Truist Financial Raises Patrick Industries (NASDAQ:PATK) Price Target to $165.00

Patrick Industries (NASDAQ:PATK) had its price target upped by Truist Financial from $150.00 to $165.00 in a report published on Friday, Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock.

Other analysts have also issued research reports about the company. BMO Capital Markets increased their price target on Patrick Industries from $125.00 to $135.00 and gave the company an outperform rating in a report on Friday, August 2nd. KeyCorp increased their target price on shares of Patrick Industries from $125.00 to $135.00 and gave the company an overweight rating in a research note on Friday, August 2nd. Benchmark reaffirmed a buy rating and set a $145.00 price target on shares of Patrick Industries in a research note on Tuesday, September 17th. Robert W. Baird upped their price target on shares of Patrick Industries from $120.00 to $128.00 and gave the company an outperform rating in a report on Friday, August 2nd. Finally, DA Davidson raised their price objective on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a neutral rating in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Patrick Industries currently has an average rating of Moderate Buy and a consensus price target of $135.43.

Patrick Industries Stock Performance

Shares of NASDAQ:PATK opened at $142.72 on Friday. The firm has a fifty day simple moving average of $127.40 and a two-hundred day simple moving average of $116.54. Patrick Industries has a 52 week low of $70.15 and a 52 week high of $147.80. The company has a quick ratio of 0.94, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $3.20 billion, a P/E ratio of 21.14, a PEG ratio of 1.10 and a beta of 1.62.

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

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were given a $0.55 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.20 annualized dividend and a yield of 1.54%. Patrick Industries’s dividend payout ratio (DPR) is 32.59%.

Insiders Place Their Bets

In related news, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Jeff Rodino sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the completion of the sale, the insider now directly owns 139,109 shares of the company’s stock, valued at $18,274,749.33. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Hugo E. Gonzalez sold 1,911 shares of the firm’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 transaction, the chief operating officer now directly owns 23,759 shares in the company, valued at approximately $3,091,283.49. The disclosure for this sale can be found here. Insiders have sold 29,411 shares of company stock worth $3,858,915 in the last three months. Corporate insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

Several hedge funds have recently modified their holdings of PATK. Xponance Inc. lifted its stake in shares of Patrick Industries by 4.1% during the 2nd quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock worth $230,000 after purchasing an additional 83 shares during the last quarter. US Bancorp DE lifted its position in shares of Patrick Industries by 1.3% during the fourth quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock valued at $770,000 after buying an additional 95 shares during the last quarter. FORA Capital LLC lifted its position in shares of Patrick Industries by 2.9% during the first quarter. FORA Capital LLC now owns 4,492 shares of the construction company’s stock valued at $537,000 after buying an additional 128 shares during the last quarter. SummerHaven Investment Management LLC boosted its holdings in shares of Patrick Industries by 1.5% in the 2nd quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company’s stock valued at $977,000 after buying an additional 135 shares in the last quarter. Finally, BOKF NA grew its position in shares of Patrick Industries by 3.7% in the 2nd quarter. BOKF NA now owns 4,848 shares of the construction company’s stock worth $526,000 after buying an additional 172 shares during the last quarter. Hedge funds and other 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.