Patrick Industries, Inc. (NASDAQ:PATK) Receives $108.56 Consensus Price Target from Analysts

Patrick Industries, Inc. (NASDAQ:PATK) has been given an average recommendation of “Moderate Buy” by the eleven ratings firms that are currently covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $108.5556.

Several analysts have issued reports on PATK shares. Loop Capital assumed coverage on shares of Patrick Industries in a report on Friday, October 31st. They issued a “hold” rating and a $99.00 price target on the stock. Benchmark increased their target price on Patrick Industries from $110.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Weiss Ratings downgraded Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. KeyCorp restated an “overweight” rating and issued a $120.00 price objective (up from $115.00) on shares of Patrick Industries in a research report on Wednesday, December 10th. Finally, Roth Capital set a $115.00 price objective on Patrick Industries and gave the stock a “buy” rating in a research report on Friday, October 31st.

Insider Activity

In related news, CEO Andy L. Nemeth sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the transaction, the chief executive officer owned 301,641 shares of the company’s stock, valued at approximately $34,688,715. This represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Salomon & Ludwin LLC acquired a new stake in shares of Patrick Industries during the third quarter worth $25,000. Advisory Services Network LLC purchased a new position in Patrick Industries during the third quarter worth about $25,000. Cornerstone Planning Group LLC acquired a new stake in Patrick Industries in the 3rd quarter worth about $31,000. Strs Ohio purchased a new stake in Patrick Industries in the 1st quarter valued at about $42,000. Finally, Parkside Financial Bank & Trust increased its stake in shares of Patrick Industries by 87.5% during the 3rd quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company’s stock valued at $49,000 after acquiring an additional 223 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Trading Down 0.4%

Shares of PATK stock opened at $111.35 on Friday. The stock has a market cap of $3.71 billion, a P/E ratio of 31.81, a P/E/G ratio of 1.48 and a beta of 1.34. The company has a quick ratio of 0.86, a current ratio of 2.34 and a debt-to-equity ratio of 1.13. Patrick Industries has a fifty-two week low of $72.99 and a fifty-two week high of $116.78. The business has a fifty day simple moving average of $106.69 and a 200-day simple moving average of $103.94.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, October 30th. The construction company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.95 by $0.06. Patrick Industries had a net margin of 3.11% and a return on equity of 12.44%. The business had revenue of $975.63 million for the quarter, compared to analyst estimates of $900.35 million. During the same period in the previous year, the firm earned $1.80 EPS. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, analysts forecast that Patrick Industries will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.7%. This is a boost from Patrick Industries’s previous quarterly dividend of $0.40. The ex-dividend date was Monday, December 1st. Patrick Industries’s payout ratio is presently 53.71%.

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.