Truist Financial Increases Patrick Industries (NASDAQ:PATK) Price Target to $165.00

Patrick Industries (NASDAQ:PATK) had its price target boosted by Truist Financial from $150.00 to $165.00 in a research report report published on Friday, Benzinga reports. They currently have a buy rating on the construction company’s stock.

Several other brokerages have also commented on PATK. DA Davidson boosted their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a neutral rating in a report on Monday, August 5th. Benchmark restated a buy rating and set a $145.00 price target on shares of Patrick Industries in a research report on Tuesday. BMO Capital Markets lifted their price objective on Patrick Industries from $125.00 to $135.00 and gave the stock an outperform rating in a report on Friday, August 2nd. Robert W. Baird increased 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, KeyCorp lifted their price target on Patrick Industries from $125.00 to $135.00 and gave the stock an overweight rating in a research note on Friday, August 2nd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $135.43.

Patrick Industries Stock Performance

NASDAQ PATK opened at $146.96 on Friday. The firm has a market capitalization of $3.29 billion, a P/E ratio of 21.77, a PEG ratio of 1.10 and a beta of 1.62. The stock has a 50-day simple moving average of $126.92 and a two-hundred day simple moving average of $116.32. 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 fifty-two week low of $70.15 and a fifty-two week high of $147.80.

Patrick Industries (NASDAQ:PATK) last posted its 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 net margin of 4.26% and a return on equity of 15.06%. The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $972.06 million. During the same period in the previous year, the firm earned $1.94 EPS. The business’s quarterly revenue was up 10.8% on a year-over-year basis. On average, equities analysts forecast that Patrick Industries will post 7.32 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently disclosed 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. The ex-dividend date was Monday, August 26th. This represents a $2.20 dividend on an annualized basis and a yield of 1.50%. Patrick Industries’s payout ratio is 32.59%.

Insiders Place Their Bets

In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now directly owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Todd M. Cleveland sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the transaction, the director now directly owns 82,374 shares in the company, valued at $10,795,112.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeff Rodino sold 20,000 shares of the firm’s stock in a transaction 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 sale, the insider now directly owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,411 shares of company stock valued at $3,858,915. Insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds have recently modified their holdings of the business. Pacer Advisors Inc. lifted its position in Patrick Industries by 20.1% in the second quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after buying an additional 221,904 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Patrick Industries by 10.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock valued at $33,078,000 after acquiring an additional 26,389 shares during the period. Massachusetts Financial Services Co. MA acquired a new position in shares of Patrick Industries in the 2nd quarter worth approximately $22,460,000. Tributary Capital Management LLC boosted its position in shares of Patrick Industries by 0.3% during the 2nd quarter. Tributary Capital Management LLC now owns 205,788 shares of the construction company’s stock worth $22,338,000 after purchasing an additional 613 shares during the period. Finally, Norges Bank purchased a new position in shares of Patrick Industries during the 4th quarter worth approximately $14,782,000. 93.29% of the stock is currently 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.