Patrick Industries (NASDAQ:PATK) Reaches New 12-Month High at $146.68

Patrick Industries, Inc. (NASDAQ:PATK) shares hit a new 52-week high during trading on Thursday . The company traded as high as $146.68 and last traded at $146.61, with a volume of 280205 shares traded. The stock had previously closed at $140.51.

Wall Street Analysts Forecast Growth

PATK has been the subject of a number of research reports. Truist Financial lifted their price target on Patrick Industries from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Benchmark reiterated a “buy” rating and set a $145.00 price objective on shares of Patrick Industries in a research note on Tuesday. KeyCorp lifted their price objective on Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. DA Davidson lifted their price objective on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Finally, BMO Capital Markets lifted their price objective on Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $133.29.

Patrick Industries Trading Up 4.2 %

The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.94 and a current ratio of 2.29. The company has a 50 day moving average of $125.65 and a two-hundred day moving average of $115.92. The stock has a market cap of $3.28 billion, a PE ratio of 21.69, a price-to-earnings-growth ratio of 1.05 and a beta of 1.62.

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

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were paid a dividend of $0.55 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.20 annualized dividend and a yield of 1.50%. Patrick Industries’s dividend payout ratio (DPR) is currently 32.59%.

Insiders Place Their Bets

In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the sale, the insider now directly owns 139,109 shares in the company, valued at approximately $18,274,749.33. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the sale, the chief operating officer now directly owns 23,759 shares in the company, valued at approximately $3,091,283.49. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total value of $2,627,400.00. Following the transaction, the insider now owns 139,109 shares in the company, valued at $18,274,749.33. The disclosure for this sale can be found here. In the last three months, insiders sold 29,411 shares of company stock worth $3,858,915. Corporate insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Patrick Industries during the 2nd quarter worth approximately $41,000. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in shares of Patrick Industries by 78.5% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock worth $205,000 after purchasing an additional 840 shares during the last quarter. Heritage Family Offices LLP acquired a new position in shares of Patrick Industries during the 2nd quarter worth approximately $227,000. Xponance Inc. boosted its holdings in shares of Patrick Industries by 4.1% during the 2nd quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock worth $230,000 after purchasing an additional 83 shares during the last quarter. Finally, Algert Global LLC acquired a new position in shares of Patrick Industries during the 2nd quarter worth approximately $233,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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.