Analysts Set Patrick Industries, Inc. (NASDAQ:PATK) Price Target at $135.13

Patrick Industries, Inc. (NASDAQ:PATK) has been assigned a consensus recommendation of “Moderate Buy” from the nine research firms that are currently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $135.1250.

A number of equities research analysts have commented on the company. Wall Street Zen cut Patrick Industries from a “buy” rating to a “hold” rating in a research note on Sunday, March 8th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $155.00 price objective on shares of Patrick Industries in a research note on Friday, February 6th. Roth Mkm reiterated a “buy” rating and issued a $157.00 target price on shares of Patrick Industries in a report on Monday, February 9th. KeyCorp reissued an “overweight” rating and set a $155.00 target price (up from $135.00) on shares of Patrick Industries in a research report on Friday, February 6th. Finally, Truist Financial set a $126.00 price target on shares of Patrick Industries in a research report on Friday, January 9th.

Insider Activity

In other Patrick Industries news, Director M Scott Welch acquired 10,000 shares of the stock in a transaction dated Thursday, March 12th. The stock was purchased at an average cost of $113.68 per share, with a total value of $1,136,800.00. Following the transaction, the director owned 146,000 shares in the company, valued at approximately $16,597,280. The trade was a 7.35% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Stacey L. Amundson sold 3,903 shares of the business’s stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $145.61, for a total value of $568,315.83. Following the completion of the transaction, the executive vice president directly owned 12,819 shares in the company, valued at $1,866,574.59. This represents a 23.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders acquired 11,110 shares of company stock worth $1,289,895 and sold 45,121 shares worth $5,352,337. 4.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patrick Industries

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

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $114.31 on Wednesday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. Patrick Industries has a 52 week low of $72.99 and a 52 week high of $148.50. The firm has a market cap of $3.80 billion, a PE ratio of 29.24 and a beta of 1.33. The firm’s fifty day moving average is $127.42 and its 200-day moving average is $113.65.

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 analysts’ consensus estimates of $0.74 by $0.10. The business had revenue of $924.17 million during the quarter, compared to the consensus estimate of $858.62 million. Patrick Industries had a return on equity of 13.28% and a net margin of 3.42%.Patrick Industries’s quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.52 earnings per share. Sell-side analysts predict that Patrick Industries will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 9th. Investors of record on Monday, February 23rd were issued a $0.47 dividend. The ex-dividend date was Monday, February 23rd. This represents a $1.88 annualized dividend and a yield of 1.6%. Patrick Industries’s payout ratio is presently 48.08%.

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.