Patrick Industries (NASDAQ:PATK) Reaches New 12-Month High at $146.68

Patrick Industries, Inc. (NASDAQ:PATK) shares reached a new 52-week high during trading on Thursday . The company traded as high as $146.68 and last traded at $146.61, with a volume of 280205 shares changing hands. The stock had previously closed at $140.51.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Robert W. Baird upped their price objective on Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. DA Davidson upped their price objective on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a report on Monday, August 5th. KeyCorp boosted their target price on Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Benchmark reissued a “buy” rating and issued a $145.00 target price on shares of Patrick Industries in a research report on Tuesday. Finally, Truist Financial boosted their target price on Patrick Industries from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $133.29.

Patrick Industries Stock Up 4.2 %

The business has a 50-day moving average price of $125.65 and a two-hundred day moving average price of $115.92. 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 firm has a market cap of $3.28 billion, a PE ratio of 21.69, a price-to-earnings-growth ratio of 1.05 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.11. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $972.06 million. During the same quarter in the prior year, the company earned $1.94 earnings per share. The company’s revenue was up 10.8% on a year-over-year basis. On average, equities research analysts expect that Patrick Industries, Inc. will post 7.32 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date of this dividend was Monday, August 26th. Patrick Industries’s dividend payout ratio is currently 32.59%.

Insider Transactions at Patrick Industries

In related news, insider Jeff Rodino sold 20,000 shares of the 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 transaction, the insider now owns 139,109 shares of the company’s stock, valued at $18,274,749.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the completion of the transaction, the insider now owns 139,109 shares in the company, valued at $18,274,749.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Todd M. Cleveland sold 7,500 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total transaction of $982,875.00. Following the completion of the transaction, the director now owns 82,374 shares of the company’s stock, valued at approximately $10,795,112.70. 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. 4.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Patrick Industries

Several large investors have recently bought and sold shares of PATK. Northwestern Mutual Wealth Management Co. acquired a new position in Patrick Industries in the second quarter valued at $41,000. Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Patrick Industries by 78.5% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock worth $205,000 after buying an additional 840 shares during the period. Heritage Family Offices LLP acquired a new stake in shares of Patrick Industries during the second quarter worth about $227,000. Xponance Inc. boosted its stake in shares of Patrick Industries by 4.1% during the second quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock worth $230,000 after buying an additional 83 shares during the period. Finally, Algert Global LLC acquired a new stake in shares of Patrick Industries during the second quarter worth about $233,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

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.