Patrick Industries (NASDAQ:PATK) Hits New 1-Year High – Still a Buy?

Patrick Industries, Inc. (NASDAQ:PATK) reached a new 52-week high during trading on Friday . The stock traded as high as $117.56 and last traded at $117.4150, with a volume of 17510 shares. The stock had previously closed at $115.93.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PATK shares. BMO Capital Markets reaffirmed an “outperform” rating and set a $115.00 price objective on shares of Patrick Industries in a research report on Friday, October 31st. KeyCorp restated an “overweight” rating and issued a $120.00 price target (up from $115.00) on shares of Patrick Industries in a research note on Wednesday, December 10th. Benchmark lifted their price target on Patrick Industries from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Roth Capital set a $115.00 price objective on Patrick Industries and gave the company a “buy” rating in a report on Friday, October 31st. Finally, Weiss Ratings lowered Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Seven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $108.56.

Patrick Industries Stock Performance

The company has a quick ratio of 0.86, a current ratio of 2.34 and a debt-to-equity ratio of 1.13. The firm has a 50-day simple moving average of $107.99 and a 200 day simple moving average of $104.81. The company has a market cap of $3.90 billion, a price-to-earnings ratio of 33.46, a price-to-earnings-growth ratio of 1.18 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. Patrick Industries had a net margin of 3.11% and a return on equity of 12.44%. The business had revenue of $975.63 million for the quarter, compared to analyst estimates of $900.35 million. During the same period last year, the firm posted $1.80 earnings per share. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, sell-side analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 1.6%. This is a positive change from Patrick Industries’s previous quarterly dividend of $0.40. The ex-dividend date was Monday, December 1st. Patrick Industries’s payout ratio is currently 53.71%.

Insider Activity

In related news, CEO Andy L. Nemeth sold 25,000 shares of the business’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $115.00, for a total value of $2,875,000.00. Following the transaction, the chief executive officer owned 301,641 shares in the company, valued at $34,688,715. The trade was a 7.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 4.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Patrick Industries

Large investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Patrick Industries during the fourth quarter worth $320,000. Park Avenue Securities LLC raised its position in Patrick Industries by 15.3% during the 4th quarter. Park Avenue Securities LLC now owns 2,724 shares of the construction company’s stock worth $295,000 after buying an additional 362 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Patrick Industries by 25.8% in the 4th quarter. GAMMA Investing LLC now owns 1,215 shares of the construction company’s stock worth $132,000 after acquiring an additional 249 shares during the period. CIBC Bancorp USA Inc. purchased a new stake in shares of Patrick Industries in the third quarter valued at about $358,000. Finally, Coldstream Capital Management Inc. purchased a new stake in shares of Patrick Industries in the third quarter valued at about $215,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Company Profile

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.