Roth Mkm Increases Patrick Industries (NASDAQ:PATK) Price Target to $120.00

Patrick Industries (NASDAQ:PATKFree Report) had its target price raised by Roth Mkm from $101.00 to $120.00 in a research note issued to investors on Friday, Benzinga reports. Roth Mkm currently has a buy rating on the construction company’s stock.

Several other research firms also recently weighed in on PATK. KeyCorp upped their price objective on shares of Patrick Industries from $95.00 to $110.00 and gave the stock an overweight rating in a report on Friday, January 12th. StockNews.com cut shares of Patrick Industries from a buy rating to a hold rating in a report on Thursday, January 18th. BMO Capital Markets initiated coverage on Patrick Industries in a research report on Thursday, December 7th. They set an outperform rating and a $105.00 price target on the stock. Finally, Truist Financial upped their price objective on shares of Patrick Industries from $95.00 to $125.00 and gave the company a buy rating in a research note on Tuesday, January 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $102.29.

Check Out Our Latest Report on PATK

Patrick Industries Stock Performance

Patrick Industries stock opened at $112.50 on Friday. The company has a market cap of $2.49 billion, a price-to-earnings ratio of 17.28 and a beta of 1.71. Patrick Industries has a 12 month low of $63.57 and a 12 month high of $113.59. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.38 and a quick ratio of 0.73. The stock’s 50-day moving average is $97.96 and its 200-day moving average is $85.84.

Patrick Industries (NASDAQ:PATKGet Free Report) last issued its quarterly earnings data on Thursday, February 8th. The construction company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.10. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The company had revenue of $781.20 million during the quarter, compared to the consensus estimate of $780.97 million. During the same quarter last year, the company earned $1.82 earnings per share. Patrick Industries’s revenue for the quarter was down 17.9% on a year-over-year basis. Equities analysts anticipate that Patrick Industries will post 8.03 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th will be given a dividend of $0.55 per share. The ex-dividend date is Friday, February 16th. This represents a $2.20 annualized dividend and a yield of 1.96%. Patrick Industries’s dividend payout ratio is currently 33.79%.

Insider Activity at Patrick Industries

In other news, CEO Andy L. Nemeth sold 15,000 shares of the business’s stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $87.00, for a total transaction of $1,305,000.00. Following the sale, the chief executive officer now directly owns 302,013 shares in the company, valued at $26,275,131. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Todd M. Cleveland sold 2,500 shares of the stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $83.57, for a total transaction of $208,925.00. Following the completion of the sale, the director now directly owns 88,690 shares in the company, valued at $7,411,823.30. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Andy L. Nemeth sold 15,000 shares of Patrick Industries stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $87.00, for a total value of $1,305,000.00. Following the completion of the sale, the chief executive officer now owns 302,013 shares of the company’s stock, valued at $26,275,131. The disclosure for this sale can be found here. Insiders sold a total of 85,500 shares of company stock valued at $7,762,805 in the last quarter. Insiders own 6.80% of the company’s stock.

Institutional Trading of Patrick Industries

Institutional investors have recently made changes to their positions in the company. Advisor Group Holdings Inc. raised its stake in shares of Patrick Industries by 2.8% in the first quarter. Advisor Group Holdings Inc. now owns 5,532 shares of the construction company’s stock valued at $333,000 after buying an additional 149 shares during the period. US Bancorp DE grew its holdings in shares of Patrick Industries by 18.6% during the 1st quarter. US Bancorp DE now owns 2,024 shares of the construction company’s stock valued at $122,000 after purchasing an additional 317 shares during the last quarter. Citigroup Inc. increased its stake in Patrick Industries by 14.7% in the 1st quarter. Citigroup Inc. now owns 22,851 shares of the construction company’s stock worth $1,378,000 after purchasing an additional 2,928 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of Patrick Industries during the first quarter worth about $148,000. Finally, MetLife Investment Management LLC boosted its holdings in Patrick Industries by 54.6% in the first quarter. MetLife Investment Management LLC now owns 12,506 shares of the construction company’s stock valued at $754,000 after acquiring an additional 4,417 shares in the last quarter. Institutional investors own 93.18% of the company’s stock.

About Patrick Industries

(Get Free Report)

Patrick Industries, Inc manufactures and distributes components, building 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.

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