Patrick Industries (NASDAQ:PATK) Price Target Increased to $125.00 by Analysts at BMO Capital Markets

Patrick Industries (NASDAQ:PATK) had its price target raised by BMO Capital Markets from $120.00 to $125.00 in a report issued on Friday, Benzinga reports. They currently have an outperform rating on the construction company’s stock.

PATK has been the subject of several other reports. Roth Mkm upped their target price on Patrick Industries from $101.00 to $120.00 and gave the stock a buy rating in a research note on Friday, February 9th. Truist Financial reiterated a buy rating and issued a $130.00 target price on shares of Patrick Industries in a research report on Friday, April 12th. KeyCorp raised their price target on shares of Patrick Industries from $110.00 to $115.00 and gave the company an overweight rating in a research note on Friday, February 9th. Finally, StockNews.com lowered Patrick Industries from a buy rating to a hold rating in a research note on Thursday, March 21st. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $105.86.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK traded up $0.79 during trading on Friday, hitting $111.13. 230,452 shares of the stock traded hands, compared to its average volume of 133,840. The company has a fifty day moving average price of $112.17 and a two-hundred day moving average price of $99.19. Patrick Industries has a 52-week low of $63.57 and a 52-week high of $123.58. The company has a market cap of $2.49 billion, a price-to-earnings ratio of 16.46, a P/E/G ratio of 0.69 and a beta of 1.73. The company has a quick ratio of 0.73, a current ratio of 2.38 and a debt-to-equity ratio of 1.32.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, May 2nd. The construction company reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.47. Patrick Industries had a net margin of 4.22% and a return on equity of 14.90%. The business had revenue of $933.50 million during the quarter, compared to the consensus estimate of $829.22 million. During the same quarter in the prior year, the firm posted $1.35 earnings per share. The company’s revenue was up 3.7% compared to the same quarter last year. As a group, equities analysts predict that Patrick Industries will post 8 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Tuesday, February 20th were given a dividend of $0.55 per share. The ex-dividend date was Friday, February 16th. This represents a $2.20 dividend on an annualized basis and a yield of 1.98%. Patrick Industries’s payout ratio is 32.59%.

Insiders Place Their Bets

In other Patrick Industries news, insider Kip B. Ellis sold 18,000 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $115.00, for a total value of $2,070,000.00. Following the completion of the sale, the insider now directly owns 108,778 shares of the company’s stock, valued at approximately $12,509,470. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Kip B. Ellis sold 7,462 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $121.99, for a total value of $910,289.38. Following the transaction, the insider now directly owns 101,316 shares in the company, valued at $12,359,538.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kip B. Ellis sold 18,000 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $115.00, for a total value of $2,070,000.00. Following the sale, the insider now directly owns 108,778 shares of the company’s stock, valued at approximately $12,509,470. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 48,873 shares of company stock valued at $5,681,957. Insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds have recently modified their holdings of the business. Pacer Advisors Inc. increased its holdings in Patrick Industries by 39.7% in the 4th quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company’s stock valued at $104,972,000 after purchasing an additional 297,381 shares during the last quarter. Norges Bank acquired a new stake in shares of Patrick Industries in the fourth quarter valued at $14,782,000. Peregrine Capital Management LLC acquired a new stake in shares of Patrick Industries in the first quarter valued at $8,546,000. Dimensional Fund Advisors LP raised its holdings in shares of Patrick Industries by 1.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company’s stock valued at $144,828,000 after buying an additional 21,735 shares during the period. Finally, O Shaughnessy Asset Management LLC lifted its stake in Patrick Industries by 103.4% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 42,470 shares of the construction company’s stock worth $3,188,000 after acquiring an additional 21,585 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

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.