Brokerages Set Patrick Industries, Inc. (NASDAQ:PATK) Price Target at $133.29

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have received an average rating of “Moderate Buy” from the seven research firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $133.29.

A number of equities analysts have issued reports on PATK shares. Truist Financial raised their target price on shares of Patrick Industries from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Robert W. Baird boosted their price objective on Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Benchmark started coverage on Patrick Industries in a research note on Thursday, August 29th. They set a “buy” rating and a $145.00 price objective for the company. KeyCorp raised their target price on Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Finally, DA Davidson upped their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th.

Patrick Industries Stock Performance

PATK stock opened at $135.33 on Friday. The firm has a market cap of $3.03 billion, a P/E ratio of 20.05, a P/E/G ratio of 1.03 and a beta of 1.62. The stock’s 50 day simple moving average is $123.75 and its 200 day simple moving average is $115.53. The company has a current ratio of 2.29, a quick ratio of 0.94 and a debt-to-equity ratio of 1.19. Patrick Industries has a 12-month low of $70.15 and a 12-month high of $136.53.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.11. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $972.06 million. During the same period last year, the firm posted $1.94 EPS. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, equities research analysts predict that Patrick Industries will post 7.32 EPS for the current year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were paid a $0.55 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.20 annualized dividend and a dividend yield of 1.63%. Patrick Industries’s payout ratio is 32.59%.

Insider Activity at Patrick Industries

In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the sale, the chief operating officer now directly owns 23,759 shares in the company, valued at approximately $3,091,283.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Jeff Rodino sold 20,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the completion of the transaction, the insider now owns 139,109 shares of the company’s stock, valued at $18,274,749.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the sale, the chief operating officer now owns 23,759 shares in the company, valued at $3,091,283.49. The disclosure for this sale can be found here. Insiders have sold a total of 29,411 shares of company stock worth $3,858,915 over the last ninety days. 4.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Patrick Industries

Several large investors have recently made changes to their positions in the business. Pacer Advisors Inc. lifted its stake in Patrick Industries by 20.1% during the second quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after purchasing an additional 221,904 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in shares of Patrick Industries during the 2nd quarter valued at $22,460,000. Norges Bank acquired a new stake in shares of Patrick Industries during the 4th quarter valued at $14,782,000. Peregrine Capital Management LLC bought a new stake in shares of Patrick Industries during the 1st quarter worth $8,546,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Patrick Industries by 10.5% in 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 acquiring an additional 26,389 shares during the last quarter. Institutional investors 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.