Patrick Industries, Inc. (NASDAQ:PATK) Stock Has Consensus Target Price of $106.78 According to Analysts

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been assigned a consensus recommendation of “Moderate Buy” from the ten analysts that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $104.56.

Several equities analysts have issued reports on PATK shares. Weiss Ratings lowered shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, September 29th. Roth Capital set a $114.00 price target on Patrick Industries in a research report on Friday, July 31st. Truist Financial set a $88.00 price objective on Patrick Industries and gave the company a “buy” rating in a report on Friday. KeyCorp lowered their price objective on Patrick Industries from $115.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, October 8th. Finally, Benchmark reissued a “buy” rating and issued a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a research report on Tuesday, August 11th.

Patrick Industries Stock Down 2.0%

Shares of Patrick Industries stock opened at $68.86 on Thursday. The firm’s 50 day moving average price is $73.53 and its 200-day moving average price is $85.32. The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25. Patrick Industries has a 52-week low of $63.00 and a 52-week high of $148.50. The company has a market cap of $2.21 billion, a P/E ratio of 16.32 and a beta of 1.16.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, July 30th. The construction company reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $994.95 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. Patrick Industries’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.50 earnings per share. On average, sell-side analysts predict that Patrick Industries will post 4.17 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th were paid a $0.47 dividend. The ex-dividend date was Monday, August 24th. This represents a $1.88 dividend on an annualized basis and a yield of 2.7%. Patrick Industries’s dividend payout ratio (DPR) is 44.55%.

Institutional Investors Weigh In On Patrick Industries

Several institutional investors have recently added to or reduced their stakes in PATK. Persistent Asset Partners Ltd purchased a new stake in shares of Patrick Industries during the second quarter worth about $25,000. Integrated Wealth Concepts LLC acquired a new position in shares of Patrick Industries during the second quarter valued at about $34,000. State of Wyoming acquired a new position in shares of Patrick Industries during the second quarter valued at about $52,000. Public Employees Retirement System of Ohio purchased a new position in shares of Patrick Industries in the 2nd quarter valued at approximately $74,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in shares of Patrick Industries in the 2nd quarter valued at approximately $75,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

About Patrick Industries

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials serving the recreational vehicle, marine, manufactured housing, and industrial markets. The company supplies products used in the construction, furnishing, and finishing of recreational and residential vehicles, boats, homes, and other manufactured structures.

Its product offerings include cabinetry, furniture, countertops, flooring, interior and exterior components, electronics, audio systems, lighting, plumbing products, hardware, adhesives, and related materials.