Patrick Industries (NASDAQ:PATK) Price Target Raised to $102.00

Patrick Industries (NASDAQ:PATK) had its target price boosted by Benchmark from $98.00 to $102.00 in a report published on Friday morning,Benzinga reports. They currently have a buy rating on the construction company’s stock.

Several other research analysts have also issued reports on the stock. BMO Capital Markets raised their target price on shares of Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research note on Friday, November 1st. Truist Financial lowered their target price on shares of Patrick Industries from $110.00 to $105.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Raymond James increased their price target on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday. KeyCorp lifted their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.08.

Patrick Industries Trading Down 0.3 %

PATK stock opened at $94.75 on Friday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.97. The stock has a market capitalization of $3.18 billion, a price-to-earnings ratio of 23.00, a P/E/G ratio of 1.42 and a beta of 2.26. The business has a fifty day moving average price of $89.23 and a 200 day moving average price of $88.63. Patrick Industries has a fifty-two week low of $67.10 and a fifty-two week high of $98.90.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Analysts expect that Patrick Industries will post 5.38 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Tuesday, February 18th. Patrick Industries’s payout ratio is currently 38.83%.

Insider Buying and Selling

In related news, CEO Andy L. Nemeth sold 15,000 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the completion of the transaction, the chief executive officer now directly owns 364,678 shares in the company, valued at approximately $34,192,209.28. This trade represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Patrick Industries

A number of large investors have recently bought and sold shares of PATK. State Street Corp grew its position in Patrick Industries by 3.5% in the third quarter. State Street Corp now owns 816,031 shares of the construction company’s stock valued at $116,178,000 after purchasing an additional 27,669 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Patrick Industries by 55.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock valued at $45,592,000 after purchasing an additional 195,138 shares during the last quarter. Geode Capital Management LLC grew its stake in Patrick Industries by 4.1% in the third quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company’s stock valued at $73,968,000 after purchasing an additional 20,694 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Patrick Industries by 2.5% during the 3rd quarter. Wellington Management Group LLP now owns 412,296 shares of the construction company’s stock worth $58,699,000 after purchasing an additional 9,917 shares in the last quarter. Finally, Copeland Capital Management LLC grew its stake in shares of Patrick Industries by 536.5% in the fourth quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company’s stock valued at $29,976,000 after buying an additional 304,119 shares in 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.