Patrick Industries (NASDAQ:PATK) Given “Buy” Rating at Benchmark

Benchmark reiterated their buy rating on shares of Patrick Industries (NASDAQ:PATK) in a report issued on Monday,Benzinga reports. Benchmark currently has a $145.00 price target on the construction company’s stock.

A number of other analysts have also recently commented on PATK. KeyCorp lifted their target price on Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Raymond James cut their price target on Patrick Industries from $160.00 to $136.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Truist Financial increased their price objective on Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a report on Friday, September 20th. BMO Capital Markets lifted their target price on shares of Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, DA Davidson increased their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research note 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 company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $139.88.

Patrick Industries Trading Down 2.6 %

PATK opened at $126.76 on Monday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41. Patrick Industries has a one year low of $75.01 and a one year high of $148.35. The company has a market cap of $2.84 billion, a P/E ratio of 18.21, a PEG ratio of 1.18 and a beta of 1.62. The business’s 50-day simple moving average is $136.04 and its 200-day simple moving average is $122.24.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.03). The company had revenue of $919.44 million for the quarter, compared to analysts’ expectations of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.81 EPS. As a group, equities research analysts expect that Patrick Industries will post 6.63 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were given a $0.55 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.20 dividend on an annualized basis and a yield of 1.74%. Patrick Industries’s dividend payout ratio (DPR) is 31.61%.

Insiders Place Their Bets

In related news, 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 value of $248,640.21. Following the completion of the sale, the chief operating officer now owns 23,759 shares in the company, valued at $3,091,283.49. This trade 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 is available at this link. In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were 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 trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 completion of the sale, the chief operating officer now owns 23,759 shares of the company’s stock, valued at $3,091,283.49. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,411 shares of company stock worth $3,858,915. 4.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PATK. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Patrick Industries during the 2nd quarter worth approximately $41,000. Sound Income Strategies LLC purchased a new stake in Patrick Industries during the third quarter worth $46,000. GAMMA Investing LLC grew its holdings in Patrick Industries by 76.2% in the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock valued at $67,000 after purchasing an additional 205 shares during the last quarter. UMB Bank n.a. increased its position in shares of Patrick Industries by 176.6% in the third quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock valued at $81,000 after buying an additional 362 shares in the last quarter. Finally, nVerses Capital LLC acquired a new position in shares of Patrick Industries during the 3rd quarter worth $157,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

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.