Patrick Industries (NASDAQ:PATK) Share Price Passes Above 200-Day Moving Average – What’s Next?

Shares of Patrick Industries, Inc. (NASDAQ:PATK) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $87.07 and traded as high as $96.58. Patrick Industries shares last traded at $95.32, with a volume of 539,949 shares changing hands.

Analyst Upgrades and Downgrades

PATK has been the subject of several research reports. KeyCorp boosted their price objective on shares of Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. BMO Capital Markets increased their price target on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a report on Friday, November 1st. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Benchmark restated a “buy” rating and issued a $96.67 target price on shares of Patrick Industries in a research note on Monday, November 4th. Finally, Truist Financial dropped their price target on shares of Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $92.63.

Patrick Industries Stock Down 0.8 %

The stock has a market capitalization of $3.18 billion, a P/E ratio of 20.38, a P/E/G ratio of 1.41 and a beta of 2.26. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The stock’s 50 day simple moving average is $87.87 and its 200 day simple moving average is $87.23.

Patrick Industries (NASDAQ:PATK) last issued 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). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The company had revenue of $919.44 million for the quarter, compared to the consensus estimate of $935.75 million. During the same period in the previous year, the business posted $1.21 EPS. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. As a group, research analysts predict that Patrick Industries, Inc. will post 4.28 EPS for the current fiscal year.

Patrick Industries Cuts Dividend

The firm also recently announced 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. The ex-dividend date of this dividend was Monday, November 25th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.69%. Patrick Industries’s dividend payout ratio (DPR) is 34.48%.

Insider Activity

In related news, CEO Andy L. Nemeth sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the completion of the transaction, the chief executive officer now owns 364,678 shares in the company, valued at $34,192,209.28. The trade was a 3.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

A number of hedge funds have recently added to or reduced their stakes in the stock. Copeland Capital Management LLC boosted its position in Patrick Industries by 536.5% during the 4th quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company’s stock worth $29,976,000 after acquiring an additional 304,119 shares during the period. Fiera Capital Corp bought a new stake in shares of Patrick Industries during the third quarter valued at about $27,888,000. Argent Capital Management LLC lifted its holdings in Patrick Industries by 758.4% in the third quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock worth $21,498,000 after purchasing an additional 133,413 shares during the period. Brightline Capital Management LLC bought a new position in Patrick Industries in the 3rd quarter valued at about $14,806,000. Finally, Tributary Capital Management LLC increased its stake in Patrick Industries by 49.8% during the 4th quarter. Tributary Capital Management LLC now owns 306,796 shares of the construction company’s stock valued at $25,489,000 after buying an additional 101,949 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.