Patrick Industries (NASDAQ:PATK) Earns Outperform Rating from Analysts at Raymond James

Raymond James assumed coverage on shares of Patrick Industries (NASDAQ:PATK) in a research note issued to investors on Tuesday morning, MarketBeat reports. The firm issued an outperform rating and a $160.00 price objective on the construction company’s stock.

A number of other analysts have also issued reports on the company. Robert W. Baird lifted their target price on Patrick Industries from $120.00 to $128.00 and gave the stock an outperform rating in a research report on Friday, August 2nd. BMO Capital Markets lifted their price objective on Patrick Industries from $125.00 to $135.00 and gave the stock an outperform rating in a report on Friday, August 2nd. KeyCorp upped their target price on Patrick Industries from $125.00 to $135.00 and gave the company an overweight rating in a research report on Friday, August 2nd. DA Davidson raised their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a neutral rating in a research report on Monday, August 5th. Finally, Benchmark reaffirmed a buy rating and issued a $145.00 price target on shares of Patrick Industries in a report on Tuesday, September 17th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $138.50.

Patrick Industries Stock Performance

Patrick Industries stock opened at $144.61 on Tuesday. The firm has a market capitalization of $3.24 billion, a PE ratio of 21.18, a price-to-earnings-growth ratio of 1.21 and a beta of 1.62. Patrick Industries has a one year low of $70.15 and a one year high of $147.80. The stock’s 50 day moving average price is $130.39 and its 200 day moving average price is $118.02. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.94 and a current ratio of 2.29.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.11. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $972.06 million. During the same period in the prior year, the firm earned $1.94 earnings per share. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. As a group, sell-side analysts expect that Patrick Industries will post 7.32 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend was Monday, August 26th. Patrick Industries’s dividend payout ratio is presently 32.59%.

Insider Buying and Selling at Patrick Industries

In other news, Director Todd M. Cleveland sold 7,500 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $131.05, for a total value of $982,875.00. Following the transaction, the director now directly owns 82,374 shares in the company, valued at approximately $10,795,112.70. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the transaction, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at $3,091,283.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd M. Cleveland sold 7,500 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the sale, the director now owns 82,374 shares in the company, valued at $10,795,112.70. The disclosure for this sale can be found here. Insiders sold a total of 29,411 shares of company stock worth $3,858,915 over the last 90 days. Insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. boosted its holdings in shares of Patrick Industries by 20.1% during the second quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after acquiring an additional 221,904 shares during the period. Massachusetts Financial Services Co. MA acquired a new position in Patrick Industries during the 2nd quarter valued at about $22,460,000. Norges Bank acquired a new position in Patrick Industries during the 4th quarter valued at about $14,782,000. Peregrine Capital Management LLC bought a new position in Patrick Industries in the 1st quarter worth about $8,546,000. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Patrick Industries by 10.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock valued at $33,078,000 after purchasing an additional 26,389 shares during the period. 93.29% of the stock is currently owned by institutional investors.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes component 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.