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Patrick Industries, Inc. (NASDAQ:PATK - Get Rating) has received an average recommendation of "Hold" from the six ratings firms that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $73.25.
A number of research firms have recently commented on PATK. KeyCorp set a $65.00 price objective on Patrick Industries in a report on Tuesday. MKM Partners began coverage on Patrick Industries in a report on Thursday, May 5th. They issued a "buy" rating and a $93.00 price objective on the stock. Truist Financial cut their price objective on Patrick Industries to $75.00 in a report on Thursday, May 26th. Bank of America started coverage on Patrick Industries in a report on Monday, April 4th. They issued an "underperform" rating and a $60.00 price objective on the stock. Finally, StockNews.com downgraded Patrick Industries from a "buy" rating to a "hold" rating in a report on Tuesday, May 31st.Insider Activity at Patrick Industries
In other Patrick Industries news, Chairman Todd M. Cleveland sold 10,000 shares of the firm's stock in a transaction that occurred on 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 sale, the chairman now owns 220,517 shares in the company, valued at approximately $15,065,721.44. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Patrick Industries news, Chairman Todd M. Cleveland sold 10,000 shares of the firm's stock in a transaction that occurred on 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 sale, the chairman now owns 220,517 shares in the company, valued at approximately $15,065,721.44. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Todd M. Cleveland sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, May 6th. The shares were sold at an average price of $66.68, for a total value of $333,400.00. Following the sale, the chairman now owns 215,517 shares of the company's stock, valued at approximately $14,370,673.56. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,103 shares of company stock worth $1,556,669. 6.10% of the stock is currently owned by company insiders. Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in PATK. BlackRock Inc. grew its position in shares of Patrick Industries by 5.8% in the 1st quarter. BlackRock Inc. now owns 3,691,563 shares of the construction company's stock worth $222,602,000 after acquiring an additional 201,274 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Patrick Industries during the 4th quarter valued at approximately $9,596,000. Vanguard Group Inc. boosted its position in Patrick Industries by 6.4% during the 1st quarter. Vanguard Group Inc. now owns 1,627,903 shares of the construction company's stock valued at $98,163,000 after purchasing an additional 97,558 shares during the period. Nomura Holdings Inc. boosted its position in Patrick Industries by 1,065.2% during the 1st quarter. Nomura Holdings Inc. now owns 92,189 shares of the construction company's stock valued at $5,629,000 after purchasing an additional 84,277 shares during the period. Finally, 1ST Source Bank boosted its position in Patrick Industries by 57.8% during the 1st quarter. 1ST Source Bank now owns 125,412 shares of the construction company's stock valued at $7,562,000 after purchasing an additional 45,938 shares during the period. Institutional investors and hedge funds own 94.85% of the company's stock. Patrick Industries Stock Performance
NASDAQ PATK opened at $58.27 on Thursday. The business's 50-day moving average price is $56.60 and its 200 day moving average price is $63.31. Patrick Industries has a twelve month low of $49.79 and a twelve month high of $88.79. The company has a market capitalization of $1.34 billion, a PE ratio of 4.80, a price-to-earnings-growth ratio of 0.68 and a beta of 1.94. The company has a current ratio of 2.37, a quick ratio of 0.96 and a debt-to-equity ratio of 1.86.
Patrick Industries (NASDAQ:PATK - Get Rating) last released its earnings results on Thursday, April 28th. The construction company reported $4.54 earnings per share for the quarter, topping the consensus estimate of $2.89 by $1.65. The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.18 billion. Patrick Industries had a return on equity of 39.75% and a net margin of 6.35%. The firm's revenue for the quarter was up 57.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.80 earnings per share. On average, research analysts predict that Patrick Industries will post 12.82 earnings per share for the current year. Patrick Industries Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Monday, June 13th. Investors of record on Tuesday, May 31st were issued a dividend of $0.33 per share. The ex-dividend date was Friday, May 27th. This represents a $1.32 annualized dividend and a dividend yield of 2.27%. Patrick Industries's payout ratio is currently 10.88%. 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.Read MoreGet a free copy of the StockNews.com research report on Patrick Industries (PATK)How Low Can DocuSign Stock Go?The Top-Rated Consumer Defensive Stocks With Yield Above 3.5% These 3 Mega Caps are Bear Market BuysJB Hunt's Results Beat Forecasts As Transport Industry Continues To Enjoy Strong Results.Need Yield? Energy Transfer LP Has It And More
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