Analysts Set Patrick Industries, Inc. (NASDAQ:PATK) Price Target at $140.38

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have received a consensus recommendation of “Moderate Buy” from the eight brokerages that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $140.38.

Several equities analysts have commented on the company. BMO Capital Markets raised their price objective on Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Robert W. Baird raised their price objective on Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. DA Davidson raised their price objective on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. KeyCorp raised their price objective on Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Finally, Benchmark restated a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a report on Tuesday, September 17th.

Patrick Industries Stock Performance

Shares of PATK stock opened at $136.45 on Friday. The stock has a fifty day moving average of $136.92 and a 200 day moving average of $121.53. Patrick Industries has a 52 week low of $71.80 and a 52 week high of $148.35. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of 19.58, a PEG ratio of 1.27 and a beta of 1.61. The company has a quick ratio of 0.94, a current ratio of 2.29 and a debt-to-equity ratio of 1.19.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 EPS for the quarter, beating the consensus estimate of $2.05 by $0.11. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates 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 firm posted $1.94 earnings per share. As a group, research analysts expect that Patrick Industries will post 7.21 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were issued a $0.55 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.20 annualized dividend and a yield of 1.61%. Patrick Industries’s payout ratio is 31.56%.

Insider Buying and Selling

In related news, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction dated 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 in the company, valued at approximately $18,274,749.33. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction dated 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 in the company, valued at approximately $18,274,749.33. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 sale, the chief operating officer now owns 23,759 shares of the company’s stock, valued at $3,091,283.49. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,411 shares of company stock worth $3,858,915. 4.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Pacer Advisors Inc. boosted 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 worth $143,889,000 after purchasing an additional 221,904 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Patrick Industries by 10.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock worth $33,078,000 after purchasing an additional 26,389 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in Patrick Industries in the second quarter worth about $22,460,000. Tributary Capital Management LLC boosted its position in Patrick Industries by 0.3% in the second 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 last quarter. Finally, Argent Capital Management LLC boosted its position in Patrick Industries by 758.4% in the third quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock worth $21,498,000 after purchasing an additional 133,413 shares during the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.

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.