Fintel reports that on July 17, 2023, Keybanc maintained coverage of Patrick Industries (NASDAQ:PATK) with a Overweight recommendation.
Analyst Price Forecast Suggests 2.02% Downside
As of July 6, 2023, the average one-year price target for Patrick Industries is 82.77. The forecasts range from a low of 63.63 to a high of $110.25. The average price target represents a decrease of 2.02% from its latest reported closing price of 84.47.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Patrick Industries is 4,326MM, a decrease of 2.56%. The projected annual non-GAAP EPS is 8.38.
Patrick Industries Declares $0.45 Dividend
On May 25, 2023 the company declared a regular quarterly dividend of $0.45 per share ($1.80 annualized). Shareholders of record as of June 12, 2023 received the payment on June 26, 2023. Previously, the company paid $0.45 per share.
At the current share price of $84.47 / share, the stock's dividend yield is 2.13%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.59%, the lowest has been 1.17%, and the highest has been 6.47%. The standard deviation of yields is 1.12 (n=235).
The current dividend yield is 0.41 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.16. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.80%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 569 funds or institutions reporting positions in Patrick Industries. This is unchanged over the last quarter. Average portfolio weight of all funds dedicated to PATK is 0.16%, an increase of 14.02%. Total shares owned by institutions decreased in the last three months by 2.94% to 23,944K shares. 
The put/call ratio of PATK is 1.95, indicating a bearish outlook.
What are Other Shareholders Doing?
IJR - iShares Core S&P Small-Cap ETF holds 1,566K shares representing 7.02% ownership of the company. In it's prior filing, the firm reported owning 1,596K shares, representing a decrease of 1.88%. The firm increased its portfolio allocation in PATK by 8.30% over the last quarter.
FSCRX - Fidelity Small Cap Discovery Fund holds 841K shares representing 3.77% ownership of the company. In it's prior filing, the firm reported owning 850K shares, representing a decrease of 1.08%. The firm increased its portfolio allocation in PATK by 3.05% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 660K shares representing 2.95% ownership of the company. In it's prior filing, the firm reported owning 651K shares, representing an increase of 1.27%. The firm increased its portfolio allocation in PATK by 6.20% over the last quarter.
Wellington Management Group Llp holds 654K shares representing 2.93% ownership of the company. In it's prior filing, the firm reported owning 996K shares, representing a decrease of 52.41%. The firm decreased its portfolio allocation in PATK by 89.61% over the last quarter.
Loomis Sayles & Co L P holds 492K shares representing 2.21% ownership of the company. In it's prior filing, the firm reported owning 488K shares, representing an increase of 0.85%. The firm increased its portfolio allocation in PATK by 99,143.88% over the last quarter.
Patrick Industries Background Information
(This description is provided by the company.)
Patrick Industries, Inc. is a major manufacturer and distributor of component products and building products serving the recreational vehicle, marine, manufactured housing, residential housing, high-rise, hospitality, kitchen cabinet, office and household furniture, fixtures and commercial furnishings, and other industrial markets and operates coast-to-coast in various locations throughout the United States and in Canada, China and the Netherlands. Patrick's major manufactured products include decorative vinyl and paper laminated panels, countertops, fabricated aluminum products, wrapped profile mouldings, slide-out trim and fascia, cabinet doors and components, hardwood furniture, fiberglass bath fixtures and tile systems, thermoformed shower surrounds, specialty bath and closet building products, fiberglass and plastic helm systems and component products, wiring and wire harnesses, boat covers, towers, tops and frames, electrical systems components including instrument and dash panels, softwoods lumber, interior passage doors, air handling products, RV painting, slotwall panels and components, aluminum fuel tanks, and CNC molds and composite parts and other products. The Company also distributes drywall and drywall finishing products, electronics and audio systems components, wiring, electrical and plumbing products, appliances, cement siding, raw and processed lumber, FRP products, interior passage doors, roofing products, tile, laminate and ceramic flooring, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, various marine aftermarket products, and other miscellaneous products, in addition to providing transportation and logistics services.
Additional reading:
- Patrick Industries, Inc. Announces Second Quarter 2023 Earnings Release and Conference Call Webcast on July 27, 2023
- PATRICK INDUSTRIES, INC. DECLARES QUARTERLY CASH DIVIDEND
- May 2023 INVESTOR PRESENTATION This presentation contains certain statements related to future results, our intentions, beliefs and expectations or predictions for the future which are forward-looking statements as that term is defined in the Private
- First Quarter 2023 Earnings Call Transcript April 27, 2023 Presenters Steve O’Hara, Vice President of Investor Relations Andy Nemeth, CEO Jeff Rodino, President Jake Petkovich, CFO Matt Filer, Senior Vice President of Finance Q&A Participants Daniel
- News Release PATRICK INDUSTRIES, INC. COMPLETES ACQUISITION OF BTI TRANSPORT ELKHART, IN – May 1, 2023 - Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company"), a leading component solutions provider for the Leisure Lifestyle and Housin
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
