Patrick Industries (NASDAQ:PATK) Price Target Raised to $120.00

Patrick Industries (NASDAQ:PATK) had its target price increased by Truist Financial from $115.00 to $120.00 in a report published on Monday,Benzinga reports. Truist Financial currently has a buy rating on the construction company’s stock.

A number of other equities research analysts also recently issued reports on PATK. Benchmark boosted their price target on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Friday, February 7th. KeyCorp boosted their target price on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. BMO Capital Markets raised their price target on shares of Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a report on Friday, November 1st. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Finally, Raymond James increased their price objective on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $97.96.

Patrick Industries Trading Down 0.5 %

Shares of PATK stock opened at $93.15 on Monday. The firm’s 50-day simple moving average is $89.41 and its 200-day simple moving average is $88.80. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.97. Patrick Industries has a 1-year low of $67.72 and a 1-year high of $98.90. The firm has a market cap of $3.13 billion, a P/E ratio of 22.61, a PEG ratio of 1.42 and a beta of 2.26.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. As a group, equities analysts forecast that Patrick Industries will post 5.38 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.72%. Patrick Industries’s payout ratio is currently 38.83%.

Insider Activity at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $93.76, for a total value of $1,406,400.00. Following the completion of the transaction, the chief executive officer now directly owns 364,678 shares of the company’s stock, valued at $34,192,209.28. This represents a 3.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Kestra Investment Management LLC purchased a new stake in Patrick Industries during the 4th quarter worth approximately $25,000. Sound Income Strategies LLC acquired a new stake in shares of Patrick Industries during the third quarter worth approximately $46,000. Nomura Asset Management Co. Ltd. raised its holdings in Patrick Industries by 49.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company’s stock valued at $29,000 after acquiring an additional 114 shares in the last quarter. GAMMA Investing LLC boosted its stake in Patrick Industries by 76.2% during the 3rd quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock valued at $67,000 after acquiring an additional 205 shares during the last quarter. Finally, UMB Bank n.a. boosted its stake in Patrick Industries by 176.6% during the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock valued at $81,000 after acquiring an additional 362 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

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.