Patrick Industries, Inc. (NASDAQ:PATK) Receives $138.50 Consensus PT from Analysts

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have earned an average rating of “Moderate Buy” from the eight analysts that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $138.50.

A number of research firms have recently commented on PATK. BMO Capital Markets increased their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Raymond James began coverage on Patrick Industries in a research report on Tuesday. They set an “outperform” rating and a $160.00 price target on the stock. Benchmark reissued a “buy” rating and issued a $145.00 target price on shares of Patrick Industries in a research note on Tuesday, September 17th. Truist Financial increased their price target on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Finally, Robert W. Baird boosted their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd.

Insider Activity at Patrick Industries

In other news, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value of $248,640.21. Following the transaction, the chief operating officer now owns 23,759 shares in the company, valued at approximately $3,091,283.49. 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 this link. In other news, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction dated 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 of the company’s stock, valued at approximately $3,091,283.49. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Todd M. Cleveland sold 7,500 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $131.05, for a total value of $982,875.00. Following the completion of the transaction, the director now directly owns 82,374 shares in the company, valued at $10,795,112.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,411 shares of company stock worth $3,858,915 over the last ninety days. Insiders own 4.70% of the company’s stock.

Institutional Trading of Patrick Industries

Several hedge funds have recently modified their holdings of PATK. SG Americas Securities LLC raised its holdings in shares of Patrick Industries by 34.2% during the third quarter. SG Americas Securities LLC now owns 6,264 shares of the construction company’s stock valued at $892,000 after purchasing an additional 1,596 shares during the period. Sanctuary Advisors LLC acquired a new position in Patrick Industries during the 2nd quarter worth approximately $620,000. Northwestern Mutual Wealth Management Co. bought a new position in Patrick Industries in the second quarter worth approximately $41,000. Algert Global LLC acquired a new stake in Patrick Industries in the second quarter valued at approximately $233,000. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Patrick Industries by 5.2% during the second quarter. The Manufacturers Life Insurance Company now owns 11,842 shares of the construction company’s stock valued at $1,285,000 after acquiring an additional 589 shares in the last quarter. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Up 1.1 %

Patrick Industries stock opened at $146.16 on Wednesday. Patrick Industries has a twelve month low of $70.15 and a twelve month high of $148.35. 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 has a 50 day moving average of $130.79 and a 200-day moving average of $118.20. The stock has a market capitalization of $3.27 billion, a PE ratio of 21.65, a price-to-earnings-growth ratio of 1.21 and a beta of 1.61.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.11. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $972.06 million. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter last year, the business posted $1.94 EPS. On average, equities research analysts anticipate that Patrick Industries will post 7.32 EPS for the current fiscal 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 paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend was Monday, August 26th. Patrick Industries’s dividend payout ratio is currently 32.59%.

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.