Patrick Industries (NASDAQ:PATK) Rating Increased to Buy at Wall Street Zen

by · The Markets Daily

Wall Street Zen upgraded shares of Patrick Industries (NASDAQ:PATK – Free Report) from a hold rating to a buy rating in a report released on Saturday.

PATK has been the topic of a number of other reports. Benchmark restated a “buy” rating on shares of Patrick Industries in a research report on Friday, February 6th. Truist Financial set a $126.00 price target on shares of Patrick Industries in a research note on Friday, January 9th. Roth Mkm reissued a “buy” rating and set a $157.00 price objective on shares of Patrick Industries in a research report on Monday, February 9th. BMO Capital Markets restated an “outperform” rating and issued a $155.00 price objective on shares of Patrick Industries in a research note on Friday, February 6th. Finally, Loop Capital started coverage on shares of Patrick Industries in a report on Friday, October 31st. They issued a “hold” rating and a $99.00 target price for the company. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $135.13.

Get Our Latest Analysis on Patrick Industries

Patrick Industries Stock Down 2.2%

PATK opened at $123.79 on Friday. Patrick Industries has a one year low of $72.99 and a one year high of $148.50. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. The stock has a market capitalization of $4.11 billion, a P/E ratio of 31.66, a price-to-earnings-growth ratio of 1.30 and a beta of 1.34. The business’s 50-day simple moving average is $126.10 and its 200-day simple moving average is $113.31.

Patrick Industries (NASDAQ:PATK – Get Free Report) last announced its earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The firm had revenue of $924.17 million during the quarter, compared to analysts’ expectations of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The business’s revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.52 EPS. Analysts anticipate that Patrick Industries will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 9th. Shareholders of record on Monday, February 23rd will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Monday, February 23rd. Patrick Industries’s payout ratio is currently 48.08%.

Insiders Place Their Bets

In other news, EVP Stacey L. Amundson sold 3,903 shares of the stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $145.61, for a total transaction of $568,315.83. Following the completion of the transaction, the executive vice president directly owned 12,819 shares of the company’s stock, valued at approximately $1,866,574.59. This represents a 23.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John A. Forbes sold 2,704 shares of Patrick Industries stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $140.75, for a total value of $380,588.00. Following the completion of the sale, the director owned 49,272 shares in the company, valued at approximately $6,935,034. This trade represents a 5.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 31,607 shares of company stock worth $3,823,904. Company insiders own 4.40% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

Several institutional investors have recently made changes to their positions in the stock. Salomon & Ludwin LLC purchased a new position in shares of Patrick Industries in the 3rd quarter valued at about $25,000. Advisory Services Network LLC purchased a new stake in Patrick Industries during the third quarter worth about $25,000. Torren Management LLC acquired a new position in Patrick Industries during the fourth quarter worth about $26,000. Cornerstone Planning Group LLC acquired a new position in Patrick Industries during the third quarter worth about $31,000. Finally, Allworth Financial LP increased its holdings in Patrick Industries by 181.3% in the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after buying an additional 203 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Company Profile

(Get Free Report)

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.

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