3rd quarter worth $36,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

About Patrick Industries

Patrick Industries, Inc. is a manufacturer and distributor of component products and building materials for recreational vehicles, marine products, manufactured housing, and other markets. Founded in 1959 and headquartered in Elkhart, Indiana, the company supplies products used in the construction and furnishing of vehicles, homes, and industrial applications. Its offerings include cabinetry, countertops, flooring, insulation, furniture, fabricated metal products, laminates, and other interior and structural components.