Brokerages Set Patrick Industries, Inc. (NASDAQ:PATK) Price Target at $108.56

Patrick Industries, Inc. (NASDAQ:PATK) has earned a consensus recommendation of “Moderate Buy” from the eleven analysts that are covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $108.5556.

A number of equities research analysts recently weighed in on the company. Loop Capital initiated coverage on Patrick Industries in a research note on Friday, October 31st. They issued a “hold” rating and a $99.00 price target on the stock. Benchmark increased their price objective on shares of Patrick Industries from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Roth Capital set a $115.00 target price on shares of Patrick Industries and gave the stock a “buy” rating in a research note on Friday, October 31st. Truist Financial set a $114.00 price target on shares of Patrick Industries and gave the company a “buy” rating in a research note on Wednesday, October 15th. Finally, Weiss Ratings cut shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th.

Insider Transactions at Patrick Industries

In related news, CEO Andy L. Nemeth sold 25,000 shares of the business’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $115.00, for a total value of $2,875,000.00. Following the completion of the sale, the chief executive officer directly owned 301,641 shares in the company, valued at $34,688,715. The trade was a 7.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 4.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Patrick Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Salomon & Ludwin LLC bought a new stake in shares of Patrick Industries in the third quarter valued at about $25,000. Advisory Services Network LLC bought a new stake in Patrick Industries in the 3rd quarter valued at about $25,000. Cornerstone Planning Group LLC acquired a new position in shares of Patrick Industries during the 3rd quarter worth approximately $31,000. Strs Ohio bought a new position in shares of Patrick Industries during the first quarter worth approximately $42,000. Finally, Parkside Financial Bank & Trust raised its position in shares of Patrick Industries by 87.5% in the third quarter. Parkside Financial Bank & Trust now owns 478 shares of the construction company’s stock valued at $49,000 after buying an additional 223 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Trading Down 0.4%

Patrick Industries stock opened at $112.05 on Friday. The stock has a 50-day simple moving average of $106.16 and a 200 day simple moving average of $103.66. The stock has a market capitalization of $3.73 billion, a P/E ratio of 32.01, a PEG ratio of 1.48 and a beta of 1.34. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.86 and a current ratio of 2.34. Patrick Industries has a 52 week low of $72.99 and a 52 week high of $116.78.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, October 30th. The construction company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.06. Patrick Industries had a return on equity of 12.44% and a net margin of 3.11%.The firm had revenue of $975.63 million for the quarter, compared to analyst estimates of $900.35 million. During the same quarter in the prior year, the company earned $1.80 earnings per share. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. Analysts expect that Patrick Industries will post 5.33 earnings per share for the current year.

Patrick Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 1.7%. This is an increase from Patrick Industries’s previous quarterly dividend of $0.40. The ex-dividend date was Monday, December 1st. Patrick Industries’s dividend payout ratio is 53.71%.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.