Patrick Industries (NASDAQ:PATK) Stock Jumps 7% – Time to Buy?

Patrick Industries, Inc. (NASDAQ:PATK)’s share price was up 7% on Thursday. The company traded as high as $65.12 and last traded at $67.7170. Approximately 108,164 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 513,845 shares. The stock had previously closed at $63.31.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Benchmark reiterated a “buy” rating and set a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a research note on Tuesday, August 11th. KeyCorp cut their target price on shares of Patrick Industries from $115.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, October 8th. Northcoast Research set a $121.00 price target on Patrick Industries and gave the stock a “buy” rating in a report on Tuesday, September 1st. Raymond James Financial reaffirmed an “outperform” rating and set a $94.00 price objective on shares of Patrick Industries in a report on Friday, July 31st. Finally, Truist Financial set a $108.00 target price on shares of Patrick Industries and gave the company a “buy” rating in a research report on Monday, August 10th. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $106.78.

Patrick Industries Price Performance

The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.96 and a current ratio of 2.67. The stock’s 50 day simple moving average is $75.38 and its two-hundred day simple moving average is $86.85. The firm has a market capitalization of $2.19 billion, a PE ratio of 16.12 and a beta of 1.16.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $994.95 million. During the same period in the prior year, the business earned $1.50 earnings per share. The business’s revenue was down .6% compared to the same quarter last year. On average, sell-side analysts forecast that Patrick Industries, Inc. will post 4.17 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.8%. The ex-dividend date was Monday, August 24th. Patrick Industries’s dividend payout ratio is presently 44.55%.

Institutional Trading of Patrick Industries

Hedge funds and other institutional investors have recently modified their holdings of the stock. Persistent Asset Partners Ltd acquired a new stake in Patrick Industries during the second quarter worth about $25,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Patrick Industries in the 2nd quarter valued at approximately $34,000. State of Wyoming acquired a new stake in shares of Patrick Industries during the 2nd quarter worth approximately $52,000. Versant Capital Management Inc increased its holdings in shares of Patrick Industries by 5,431.2% during the 3rd quarter. Versant Capital Management Inc now owns 885 shares of the construction company’s stock worth $60,000 after buying an additional 869 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Patrick Industries during the 2nd quarter worth approximately $74,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Company Profile

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials used in recreational vehicles, marine vessels, manufactured housing, industrial applications and other markets. The company supplies original equipment manufacturers and other customers with products designed for use in interior, exterior and structural applications.

Its product portfolio includes cabinetry, furniture, countertops, flooring, wall panels, hardware, plumbing and electrical components, windows, doors, electronics, composite panels and other specialty products.