Patrick Industries (NASDAQ:PATK) Cut to Sell at StockNews.com

StockNews.com downgraded shares of Patrick Industries (NASDAQ:PATK) from a hold rating to a sell rating in a research note published on Tuesday morning.

PATK has been the subject of several other research reports. BMO Capital Markets increased their price objective on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Benchmark restated a “buy” rating and set a $96.67 price objective on shares of Patrick Industries in a research note on Monday, November 4th. KeyCorp increased their target price on Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Truist Financial boosted their price target on Patrick Industries from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Finally, Raymond James dropped their price objective on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a research note on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and an average target price of $93.25.

Patrick Industries Stock Performance

Shares of PATK stock opened at $84.56 on Tuesday. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of 12.15, a price-to-earnings-growth ratio of 1.69 and a beta of 2.20. The company has a 50 day moving average price of $87.85 and a 200 day moving average price of $84.92. Patrick Industries has a one year low of $60.67 and a one year high of $98.90. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, October 31st. The construction company reported $1.20 EPS for the quarter, missing the consensus estimate of $1.22 by ($0.02). The firm had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The business’s revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.21 earnings per share. Sell-side analysts anticipate that Patrick Industries will post 6.43 EPS for the current year.

Patrick Industries Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Shareholders of record on Monday, November 25th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend was Monday, November 25th. Patrick Industries’s dividend payout ratio is currently 34.48%.

Insider Activity

In other news, CEO Andy L. Nemeth sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $90.00, for a total value of $2,700,000.00. Following the completion of the sale, the chief executive officer now directly owns 379,678 shares in the company, valued at approximately $34,171,020. The trade was a 7.32 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Large investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Patrick Industries during the second quarter worth $41,000. Sound Income Strategies LLC acquired a new stake in Patrick Industries during the third quarter worth about $46,000. GAMMA Investing LLC raised its stake in Patrick Industries by 76.2% during the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock worth $67,000 after acquiring an additional 205 shares during the period. UMB Bank n.a. lifted its holdings in Patrick Industries by 176.6% in the third quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock worth $81,000 after acquiring an additional 362 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its stake in Patrick Industries by 21.4% in the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock valued at $112,000 after acquiring an additional 139 shares during the period. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Company Profile

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.