Patrick Industries, Inc. (NASDAQ:PATK) Receives $106.71 Average Target Price from Brokerages

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been given an average rating of “Moderate Buy” by the seven brokerages that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $106.71.

Several brokerages have recently weighed in on PATK. BMO Capital Markets upped their target price on Patrick Industries from $120.00 to $125.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. Roth Mkm reaffirmed a “buy” rating and set a $126.00 target price (up from $120.00) on shares of Patrick Industries in a research note on Monday, May 6th. StockNews.com downgraded Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. Finally, Truist Financial reaffirmed a “buy” rating and set a $130.00 target price on shares of Patrick Industries in a research note on Friday, April 12th.

Patrick Industries Trading Up 1.1 %

Shares of NASDAQ:PATK opened at $108.55 on Monday. Patrick Industries has a 12-month low of $70.15 and a 12-month high of $123.58. The company has a market capitalization of $2.43 billion, a PE ratio of 16.08, a PEG ratio of 0.78 and a beta of 1.70. The business has a 50 day moving average of $109.61 and a two-hundred day moving average of $107.82. The company has a current ratio of 2.38, a quick ratio of 0.96 and a debt-to-equity ratio of 1.32.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, May 2nd. The construction company reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.47. Patrick Industries had a return on equity of 14.90% and a net margin of 4.22%. The company had revenue of $933.50 million during the quarter, compared to the consensus estimate of $829.22 million. During the same period in the previous year, the company posted $1.35 earnings per share. Patrick Industries’s revenue for the quarter was up 3.7% on a year-over-year basis. As a group, analysts forecast that Patrick Industries will post 8.12 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend was Monday, June 3rd. Patrick Industries’s payout ratio is 32.59%.

Institutional Trading of Patrick Industries

Several large investors have recently made changes to their positions in PATK. Deutsche Bank AG grew its holdings in Patrick Industries by 13.8% in the 3rd quarter. Deutsche Bank AG now owns 10,590 shares of the construction company’s stock valued at $795,000 after buying an additional 1,281 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in Patrick Industries in the 3rd quarter valued at $243,000. Envestnet Asset Management Inc. grew its holdings in Patrick Industries by 49.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 46,147 shares of the construction company’s stock valued at $3,464,000 after buying an additional 15,357 shares in the last quarter. Invesco Ltd. grew its holdings in Patrick Industries by 7.0% in the 3rd quarter. Invesco Ltd. now owns 277,265 shares of the construction company’s stock valued at $20,812,000 after buying an additional 18,256 shares in the last quarter. Finally, Dark Forest Capital Management LP purchased a new stake in Patrick Industries in the 3rd quarter valued at $599,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

About Patrick Industries

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.