Patrick Industries, Inc. (NASDAQ:PATK) Receives $139.88 Average Price Target from Analysts

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been assigned an average recommendation of “Moderate Buy” from the eight analysts that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $139.88.

A number of brokerages have commented on PATK. DA Davidson increased their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Truist Financial increased their price objective on Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Raymond James dropped their price target on shares of Patrick Industries from $160.00 to $136.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, November 14th. Finally, BMO Capital Markets increased their price target on shares of Patrick Industries from $150.00 to $155.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st.

Patrick Industries Trading Up 4.2 %

PATK opened at $140.49 on Thursday. The firm’s fifty day moving average is $136.65 and its two-hundred day moving average is $124.18. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41. The firm has a market cap of $3.15 billion, a PE ratio of 20.19, a price-to-earnings-growth ratio of 1.43 and a beta of 1.62. Patrick Industries has a twelve month low of $80.62 and a twelve month high of $148.35.

Patrick Industries’s stock is going to split on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly issued shares will be payable to shareholders after the closing bell on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). The firm had revenue of $919.44 million for the quarter, compared to the consensus estimate of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.81 earnings per share. Equities research analysts anticipate that Patrick Industries will post 6.43 EPS for the current year.

Patrick Industries Increases Dividend

The firm also recently disclosed a — dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a $50.00 dividend. This represents a yield of 1.7%. The ex-dividend date of this dividend is Monday, December 16th. This is a positive change from Patrick Industries’s previous — dividend of $0.25. Patrick Industries’s dividend payout ratio (DPR) is 31.61%.

Insider Buying and Selling

In related news, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction 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. This trade represents a 7.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Todd M. Cleveland sold 7,500 shares of the business’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 transaction, the director now owns 82,374 shares in the company, valued at $10,795,112.70. The trade was a 8.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,411 shares of company stock valued at $3,858,915 over the last 90 days. 4.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sound Income Strategies LLC bought a new stake in Patrick Industries during the 3rd quarter valued at $46,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Patrick Industries in the 2nd quarter worth about $41,000. GAMMA Investing LLC grew its position in shares of Patrick Industries by 76.2% during the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock valued at $67,000 after acquiring an additional 205 shares during the period. UMB Bank n.a. raised its holdings in shares of Patrick Industries by 176.6% in the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock worth $81,000 after purchasing an additional 362 shares during the period. Finally, First Horizon Advisors Inc. lifted its position in shares of Patrick Industries by 21.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock valued at $112,000 after buying an additional 139 shares during the last quarter. Institutional investors 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.