Patrick Industries, Inc. (NASDAQ:PATK) Receives $108.56 Consensus Target Price from Brokerages

Patrick Industries, Inc. (NASDAQ:PATK) has been assigned a consensus rating of “Moderate Buy” from the eleven research firms that are covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with 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 $108.5556.

A number of brokerages recently weighed in on PATK. Weiss Ratings lowered shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. KeyCorp reaffirmed an “overweight” rating and set a $120.00 price target (up previously from $115.00) on shares of Patrick Industries in a research note on Wednesday, December 10th. BMO Capital Markets reissued an “outperform” rating and issued a $115.00 price objective on shares of Patrick Industries in a research note on Friday, October 31st. Loop Capital started coverage on Patrick Industries in a research report on Friday, October 31st. They set a “hold” rating and a $99.00 target price for the company. Finally, Benchmark upped their target price on Patrick Industries from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th.

Insider Buying and Selling

In other news, CEO Andy L. Nemeth sold 25,000 shares of the business’s stock in a transaction dated Tuesday, December 16th. The shares were 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 owned 301,641 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Company insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Large investors have recently bought and sold shares of the business. Geode Capital Management LLC lifted its holdings in Patrick Industries by 0.9% during the second quarter. Geode Capital Management LLC now owns 812,740 shares of the construction company’s stock worth $75,000,000 after buying an additional 7,011 shares during the period. American Century Companies Inc. lifted its stake in shares of Patrick Industries by 33.8% during the 2nd quarter. American Century Companies Inc. now owns 712,383 shares of the construction company’s stock worth $65,732,000 after purchasing an additional 180,092 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Patrick Industries by 2.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 578,733 shares of the construction company’s stock valued at $59,858,000 after purchasing an additional 15,582 shares in the last quarter. Northern Trust Corp grew its stake in Patrick Industries by 0.4% in the first quarter. Northern Trust Corp now owns 415,657 shares of the construction company’s stock valued at $35,148,000 after purchasing an additional 1,602 shares during the last quarter. Finally, Schroder Investment Management Group raised its holdings in Patrick Industries by 7.2% in the third quarter. Schroder Investment Management Group now owns 413,789 shares of the construction company’s stock worth $42,798,000 after purchasing an additional 27,954 shares in the last quarter. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Price Performance

Shares of PATK stock opened at $111.35 on Friday. The stock has a 50 day moving average price of $106.69 and a 200 day moving average price of $103.94. The firm has a market capitalization of $3.71 billion, a P/E ratio of 31.81, a P/E/G 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 earnings results on Thursday, October 30th. The construction company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The business had revenue of $975.63 million for the quarter, compared to analyst estimates of $900.35 million. Patrick Industries had a return on equity of 12.44% and a net margin of 3.11%.The business’s revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.80 earnings per share. As a group, sell-side analysts predict that Patrick Industries will post 5.33 earnings per share for the current year.

Patrick Industries Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 1.7%. The ex-dividend date was Monday, December 1st. This is a positive change from Patrick Industries’s previous quarterly dividend of $0.40. Patrick Industries’s dividend payout ratio (DPR) is currently 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.