Patrick Industries, Inc. (NASDAQ:PATK) Receives $139.88 Average Price Target from Analysts

Patrick Industries, Inc. (NASDAQ:PATK) has been assigned a consensus rating of “Moderate Buy” from the eight brokerages that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $139.88.

A number of analysts have recently weighed in on PATK shares. Truist Financial increased their price objective on Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, September 20th. KeyCorp increased their price target on shares of Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Raymond James lowered their price objective on Patrick Industries from $160.00 to $136.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. BMO Capital Markets boosted their price target on Patrick Industries from $150.00 to $155.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, November 14th.

Insider Activity

In other news, Director Todd M. Cleveland sold 7,500 shares of Patrick Industries stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.05, for a total transaction of $982,875.00. Following the transaction, the director now directly owns 82,374 shares of the company’s stock, valued at $10,795,112.70. The trade was a 8.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the transaction, the chief operating officer now owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. The trade was a 7.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,411 shares of company stock valued at $3,858,915 in the last quarter. 4.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patrick Industries

Several hedge funds have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. purchased a new stake in Patrick Industries in the 2nd quarter worth $41,000. Sound Income Strategies LLC bought a new stake in shares of Patrick Industries in the 3rd quarter valued at approximately $46,000. GAMMA Investing LLC boosted its stake in Patrick Industries by 76.2% during the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock worth $67,000 after buying an additional 205 shares during the period. UMB Bank n.a. boosted its stake in shares of Patrick Industries by 176.6% during the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock worth $81,000 after purchasing an additional 362 shares during the period. Finally, First Horizon Advisors Inc. lifted its stake in 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 purchasing an additional 139 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Price Performance

NASDAQ:PATK opened at $140.49 on Thursday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41. The stock has a fifty day moving average of $136.65 and a 200 day moving average of $124.18. The firm has a market capitalization of $3.15 billion, a price-to-earnings ratio of 20.19, a P/E/G ratio of 1.43 and a beta of 1.62. Patrick Industries has a 52-week low of $80.62 and a 52-week high of $148.35.

Patrick Industries shares are going to split on Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly issued shares will be payable to shareholders after the closing bell on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The firm had revenue of $919.44 million during the quarter, compared to analysts’ expectations of $935.75 million. During the same quarter in the previous year, the company posted $1.81 earnings per share. Patrick Industries’s revenue for the quarter was up 6.2% compared to the same quarter last year. On average, research analysts expect that Patrick Industries will post 6.43 EPS for the current fiscal year.

Patrick Industries Increases Dividend

The company also recently disclosed a — dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a $50.00 dividend. The ex-dividend date is Monday, December 16th. This represents a dividend yield of 1.7%. This is a positive change from Patrick Industries’s previous — dividend of $0.25. Patrick Industries’s payout ratio is presently 31.61%.

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.