Patrick Industries (NASDAQ:PATK) Hits New 12-Month High at $126.47

Shares of Patrick Industries, Inc. (NASDAQ:PATK) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $126.47 and last traded at $125.61, with a volume of 11679 shares changing hands. The stock had previously closed at $124.47.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. BMO Capital Markets lifted their target price 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. Roth Mkm reaffirmed a “buy” rating and issued a $126.00 price target (up previously from $120.00) on shares of Patrick Industries in a research note on Monday, May 6th. Finally, Truist Financial reiterated a “buy” rating and set a $130.00 price objective on shares of Patrick Industries in a research note on Friday, April 12th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $106.71.

Patrick Industries Price Performance

The stock has a fifty day moving average of $111.34 and a two-hundred day moving average of $109.91. The company has a current ratio of 2.38, a quick ratio of 0.96 and a debt-to-equity ratio of 1.32. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of 18.70, a PEG ratio of 0.86 and a beta of 1.65.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, May 2nd. The construction company reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.47. The company had revenue of $933.50 million during the quarter, compared to analyst estimates of $829.22 million. Patrick Industries had a return on equity of 14.90% and a net margin of 4.22%. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period last year, the company posted $1.35 earnings per share. As a group, equities research analysts forecast that Patrick Industries, Inc. will post 8.07 earnings per share for the current 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 paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date of this dividend was Monday, June 3rd. Patrick Industries’s dividend payout ratio is presently 32.59%.

Institutional Trading of Patrick Industries

A number of hedge funds and other institutional investors have recently modified their holdings of PATK. GAMMA Investing LLC bought a new position in Patrick Industries in the 4th quarter valued at $35,000. Xponance Inc. bought a new position in Patrick Industries in the fourth quarter valued at about $203,000. Harel Insurance Investments & Financial Services Ltd. increased its position in Patrick Industries by 78.5% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock worth $205,000 after purchasing an additional 840 shares during the period. Heritage Wealth Management LLC bought a new stake in Patrick Industries during the 4th quarter worth about $238,000. Finally, Everence Capital Management Inc. bought a new stake in Patrick Industries during the 4th quarter worth about $243,000. 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.