Truist Financial Boosts Patrick Industries (NASDAQ:PATK) Price Target to $150.00

Patrick Industries (NASDAQ:PATK) had its price target upped by Truist Financial from $130.00 to $150.00 in a research report released on Friday, Benzinga reports. They currently have a buy rating on the construction company’s stock.

A number of other equities analysts have also recently commented on the stock. BMO Capital Markets lifted their target price on shares of Patrick Industries from $120.00 to $125.00 and gave the stock an outperform rating in a research report on Friday, May 3rd. Roth Mkm restated a buy rating and issued a $126.00 target price (up previously from $120.00) on shares of Patrick Industries in a report on Monday, May 6th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Patrick Industries has an average rating of Moderate Buy and an average price target of $124.83.

Patrick Industries Stock Down 2.1 %

Patrick Industries stock traded down $2.55 during mid-day trading on Friday, reaching $119.31. The stock had a trading volume of 153,102 shares, compared to its average volume of 180,044. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.96 and a current ratio of 2.29. The stock’s 50-day simple moving average is $113.04 and its 200-day simple moving average is $111.32. The firm has a market capitalization of $2.67 billion, a PE ratio of 17.24, a price-to-earnings-growth ratio of 0.92 and a beta of 1.65. Patrick Industries has a fifty-two week low of $70.15 and a fifty-two week high of $136.00.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.11. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $972.06 million. During the same period in the previous year, the business posted $1.94 EPS. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, sell-side analysts forecast that Patrick Industries will post 8.07 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend was Monday, June 3rd. Patrick Industries’s dividend payout ratio (DPR) is 32.59%.

Institutional Investors Weigh In On Patrick Industries

Hedge funds and other institutional investors have recently made changes to their positions in the company. Janney Montgomery Scott LLC lifted its holdings in Patrick Industries by 457.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 17,685 shares of the construction company’s stock worth $1,774,000 after buying an additional 14,510 shares in the last quarter. SummerHaven Investment Management LLC raised its position in shares of Patrick Industries by 1.4% during the 4th quarter. SummerHaven Investment Management LLC now owns 8,768 shares of the construction company’s stock worth $880,000 after purchasing an additional 117 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Patrick Industries by 10.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock worth $33,078,000 after purchasing an additional 26,389 shares during the period. Meritage Portfolio Management grew its holdings in Patrick Industries by 3.8% in the fourth quarter. Meritage Portfolio Management now owns 8,108 shares of the construction company’s stock valued at $814,000 after purchasing an additional 295 shares during the period. Finally, Illinois Municipal Retirement Fund boosted its position in shares of Patrick Industries by 7.4% in the first quarter. Illinois Municipal Retirement Fund now owns 12,684 shares of the construction company’s stock worth $1,515,000 after buying an additional 869 shares during the period. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes component 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.