Analysts Set Patrick Industries, Inc. (NASDAQ:PATK) Price Target at $93.25

Patrick Industries, Inc. (NASDAQ:PATK) has earned a consensus recommendation of “Moderate Buy” from the eight brokerages that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $93.25.

PATK has been the topic of several research reports. StockNews.com raised shares of Patrick Industries from a “sell” rating to a “hold” rating in a report on Monday, December 16th. Truist Financial boosted their price target on Patrick Industries from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. BMO Capital Markets raised their price objective on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research report on Friday, November 1st. Raymond James reduced their target price on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a report on Friday, November 1st. Finally, KeyCorp raised their price target on shares of Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd.

Insider Buying and Selling

In related news, CEO Andy L. Nemeth sold 15,000 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was 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 owns 364,678 shares in the company, valued at $34,192,209.28. This trade represents a 3.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 4.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Patrick Industries during the second quarter worth about $41,000. Sound Income Strategies LLC purchased a new position in Patrick Industries during the 3rd quarter worth approximately $46,000. GAMMA Investing LLC lifted 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 period. UMB Bank n.a. boosted its holdings in shares of Patrick Industries by 176.6% in 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. Finally, First Horizon Advisors Inc. increased its stake in shares of Patrick Industries by 21.4% in the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock worth $112,000 after acquiring an additional 139 shares during the period. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Price Performance

Shares of PATK stock opened at $82.89 on Monday. Patrick Industries has a twelve month low of $60.67 and a twelve month high of $98.90. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The stock has a fifty day simple moving average of $89.05 and a two-hundred day simple moving average of $84.57. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of 11.91, a P/E/G ratio of 1.69 and a beta of 2.24.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $1.20 earnings per share for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.02). The business had revenue of $919.44 million during the quarter, compared to analysts’ expectations of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The firm’s revenue was up 6.2% compared to the same quarter last year. During the same period last year, the company earned $1.21 earnings per share. On average, analysts predict that Patrick Industries will post 6.43 EPS for the current fiscal year.

Patrick Industries Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Stockholders of record on Monday, November 25th were issued a dividend of $0.40 per share. The ex-dividend date was Monday, November 25th. This represents a $1.60 annualized dividend and a dividend yield of 1.93%. Patrick Industries’s dividend payout ratio (DPR) is currently 34.48%.

Patrick Industries Company Profile

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.