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

Patrick Industries, Inc. (NASDAQ:PATK) has earned a consensus rating of “Moderate Buy” from the seven research firms that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $106.71.

Several brokerages recently commented on PATK. Truist Financial restated a “buy” rating and issued a $130.00 price target on shares of Patrick Industries in a research report on Friday, April 12th. BMO Capital Markets upped their price target on shares of Patrick Industries from $120.00 to $125.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. Finally, Roth Mkm restated a “buy” rating and issued a $126.00 price target (up previously from $120.00) on shares of Patrick Industries in a research report on Monday, May 6th.

Institutional Investors Weigh In On Patrick Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC lifted its position in Patrick Industries by 457.0% in 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 increased its stake 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. Pacer Advisors Inc. increased its stake in shares of Patrick Industries by 39.7% during the 4th quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company’s stock worth $104,972,000 after purchasing an additional 297,381 shares during the last quarter. Meritage Portfolio Management increased its stake in shares of Patrick Industries by 3.8% during the 4th quarter. Meritage Portfolio Management now owns 8,108 shares of the construction company’s stock worth $814,000 after purchasing an additional 295 shares during the last quarter. Finally, Illinois Municipal Retirement Fund grew its stake in Patrick Industries by 7.4% in the 1st quarter. Illinois Municipal Retirement Fund now owns 12,684 shares of the construction company’s stock valued at $1,515,000 after buying an additional 869 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Trading Up 4.9 %

Shares of NASDAQ:PATK opened at $124.47 on Friday. The stock has a market capitalization of $2.79 billion, a price-to-earnings ratio of 18.44, a PEG ratio of 0.90 and a beta of 1.65. Patrick Industries has a 1-year low of $70.15 and a 1-year high of $125.60. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.96 and a current ratio of 2.38. The company has a 50 day moving average price of $111.34 and a 200 day moving average price of $109.91.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, May 2nd. The construction company reported $1.79 EPS for the quarter, beating the consensus estimate of $1.32 by $0.47. The business had revenue of $933.50 million during the quarter, compared to the consensus estimate of $829.22 million. Patrick Industries had a net margin of 4.22% and a return on equity of 14.90%. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.35 EPS. On average, research analysts anticipate that Patrick Industries will post 8.07 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were given a $0.55 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $2.20 dividend on an annualized basis and a yield of 1.77%. Patrick Industries’s payout ratio is 32.59%.

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.