Patrick Industries (NASDAQ:PATK) Now Covered by StockNews.com

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

Several other research firms have also commented on PATK. Truist Financial lifted their price target on shares of Patrick Industries from $80.00 to $84.00 in a research report on Friday, February 17th. TheStreet raised shares of Patrick Industries from a c+ rating to a b- rating in a research report on Thursday, February 9th. Roth Capital reaffirmed a buy rating on shares of Patrick Industries in a research report on Friday, February 10th. Finally, Robert W. Baird lifted 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. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $71.33.

Patrick Industries Trading Down 2.7 %

Shares of Patrick Industries stock opened at $67.81 on Thursday. The stock has a market cap of $1.52 billion, a P/E ratio of 5.05, a P/E/G ratio of 2.95 and a beta of 1.89. The stock’s 50 day simple moving average is $70.63 and its 200-day simple moving average is $58.36. Patrick Industries has a 1-year low of $41.75 and a 1-year high of $77.96. The company has a debt-to-equity ratio of 1.34, a current ratio of 2.48 and a quick ratio of 0.66.

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, topping the consensus estimate of $1.71 by $0.11. The business had revenue of $952.00 million for the quarter, compared to analysts’ expectations of $935.39 million. Patrick Industries had a return on equity of 38.26% and a net margin of 6.72%. The business’s revenue for the quarter was down 17.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.55 EPS. Analysts predict that Patrick Industries will post 7.83 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

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

Insider Buying and Selling at Patrick Industries

In other news, Director Todd M. Cleveland sold 10,000 shares of the company’s stock in a transaction on Monday, January 9th. The stock was sold at an average price of $65.77, for a total transaction of $657,700.00. Following the sale, the director now owns 156,316 shares of the company’s stock, valued at $10,280,903.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Todd M. Cleveland sold 10,000 shares of the company’s stock in a transaction on Monday, January 9th. The stock was sold at an average price of $65.77, for a total transaction of $657,700.00. Following the sale, the director now owns 156,316 shares of the company’s stock, valued at $10,280,903.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Todd M. Cleveland sold 7,000 shares of the company’s stock in a transaction on Tuesday, January 24th. The stock was sold at an average price of $67.83, for a total value of $474,810.00. Following the sale, the director now directly owns 140,916 shares in the company, valued at approximately $9,558,332.28. The disclosure for this sale can be found here. Insiders have sold a total of 37,000 shares of company stock valued at $2,589,710 over the last quarter. 6.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PATK. Copeland Capital Management LLC raised its position in shares of Patrick Industries by 28.6% during the 4th quarter. Copeland Capital Management LLC now owns 701 shares of the construction company’s stock worth $42,000 after acquiring an additional 156 shares in the last quarter. Gyon Technologies Capital Management LP acquired a new stake in shares of Patrick Industries during the 4th quarter worth about $48,000. Dark Forest Capital Management LP acquired a new stake in shares of Patrick Industries during the 4th quarter worth about $62,000. Quantbot Technologies LP acquired a new stake in shares of Patrick Industries during the 2nd quarter worth about $71,000. Finally, Public Employees Retirement System of Ohio raised its position in shares of Patrick Industries by 12.1% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,800 shares of the construction company’s stock worth $79,000 after acquiring an additional 195 shares in the last quarter. 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.