Posted by admin on Jun 26th, 2022
Shares of Patrick Industries, Inc. (NASDAQ:PATK – Get Rating) have been given a consensus recommendation of “Hold” by the six brokerages that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $84.40.
PATK has been the topic of a number of recent analyst reports. Truist Financial lowered their price target on shares of Patrick Industries to $75.00 in a report on Thursday, May 26th. StockNews.com downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Tuesday, May 31st. Bank of America started coverage on shares of Patrick Industries in a report on Monday, April 4th. They set an “underperform” rating and a $60.00 price objective on the stock. Finally, MKM Partners started coverage on shares of Patrick Industries in a report on Thursday, May 5th. They set a “buy” rating and a $93.00 price objective on the stock.
Shares of NASDAQ PATK opened at $52.93 on Friday. The company’s fifty day moving average price is $59.95 and its 200 day moving average price is $66.10. Patrick Industries has a 1 year low of $49.79 and a 1 year high of $88.79. The company has a market capitalization of $1.22 billion, a PE ratio of 4.36, a price-to-earnings-growth ratio of 0.65 and a beta of 1.95. The company has a debt-to-equity ratio of 1.86, a quick ratio of 0.96 and a current ratio of 2.37.
Patrick Industries (NASDAQ:PATK – Get Rating) last announced its quarterly earnings results on Thursday, April 28th. The construction company reported $4.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.89 by $1.65. Patrick Industries had a net margin of 6.35% and a return on equity of 39.75%. The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the prior year, the firm posted $1.80 earnings per share. The firm’s quarterly revenue was up 57.8% compared to the same quarter last year. On average, equities analysts expect that Patrick Industries will post 12.82 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 13th. Shareholders of record on Tuesday, May 31st were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.49%. The ex-dividend date was Friday, May 27th. Patrick Industries’s payout ratio is 10.88%.
In other news, Chairman Todd M. Cleveland sold 5,000 shares of the firm’s stock in a transaction dated Friday, May 6th. The shares were sold at an average price of $66.68, for a total value of $333,400.00. Following the transaction, the chairman now directly owns 215,517 shares of the company’s stock, valued at $14,370,673.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Todd M. Cleveland sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $68.32, for a total transaction of $683,200.00. Following the completion of the transaction, the chairman now directly owns 220,517 shares in the company, valued at $15,065,721.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,103 shares of company stock worth $1,556,669. Insiders own 6.10% of the company’s stock.
Several large investors have recently bought and sold shares of the company. BlackRock Inc. lifted its stake in shares of Patrick Industries by 5.8% in the first quarter. BlackRock Inc. now owns 3,691,563 shares of the construction company’s stock worth $222,602,000 after buying an additional 201,274 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Patrick Industries by 6.4% in the first quarter. Vanguard Group Inc. now owns 1,627,903 shares of the construction company’s stock worth $98,163,000 after buying an additional 97,558 shares in the last quarter. State Street Corp increased its position in Patrick Industries by 3.8% during the first quarter. State Street Corp now owns 760,855 shares of the construction company’s stock worth $45,880,000 after purchasing an additional 27,636 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Patrick Industries by 5.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 297,622 shares of the construction company’s stock valued at $17,947,000 after purchasing an additional 14,731 shares during the last quarter. Finally, Royce & Associates LP boosted its holdings in Patrick Industries by 3.3% in the 4th quarter. Royce & Associates LP now owns 296,370 shares of the construction company’s stock valued at $23,914,000 after purchasing an additional 9,407 shares during the last quarter. 94.85% of the stock is currently owned by hedge funds and other institutional investors.
About Patrick Industries (Get Rating)
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, shelving, wall, countertop, and cabinet product; cabinet door, fiberglass bath fixture, and tile system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum product; fiberglass and plastic components; RV painting; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinet; polymer-based flooring product; dash panels; and other products.
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