Patrick Industries (NASDAQ:PATK) Hits New 1-Year High at $136.41

Patrick Industries, Inc. (NASDAQ:PATK) shares reached a new 52-week high during trading on Friday . The stock traded as high as $136.41 and last traded at $135.67, with a volume of 9400 shares traded. The stock had previously closed at $131.47.

Analyst Ratings Changes

PATK has been the topic of several analyst reports. Truist Financial lifted their target price on Patrick Industries from $130.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Benchmark assumed coverage on shares of Patrick Industries in a research report on Thursday, August 29th. They issued a “buy” rating and a $145.00 price objective on the stock. DA Davidson increased their target price on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. KeyCorp lifted their price target on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Finally, BMO Capital Markets increased their price objective on Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $133.29.

Patrick Industries Stock Up 2.4 %

The company has a debt-to-equity ratio of 1.19, a current ratio of 2.29 and a quick ratio of 0.94. The business’s fifty day moving average price is $123.18 and its two-hundred day moving average price is $115.39. The stock has a market capitalization of $3.02 billion, a PE ratio of 19.48, a price-to-earnings-growth ratio of 1.03 and a beta of 1.62.

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

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.20 dividend on an annualized basis and a yield of 1.63%. Patrick Industries’s dividend payout ratio is presently 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 on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the transaction, the chief operating officer now directly owns 23,759 shares in the company, valued at approximately $3,091,283.49. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its position in Patrick Industries by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company’s stock worth $144,828,000 after purchasing an additional 21,735 shares during the last quarter. Pacer Advisors Inc. raised its position in shares of Patrick Industries by 20.1% during the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after buying an additional 221,904 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Patrick Industries by 10.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock valued at $33,078,000 after acquiring an additional 26,389 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in Patrick Industries in the second quarter worth approximately $22,460,000. Finally, Tributary Capital Management LLC grew its position in Patrick Industries by 0.3% in the second quarter. Tributary Capital Management LLC now owns 205,788 shares of the construction company’s stock worth $22,338,000 after acquiring an additional 613 shares during the period. Hedge funds and other institutional investors 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.