Analysts Set Patrick Industries, Inc. (NASDAQ:PATK) Target Price at $140.38

Patrick Industries, Inc. (NASDAQ:PATK) has been given an average rating of “Moderate Buy” by the eight research firms that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $140.38.

PATK has been the subject of a number of recent analyst reports. Benchmark reaffirmed a “buy” rating and set a $145.00 target price on shares of Patrick Industries in a report on Tuesday, September 17th. Robert W. Baird upped their target price on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Raymond James began coverage on shares of Patrick Industries in a report on Tuesday, October 1st. They issued an “outperform” rating and a $160.00 price target for the company. Truist Financial upped their price target on shares of Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Finally, KeyCorp lifted their price objective on Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd.

Patrick Industries Stock Performance

NASDAQ PATK opened at $125.98 on Friday. The firm has a market cap of $2.82 billion, a P/E ratio of 18.07, a price-to-earnings-growth ratio of 1.27 and a beta of 1.61. The company has a quick ratio of 0.94, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. The company’s 50 day moving average is $137.01 and its 200-day moving average is $121.62. Patrick Industries has a 12-month low of $73.26 and a 12-month high of $148.35.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.87 by ($0.07). Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The company had revenue of $919.44 million for the quarter, compared to analysts’ expectations of $935.75 million. During the same quarter in the prior year, the company earned $1.81 EPS. The company’s revenue was up 6.2% on a year-over-year basis. Sell-side analysts predict that Patrick Industries will post 7.21 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.75%. The ex-dividend date of this dividend was Monday, August 26th. Patrick Industries’s dividend payout ratio is currently 31.56%.

Insider Transactions at Patrick Industries

In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction dated 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 completion of the transaction, the insider now owns 139,109 shares of the company’s stock, valued at $18,274,749.33. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were 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 of the company’s stock, valued at approximately $3,091,283.49. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,411 shares of company stock valued at $3,858,915. Corporate insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its holdings in Patrick Industries by 1.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 107,829 shares of the construction company’s stock worth $12,882,000 after acquiring an additional 1,823 shares during the last quarter. KFG Wealth Management LLC lifted its holdings in shares of Patrick Industries by 62.8% during the first quarter. KFG Wealth Management LLC now owns 11,549 shares of the construction company’s stock valued at $1,380,000 after purchasing an additional 4,453 shares in the last quarter. SpiderRock Advisors LLC purchased a new stake in shares of Patrick Industries during the first quarter valued at $634,000. BNP Paribas Financial Markets raised its position in Patrick Industries by 52.4% in the 1st quarter. BNP Paribas Financial Markets now owns 11,163 shares of the construction company’s stock worth $1,334,000 after buying an additional 3,837 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its position in Patrick Industries by 9.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 19,285 shares of the construction company’s stock worth $2,304,000 after buying an additional 1,600 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

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.