Patrick Industries (NASDAQ:PATK) Earns Hold Rating from Analysts at StockNews.com

StockNews.com initiated coverage on shares of Patrick Industries (NASDAQ:PATK – Get Rating) in a research note published on Thursday. The brokerage issued a hold rating on the construction company’s stock.

Several other research analysts have also recently issued reports on PATK. TheStreet upgraded shares of Patrick Industries from a c+ rating to a b- rating in a report on Thursday, February 9th. Truist Financial boosted their price objective on shares of Patrick Industries from $80.00 to $84.00 in a research note on Friday, February 17th. Robert W. Baird increased their price target on shares of Patrick Industries from $74.00 to $85.00 and gave the company an outperform rating in a research report on Friday, February 10th. Finally, Roth Capital reiterated a buy rating on shares of Patrick Industries in a report on Friday, February 10th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $71.33.

Patrick Industries Trading Down 2.7 %

PATK opened at $67.81 on Thursday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.66 and a current ratio of 2.48. The stock’s 50 day moving average price is $70.63 and its 200-day moving average price is $58.36. Patrick Industries has a one year low of $41.75 and a one year high of $77.96. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 5.05, a P/E/G ratio of 2.95 and a beta of 1.89.

Patrick Industries (NASDAQ:PATK – Get Rating) last issued its earnings results on Thursday, February 9th. The construction company reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.71 by $0.11. Patrick Industries had a return on equity of 38.26% and a net margin of 6.72%. The business had revenue of $952.00 million during the quarter, compared to analyst estimates of $935.39 million. During the same period in the previous year, the company posted $2.55 EPS. Patrick Industries’s revenue was down 17.0% on a year-over-year basis. On average, equities analysts forecast that Patrick Industries will post 7.83 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 6th. Stockholders of record on Tuesday, February 21st were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date was Friday, February 17th. Patrick Industries’s dividend payout ratio is presently 13.39%.

Insider Buying and Selling

In related news, Director Todd M. Cleveland sold 10,000 shares of the stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $74.63, for a total value of $746,300.00. Following the transaction, the director now owns 127,916 shares in the company, valued at approximately $9,546,371.08. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director Todd M. Cleveland sold 7,000 shares of the business’s stock in a transaction dated Tuesday, January 24th. The stock was sold at an average price of $67.83, for a total value of $474,810.00. Following the completion of the transaction, the director now owns 140,916 shares of the company’s stock, valued at approximately $9,558,332.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Todd M. Cleveland sold 10,000 shares of the firm’s stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $74.63, for a total value of $746,300.00. Following the sale, the director now directly owns 127,916 shares in the company, valued at $9,546,371.08. The disclosure for this sale can be found here. Insiders sold 37,000 shares of company stock valued at $2,589,710 over the last quarter. 6.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. State of Wyoming increased its holdings in shares of Patrick Industries by 89.5% during the 4th quarter. State of Wyoming now owns 3,236 shares of the construction company’s stock valued at $196,000 after purchasing an additional 1,528 shares in the last quarter. Chartwell Investment Partners LLC purchased a new stake in shares of Patrick Industries during the 4th quarter worth about $7,057,000. Legal & General Group Plc grew its position in shares of Patrick Industries by 2.1% during the 4th quarter. Legal & General Group Plc now owns 62,399 shares of the construction company’s stock valued at $3,781,000 after acquiring an additional 1,294 shares during the period. Norges Bank acquired a new stake in shares of Patrick Industries during the 4th quarter valued at about $13,444,000. Finally, Algert Global LLC grew its position in shares of Patrick Industries by 2.3% during the 4th quarter. Algert Global LLC now owns 70,043 shares of the construction company’s stock valued at $4,245,000 after acquiring an additional 1,550 shares during the period. 89.53% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Company Profile

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Patrick Industries, Inc engages in the manufacture of components products and distribution of building products for industrial markets. It operates through the following segments: Manufacturing and Distribution. The Manufacturing segment includes laminated products what are utilized to produce furniture, shelving, walls, countertops, cabinet products, cabinet doors, fiberglass bat fixtures, hardwood furniture, vinyl printing, solid surface, granite, quartz countertop fabrication, RV painting, fabricated aluminum products, fiberglass and plastic components, softwoods lumber, custom cabinetry, polymer-based flooring, electrical systems components, and other products.