Patrick Industries (NASDAQ:PATK) Price Target Raised to $115.00

Patrick Industries (NASDAQ:PATK) had its price objective hoisted by Benchmark from $110.00 to $115.00 in a research note issued to investors on Tuesday morning,Benzinga reports. Benchmark currently has a buy rating on the construction company’s stock.

A number of other brokerages also recently issued reports on PATK. Weiss Ratings downgraded Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Loop Capital started coverage on shares of Patrick Industries in a research report on Friday, October 31st. They issued a “hold” rating and a $99.00 price target for the company. KeyCorp increased their price objective on shares of Patrick Industries from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st. Raymond James Financial upped their target price on shares of Patrick Industries from $95.00 to $109.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. Finally, Truist Financial set a $114.00 price target on Patrick Industries and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Seven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $108.00.

Patrick Industries Stock Performance

Shares of NASDAQ PATK opened at $104.13 on Tuesday. The firm’s 50-day moving average price is $104.62 and its 200-day moving average price is $97.71. Patrick Industries has a 52-week low of $72.99 and a 52-week high of $116.78. The company has a market cap of $3.47 billion, a PE ratio of 28.22, a PEG ratio of 1.40 and a beta of 1.33. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, October 30th. The construction company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.06. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The company had revenue of $975.63 million during the quarter, compared to analysts’ expectations of $900.35 million. During the same quarter in the prior year, the business earned $1.80 earnings per share. Patrick Industries’s revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, analysts anticipate that Patrick Industries will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Stockholders of record on Monday, August 25th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, August 25th. Patrick Industries’s dividend payout ratio is 45.71%.

Insider Buying and Selling at Patrick Industries

In related news, Director Michael A. Kitson sold 4,572 shares of the business’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $112.67, for a total value of $515,127.24. Following the sale, the director owned 11,850 shares in the company, valued at approximately $1,335,139.50. The trade was a 27.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kip B. Ellis sold 21,452 shares of the company’s stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $110.01, for a total transaction of $2,359,934.52. Following the sale, the insider directly owned 125,379 shares in the company, valued at approximately $13,792,943.79. The trade was a 14.61% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 73,413 shares of company stock valued at $8,112,016. 4.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Arizona State Retirement System increased its stake in Patrick Industries by 1.1% during the third quarter. Arizona State Retirement System now owns 9,387 shares of the construction company’s stock worth $971,000 after acquiring an additional 98 shares during the last quarter. Strs Ohio boosted its holdings in shares of Patrick Industries by 11.1% in the 3rd quarter. Strs Ohio now owns 1,000 shares of the construction company’s stock worth $103,000 after purchasing an additional 100 shares during the period. Bank of Montreal Can increased its position in shares of Patrick Industries by 2.1% during the 2nd quarter. Bank of Montreal Can now owns 5,200 shares of the construction company’s stock valued at $480,000 after purchasing an additional 106 shares during the last quarter. Atria Investments Inc increased its position in shares of Patrick Industries by 3.0% during the 2nd quarter. Atria Investments Inc now owns 3,806 shares of the construction company’s stock valued at $351,000 after purchasing an additional 112 shares during the last quarter. Finally, James Investment Research Inc. raised its holdings in Patrick Industries by 0.8% during the 1st quarter. James Investment Research Inc. now owns 15,654 shares of the construction company’s stock valued at $1,324,000 after buying an additional 125 shares during the period. Hedge funds and other institutional investors 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.