Patrick Industries (NASDAQ:PATK) Sets New 1-Year High – What’s Next?

Patrick Industries, Inc. (NASDAQ:PATK) shares reached a new 52-week high on Wednesday . The stock traded as high as $144.74 and last traded at $144.26, with a volume of 29545 shares. The stock had previously closed at $142.51.

Analyst Upgrades and Downgrades

A number of research analysts have commented on PATK shares. Benchmark reaffirmed a “buy” rating on shares of Patrick Industries in a report on Friday, February 6th. Truist Financial set a $126.00 price target on Patrick Industries in a research report on Friday, January 9th. Roth Mkm reaffirmed a “buy” rating and issued a $157.00 price objective on shares of Patrick Industries in a report on Monday. Weiss Ratings cut shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $155.00 price target on shares of Patrick Industries in a research report on Friday, February 6th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Patrick Industries presently has a consensus rating of “Moderate Buy” and a consensus target price of $135.13.

Patrick Industries Trading Up 1.3%

The company has a current ratio of 2.51, a quick ratio of 0.80 and a debt-to-equity ratio of 1.08. The firm has a 50-day moving average price of $121.20 and a 200-day moving average price of $110.73. The company has a market capitalization of $4.77 billion, a price-to-earnings ratio of 36.62, a PEG ratio of 1.53 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.10. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The company had revenue of $924.17 million during the quarter, compared to analyst estimates of $858.62 million. During the same quarter last year, the firm posted $0.52 EPS. The business’s revenue for the quarter was up 9.2% on a year-over-year basis. As a group, sell-side analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 9th. Stockholders of record on Monday, February 23rd will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, February 23rd. Patrick Industries’s dividend payout ratio is currently 48.08%.

Insiders Place Their Bets

In other Patrick Industries news, CAO Matthew S. Filer purchased 1,000 shares of the company’s stock in a transaction that occurred on Friday, February 6th. The shares were purchased at an average cost of $139.91 per share, with a total value of $139,910.00. Following the completion of the transaction, the chief accounting officer owned 20,614 shares of the company’s stock, valued at approximately $2,884,104.74. This represents a 5.10% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Andy L. Nemeth sold 25,000 shares of the stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the completion of the sale, the chief executive officer directly owned 301,641 shares of the company’s stock, valued at $34,688,715. This trade represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 4.40% of the company’s stock.

Institutional Trading of Patrick Industries

Several hedge funds and other institutional investors have recently modified their holdings of PATK. Torren Management LLC acquired a new stake in Patrick Industries in the fourth quarter valued at approximately $26,000. Advisory Services Network LLC bought a new position in shares of Patrick Industries in the third quarter worth about $25,000. Salomon & Ludwin LLC acquired a new position in shares of Patrick Industries during the third quarter worth approximately $25,000. Cornerstone Planning Group LLC acquired a new position in Patrick Industries during the 3rd quarter valued at $31,000. Finally, Allworth Financial LP lifted its stake in shares of Patrick Industries by 181.3% in the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after buying an additional 203 shares during the period. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

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.