Analysts Set Patrick Industries, Inc. (NASDAQ:PATK) Target Price at $106.71

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have earned a consensus rating of “Moderate Buy” from the seven ratings firms that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $106.71.

PATK has been the subject of several recent analyst reports. Roth Mkm reaffirmed a “buy” rating and issued a $126.00 target price (up from $120.00) on shares of Patrick Industries in a research note on Monday, May 6th. BMO Capital Markets lifted their target price on shares of Patrick Industries from $120.00 to $125.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. StockNews.com cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. Finally, Truist Financial reaffirmed a “buy” rating and issued a $130.00 target price on shares of Patrick Industries in a research note on Friday, April 12th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PATK. GAMMA Investing LLC acquired a new position in Patrick Industries in the 4th quarter worth approximately $35,000. Xponance Inc. acquired a new position in Patrick Industries in the 4th quarter worth approximately $203,000. Heritage Wealth Management LLC acquired a new position in Patrick Industries in the 4th quarter worth approximately $238,000. Everence Capital Management Inc. acquired a new position in Patrick Industries in the 4th quarter worth approximately $243,000. Finally, BTC Capital Management Inc. acquired a new position in Patrick Industries in the 1st quarter worth approximately $303,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Stock Performance

NASDAQ PATK opened at $107.36 on Monday. The company has a quick ratio of 0.96, a current ratio of 2.38 and a debt-to-equity ratio of 1.32. Patrick Industries has a 52-week low of $70.15 and a 52-week high of $123.58. The business’s 50-day moving average price is $109.41 and its 200 day moving average price is $107.40. The firm has a market cap of $2.40 billion, a P/E ratio of 15.91, a P/E/G ratio of 0.77 and a beta of 1.70.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, May 2nd. The construction company reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.47. Patrick Industries had a net margin of 4.22% and a return on equity of 14.90%. The company had revenue of $933.50 million during the quarter, compared to the consensus estimate of $829.22 million. During the same period last year, the firm earned $1.35 EPS. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, equities research analysts expect that Patrick Industries will post 8.12 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were paid a dividend of $0.55 per share. The ex-dividend date was Monday, June 3rd. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.05%. Patrick Industries’s dividend payout ratio is presently 32.59%.

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.