Patrick Industries, Inc. (NASDAQ:PATK) Receives a Consensus Rating of “Hold” by Analysts
Shares of Patrick Industries, Inc. (NASDAQ: PATK – Get a rating) have received a consensus recommendation of “Hold” by the seven rating agencies that currently cover the company, Marketbeat.com reports. One research analyst rated the stock with a sell recommendation, two gave the company a hold recommendation and two gave the company a buy recommendation. The 12-month average price target among brokers who have hedged the stock over the past year is $72.20.
A number of research companies have recently commented on PATK. KeyCorp raised its price target on Patrick Industries from $65.00 to $68.00 and gave the stock an “overweight” rating in a Monday, Aug. 1 research report. TheStreet downgraded shares of Patrick Industries from a “b-” rating to a “c+” rating in a Thursday, July 14 research note. Truist Financial lowered its price target on shares of Patrick Industries to $75.00 in a Thursday May 26 research note. StockNews.com downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a Tuesday, May 31 research note. Finally, DA Davidson began covering Patrick Industries in a report on Friday, August 26. They set a “neutral” rating and a target price of $65.00 for the company.
Patrick Industries trades down 3.4%
Shares of PATK opened at $48.83 on Friday. Patrick Industries has a fifty-two week low of $48.26 and a fifty-two week high of $88.79. The stock has a market capitalization of $1.12 billion, a P/E ratio of 3.39, a P/E/G ratio of 0.44 and a beta of 1.95. The company has a fifty-day simple moving average of $56.98 and a 200-day simple moving average of $59.98. The company has a quick ratio of 1.02, a current ratio of 2.58 and a debt ratio of 1.64.
Patrick Industries (NASDAQ:PATK – Get a rating) last announced its quarterly results on Thursday, July 28. The construction company reported earnings per share of $5.31 for the quarter, beating consensus analyst estimates of $3.42 from $1.89. Patrick Industries had a return on equity of 45.44% and a net margin of 6.92%. The company posted revenue of $1.48 billion in the quarter, versus $1.23 billion expected by analysts. On average, analysts expect Patrick Industries to post 13.59 earnings per share for the current fiscal year.
Patrick Industries announces a dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, September 12. Shareholders of record on Monday August 29 will receive a dividend of $0.33. This represents a dividend of $1.32 on an annualized basis and a yield of 2.70%. The ex-dividend date is Friday, August 26. Patrick Industries’ dividend payout rate is currently 9.17%.
Insiders place their bets
In other news from Patrick Industries, President Todd M. Cleveland sold 20,000 shares of the company in a transaction that took place on Monday, August 15. The stock was sold at an average price of $63.42, for a total value of $1,268,400.00. Following completion of the transaction, the president now owns 131,737 shares of the company, valued at approximately $8,354,760.54. The transaction was disclosed in a document filed with the SEC, accessible via this hyperlink. 6.10% of the shares are held by insiders of the company.
Hedge funds weigh on Patrick Industries
A number of institutional investors have recently changed their positions in PATK. ProShare Advisors LLC increased its position in shares of Patrick Industries by 62.4% in the fourth quarter. ProShare Advisors LLC now owns 5,670 shares of the construction company valued at $458,000 after buying 2,178 additional shares last quarter. UMB Bank NA MO acquired a new position in shares of Patrick Industries in Q4 valued at around $28,000. First Horizon Advisors Inc. raised its position in shares of Patrick Industries by 462.3% in the 4th quarter. First Horizon Advisors Inc. now owns 731 shares of the construction company valued at $58,000 after buying an additional 601 shares in the last quarter. HighTower Advisors LLC increased its position in shares of Patrick Industries by 14.7% during the 4th quarter. HighTower Advisors LLC now owns 3,513 shares of the construction company valued at $285,000 after acquiring 450 additional shares last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its position in shares of Patrick Industries by 545.8% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 15,500 shares in the construction company valued at $1,236,000 after acquiring an additional 13,100 shares in the last quarter. 89.86% of the shares are held by institutional investors and hedge funds.
Patrick Industries Company Profile
Patrick Industries, Inc. manufactures and distributes components, building products and materials for the recreational vehicle, marine, manufactured housing and industrial markets in the United States, China and Canada. Its Manufacturing segment manufactures and sells furniture, shelves, walls, counters and cabinets; cabinet door, fiberglass bath fixture and tiling system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars and subwoofers; manufacture of solid surface, granite and quartz countertops; aluminum product; fiberglass and plastic components; VR painting; vinyl and paper laminated decorative panels; softwood lumber; custom cabinet; polymer-based flooring product; dashboard panels; and other products.
This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]
Before you consider Patrick Industries, you’ll want to hear this.
MarketBeat tracks Wall Street’s top-rated, top-performing research analysts daily and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and Patrick Industries wasn’t on the list.
While Patrick Industries currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.
See the five actions here