Patrick Industries, Inc. (NASDAQ:PATK) Receives $121.00 Average Target Price from Brokerages

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been assigned a consensus recommendation of “Moderate Buy” from the nine analysts that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $121.00.

PATK has been the topic of a number of recent research reports. Raymond James Financial set a $108.00 price target on Patrick Industries in a research report on Friday, May 1st. Benchmark decreased their price objective on Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a report on Friday, May 1st. Weiss Ratings cut Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, June 29th. Wall Street Zen downgraded shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Finally, Truist Financial dropped their price objective on shares of Patrick Industries from $126.00 to $113.00 and set a “buy” rating on the stock in a report on Wednesday, July 8th.

Insider Buying and Selling

In related news, insider Jacob R. Petkovich bought 1,300 shares of the company’s stock in a transaction on Wednesday, May 6th. The shares were purchased at an average price of $95.57 per share, for a total transaction of $124,241.00. Following the completion of the transaction, the insider directly owned 46,290 shares in the company, valued at approximately $4,423,935.30. The trade was a 2.89% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Matthew S. Filer bought 1,000 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were bought at an average price of $85.50 per share, for a total transaction of $85,500.00. Following the transaction, the chief financial officer owned 21,614 shares of the company’s stock, valued at approximately $1,847,997. This represents a 4.85% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased 28,700 shares of company stock worth $2,532,880 in the last 90 days. 3.80% of the stock is currently owned by company insiders.

Institutional Trading of Patrick Industries

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Patrick Industries by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 2,470,559 shares of the construction company’s stock valued at $267,883,000 after buying an additional 16,959 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Patrick Industries by 19.9% in the fourth quarter. Wellington Management Group LLP now owns 2,217,107 shares of the construction company’s stock valued at $240,401,000 after acquiring an additional 367,802 shares during the period. Capital Research Global Investors grew its stake in Patrick Industries by 24.4% during the fourth quarter. Capital Research Global Investors now owns 1,137,530 shares of the construction company’s stock valued at $123,342,000 after acquiring an additional 223,014 shares in the last quarter. Geode Capital Management LLC grew its stake in Patrick Industries by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 819,488 shares of the construction company’s stock valued at $88,870,000 after acquiring an additional 4,816 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Patrick Industries by 17.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 748,904 shares of the construction company’s stock worth $81,205,000 after acquiring an additional 112,766 shares during the period. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Down 0.2%

Patrick Industries stock opened at $88.09 on Tuesday. The firm has a 50 day moving average price of $88.58 and a 200-day moving average price of $107.66. The company has a quick ratio of 1.04, a current ratio of 2.71 and a debt-to-equity ratio of 1.16. Patrick Industries has a twelve month low of $81.29 and a twelve month high of $148.50. The company has a market capitalization of $2.90 billion, a P/E ratio of 22.59 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The business had revenue of $997.17 million for the quarter, compared to the consensus estimate of $989.06 million. During the same quarter in the prior year, the business earned $1.11 earnings per share. Patrick Industries’s revenue for the quarter was down .6% on a year-over-year basis. As a group, equities analysts predict that Patrick Industries will post 4.63 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Tuesday, May 26th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Tuesday, May 26th. Patrick Industries’s dividend payout ratio is presently 48.21%.

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.