Patrick Industries (NASDAQ:PATK) Price Target Raised to $110.00

Patrick Industries (NASDAQ:PATK) had its price target increased by KeyCorp from $100.00 to $110.00 in a report released on Friday,Benzinga reports. They currently have an overweight rating on the construction company’s stock.

Other research analysts also recently issued research reports about the stock. Truist Financial dropped their target price on shares of Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Raymond James dropped their price objective on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a report on Friday, November 1st. BMO Capital Markets raised their price target on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Benchmark reaffirmed a “buy” rating and set a $96.67 target price on shares of Patrick Industries in a research report on Monday, November 4th. Finally, StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and an average target price of $96.08.

Patrick Industries Trading Down 0.3 %

NASDAQ PATK opened at $94.75 on Friday. The stock’s 50-day simple moving average is $89.23 and its two-hundred day simple moving average is $88.63. Patrick Industries has a twelve month low of $67.10 and a twelve month high of $98.90. The company has a quick ratio of 0.97, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The company has a market capitalization of $3.18 billion, a price-to-earnings ratio of 23.00, a PEG ratio of 1.42 and a beta of 2.26.

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

Patrick Industries Dividend Announcement

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

Insider Activity

In other news, CEO Andy L. Nemeth sold 30,000 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $90.00, for a total value of $2,700,000.00. Following the completion of the sale, the chief executive officer now directly owns 379,678 shares in the company, valued at $34,171,020. This represents a 7.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently made changes to their positions in PATK. HighTower Advisors LLC boosted its stake in Patrick Industries by 55.9% during the fourth quarter. HighTower Advisors LLC now owns 4,470 shares of the construction company’s stock worth $371,000 after buying an additional 1,603 shares during the period. Essex Investment Management Co. LLC grew its stake in Patrick Industries by 34.4% during the 4th quarter. Essex Investment Management Co. LLC now owns 48,432 shares of the construction company’s stock worth $4,024,000 after purchasing an additional 12,389 shares in the last quarter. Kendall Capital Management increased its holdings in Patrick Industries by 26.1% during the 4th quarter. Kendall Capital Management now owns 2,977 shares of the construction company’s stock worth $247,000 after purchasing an additional 617 shares during the period. PNC Financial Services Group Inc. lifted its stake in Patrick Industries by 36.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,450 shares of the construction company’s stock worth $536,000 after acquiring an additional 1,726 shares during the last quarter. Finally, Prescott Group Capital Management L.L.C. increased its holdings in Patrick Industries by 82.1% in the fourth quarter. Prescott Group Capital Management L.L.C. now owns 25,545 shares of the construction company’s stock valued at $2,122,000 after buying an additional 11,515 shares during the last quarter. 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.