Patrick Industries, Inc. (NASDAQ:PATK) Receives Average Recommendation of "Moderate Buy" from Analysts

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) has been given a consensus rating of "Moderate Buy" by the seven analysts that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $85.33.

Several equities research analysts recently commented on PATK shares. Robert W. Baird upped their target price on Patrick Industries from $85.00 to $95.00 and gave the company an "outperform" rating in a research report on Friday, July 28th. Bank of America upped their target price on Patrick Industries from $63.00 to $75.00 and gave the company an "underperform" rating in a research report on Monday, August 7th. DA Davidson upped their target price on Patrick Industries from $75.00 to $81.00 and gave the company a "neutral" rating in a research report on Tuesday, August 1st. Truist Financial upped their price target on Patrick Industries from $80.00 to $100.00 and gave the stock a "buy" rating in a research note on Friday, July 14th. Finally, KeyCorp upped their price target on Patrick Industries from $90.00 to $95.00 and gave the stock an "overweight" rating in a research note on Monday, July 31st.

Check Out Our Latest Stock Report on PATK

In other news, President Jeff Rodino sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $85.00, for a total value of $425,000.00. Following the completion of the transaction, the president now directly owns 151,933 shares of the company's stock, valued at $12,914,305. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Patrick Industries news, President Jeff Rodino sold 5,000 shares of the stock in a transaction on Tuesday, July 18th. The stock was sold at an average price of $85.00, for a total transaction of $425,000.00. Following the completion of the transaction, the president now directly owns 151,933 shares of the company's stock, valued at $12,914,305. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Kip B. Ellis sold 13,600 shares of the firm's stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $78.69, for a total value of $1,070,184.00. Following the completion of the transaction, the chief operating officer now directly owns 119,780 shares of the company's stock, valued at $9,425,488.20. The disclosure for this sale can be found here. Insiders sold a total of 46,100 shares of company stock valued at $3,647,934 over the last three months. Corporate insiders own 6.80% of the company's stock.

Large investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC boosted its holdings in shares of Patrick Industries by 129.6% in the first quarter. Tower Research Capital LLC TRC now owns 489 shares of the construction company's stock worth $34,000 after acquiring an additional 276 shares during the period. Federated Hermes Inc. raised its position in shares of Patrick Industries by 37.3% in the first quarter. Federated Hermes Inc. now owns 751 shares of the construction company's stock worth $52,000 after buying an additional 204 shares in the last quarter. Gyon Technologies Capital Management LP purchased a new stake in shares of Patrick Industries in the fourth quarter worth $48,000. Dark Forest Capital Management LP purchased a new stake in shares of Patrick Industries in the fourth quarter worth $62,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Patrick Industries in the second quarter worth $88,000. 93.18% of the stock is owned by institutional investors.

NASDAQ PATK opened at $80.74 on Tuesday. The business's 50-day moving average price is $81.49 and its two-hundred day moving average price is $74.06. Patrick Industries has a 12 month low of $41.75 and a 12 month high of $87.36. The firm has a market capitalization of $1.79 billion, a PE ratio of 10.91, a price-to-earnings-growth ratio of 3.90 and a beta of 1.92. The company has a current ratio of 2.71, a quick ratio of 0.91 and a debt-to-equity ratio of 1.22.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings results on Thursday, July 27th. The construction company reported $1.94 EPS for the quarter, beating analysts' consensus estimates of $1.89 by $0.05. Patrick Industries had a return on equity of 18.08% and a net margin of 4.42%. The firm had revenue of $920.69 million for the quarter, compared to analyst estimates of $979.40 million. On average, analysts expect that Patrick Industries will post 6.79 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Monday, August 28th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Friday, August 25th. Patrick Industries's dividend payout ratio is presently 24.32%.

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, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.

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