Analysts Set Patrick Industries, Inc. (NASDAQ:PATK) Target Price at $135.13

Patrick Industries, Inc. (NASDAQ:PATK) has been given an average recommendation of “Moderate Buy” by the nine ratings firms that are covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $135.1250.

A number of equities analysts have weighed in on the company. KeyCorp restated an “overweight” rating and issued a $155.00 price target (up previously from $135.00) on shares of Patrick Industries in a report on Friday, February 6th. Robert W. Baird set a $140.00 target price on shares of Patrick Industries in a research report on Friday, February 6th. Truist Financial set a $126.00 target price on shares of Patrick Industries in a research note on Friday, January 9th. Roth Mkm reaffirmed a “buy” rating and set a $157.00 price target on shares of Patrick Industries in a report on Monday, February 9th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $155.00 price objective on shares of Patrick Industries in a report on Friday, February 6th.

Insiders Place Their Bets

In other news, EVP Stacey L. Amundson sold 3,903 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $145.61, for a total transaction of $568,315.83. Following the completion of the sale, the executive vice president owned 12,819 shares of the company’s stock, valued at approximately $1,866,574.59. This trade represents a 23.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the completion of the sale, the chief executive officer owned 301,641 shares of the company’s stock, valued at approximately $34,688,715. This trade represents a 7.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 31,607 shares of company stock worth $3,823,904 in the last quarter. Company insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Salomon & Ludwin LLC bought a new stake in shares of Patrick Industries in the 3rd quarter worth about $25,000. Advisory Services Network LLC bought a new stake in Patrick Industries in the third quarter valued at about $25,000. Torren Management LLC acquired a new stake in Patrick Industries during the fourth quarter valued at approximately $26,000. Cornerstone Planning Group LLC acquired a new stake in Patrick Industries during the third quarter valued at approximately $31,000. Finally, Allworth Financial LP lifted its holdings in Patrick Industries by 181.3% during the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock worth $34,000 after buying an additional 203 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Stock Up 0.8%

Shares of NASDAQ PATK opened at $136.85 on Friday. Patrick Industries has a 12-month low of $72.99 and a 12-month high of $148.50. The company has a market cap of $4.55 billion, a P/E ratio of 35.00, a P/E/G ratio of 1.43 and a beta of 1.34. The company has a current ratio of 2.51, a quick ratio of 0.80 and a debt-to-equity ratio of 1.08. The stock has a fifty day moving average price of $124.56 and a 200 day moving average price of $112.38.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.The company had revenue of $924.17 million for the quarter, compared to analysts’ expectations of $858.62 million. During the same quarter in the previous year, the firm posted $0.52 earnings per share. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. Research analysts anticipate that Patrick Industries will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Investors of record on Monday, February 23rd will be paid a $0.47 dividend. The ex-dividend date is Monday, February 23rd. This represents a $1.88 annualized dividend and a dividend yield of 1.4%. Patrick Industries’s payout ratio is 48.08%.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.