Patrick Industries (NASDAQ:PATK) Sets New 52-Week High – What’s Next?

Patrick Industries, Inc. (NASDAQ:PATK)’s stock price reached a new 52-week high on Friday . The company traded as high as $148.35 and last traded at $147.49, with a volume of 3401 shares changing hands. The stock had previously closed at $144.61.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Truist Financial upped their price objective on shares of Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. BMO Capital Markets raised their price target on Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. KeyCorp boosted their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Robert W. Baird upped their target price on Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, DA Davidson lifted their price objective on Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $138.50.

Patrick Industries Stock Performance

The company has a debt-to-equity ratio of 1.19, a current ratio of 2.29 and a quick ratio of 0.94. The company has a fifty day moving average price of $130.79 and a two-hundred day moving average price of $118.20. The firm has a market cap of $3.29 billion, a price-to-earnings ratio of 21.42, a price-to-earnings-growth ratio of 1.21 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, August 1st. The construction company reported $2.16 EPS for the quarter, topping 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 business had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $972.06 million. During the same quarter last year, the firm posted $1.94 earnings per share. Patrick Industries’s revenue was up 10.8% compared to the same quarter last year. As a group, equities research analysts expect that Patrick Industries, Inc. will post 7.32 EPS for the current 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 1.50%. Patrick Industries’s dividend payout ratio is currently 32.59%.

Insider Activity

In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the company’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 value of $248,640.21. Following the completion of the transaction, the chief operating officer now owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Jeff Rodino sold 20,000 shares of the 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 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 filing with the SEC, which can be accessed through this hyperlink. Also, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the transaction, the chief operating officer now directly owns 23,759 shares in the company, valued at approximately $3,091,283.49. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,411 shares of company stock valued at $3,858,915. 4.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PATK. Xponance Inc. raised its stake in shares of Patrick Industries by 4.1% in the second quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock worth $230,000 after acquiring an additional 83 shares during the last quarter. US Bancorp DE boosted its position in Patrick Industries by 1.3% in the 4th quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock valued at $770,000 after buying an additional 95 shares during the last quarter. FORA Capital LLC increased its stake in shares of Patrick Industries by 2.9% in the 1st quarter. FORA Capital LLC now owns 4,492 shares of the construction company’s stock valued at $537,000 after buying an additional 128 shares during the period. SummerHaven Investment Management LLC lifted its stake in shares of Patrick Industries by 1.5% during the second quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company’s stock valued at $977,000 after acquiring an additional 135 shares during the period. Finally, BOKF NA boosted its holdings in Patrick Industries by 3.7% in the second quarter. BOKF NA now owns 4,848 shares of the construction company’s stock valued at $526,000 after acquiring an additional 172 shares during the last quarter. Institutional investors and hedge funds 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.