Patrick Industries, Inc. (NASDAQ:PATK) Receives $133.29 Average Price Target from Brokerages

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have earned a consensus rating of “Moderate Buy” from the seven analysts that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $133.29.

A number of equities analysts have recently commented on PATK shares. KeyCorp boosted their price target on Patrick Industries from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. BMO Capital Markets boosted their price target on Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. DA Davidson upped their target price on Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Truist Financial upped their target price on Patrick Industries from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Finally, Robert W. Baird upped their target price on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd.

Patrick Industries Price Performance

Patrick Industries stock opened at $126.17 on Friday. 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 has a 52 week low of $70.15 and a 52 week high of $136.00. The stock has a market capitalization of $2.83 billion, a P/E ratio of 18.69, a price-to-earnings-growth ratio of 1.00 and a beta of 1.62. The stock has a fifty day moving average of $121.95 and a 200-day moving average of $115.09.

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

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were given a $0.55 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.74%. Patrick Industries’s dividend payout ratio (DPR) is presently 32.59%.

Insider Buying and Selling at Patrick Industries

In related news, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the sale, the chief operating officer now owns 23,759 shares in the company, valued at approximately $3,091,283.49. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC bought a new position in Patrick Industries in the second quarter worth approximately $620,000. Northwestern Mutual Wealth Management Co. bought a new position in Patrick Industries in the second quarter worth approximately $41,000. Algert Global LLC bought a new position in Patrick Industries in the second quarter worth approximately $233,000. The Manufacturers Life Insurance Company boosted its holdings in Patrick Industries by 5.2% in the second quarter. The Manufacturers Life Insurance Company now owns 11,842 shares of the construction company’s stock worth $1,285,000 after acquiring an additional 589 shares in the last quarter. Finally, Anchor Capital Management Company LLC boosted its holdings in Patrick Industries by 18.0% in the second quarter. Anchor Capital Management Company LLC now owns 146,088 shares of the construction company’s stock worth $15,858,000 after acquiring an additional 22,279 shares in the last quarter. Institutional investors own 93.29% of the company’s stock.

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.