Patrick Industries (NASDAQ:PATK) Price Target Raised to $90.00

by · The Cerbat Gem

Patrick Industries (NASDAQ:PATK – Free Report) had its price target upped by Robert W. Baird from $84.00 to $90.00 in a report issued on Friday,Benzinga reports. Robert W. Baird currently has a neutral rating on the construction company’s stock.

Several other analysts have also recently commented on the stock. Raymond James Financial decreased their price objective on shares of Patrick Industries from $103.00 to $95.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. KeyCorp reduced their price objective on shares of Patrick Industries from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Truist Financial increased their target price on shares of Patrick Industries from $100.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, June 3rd. Wall Street Zen upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, April 30th. Finally, Baird R W lowered shares of Patrick Industries from a “strong-buy” rating to a “hold” rating in a report on Friday, April 4th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Patrick Industries presently has an average rating of “Moderate Buy” and a consensus price target of $96.42.

Read Our Latest Research Report on Patrick Industries

Patrick Industries Trading Down 0.7%

PATK stock opened at $89.07 on Friday. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.41 and a quick ratio of 1.04. The company has a market capitalization of $2.98 billion, a PE ratio of 21.36, a P/E/G ratio of 1.28 and a beta of 2.00. The firm’s 50-day moving average is $85.04 and its 200 day moving average is $86.96. Patrick Industries has a 12 month low of $69.86 and a 12 month high of $98.90.

Patrick Industries (NASDAQ:PATK – Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.13. The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $959.46 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.90%. The company’s revenue was up 7.5% compared to the same quarter last year. During the same period last year, the business earned $1.79 EPS. On average, research analysts anticipate that Patrick Industries will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were issued a dividend of $0.40 per share. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a yield of 1.80%. Patrick Industries’s payout ratio is currently 38.37%.

Insider Activity

In other news, Director Todd M. Cleveland acquired 2,000 shares of the company’s stock in a transaction on Monday, June 2nd. The shares were bought at an average cost of $82.55 per share, with a total value of $165,100.00. Following the purchase, the director now owns 132,286 shares of the company’s stock, valued at $10,920,209.30. This represents a 1.54% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John A. Forbes sold 2,875 shares of the business’s stock in a transaction on Friday, June 13th. The stock was sold at an average price of $91.62, for a total transaction of $263,407.50. Following the sale, the director now owns 52,591 shares in the company, valued at $4,818,387.42. The trade was a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have acquired 14,071 shares of company stock valued at $1,205,964 in the last ninety days. 4.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP increased its position in Patrick Industries by 391.8% during the 4th quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company’s stock worth $168,462,000 after purchasing an additional 1,615,412 shares in the last quarter. Vanguard Group Inc. increased its position in Patrick Industries by 49.3% in the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company’s stock worth $193,266,000 after buying an additional 768,102 shares during the period. Dimensional Fund Advisors LP increased its position in Patrick Industries by 48.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company’s stock worth $154,823,000 after buying an additional 609,036 shares during the period. Capital Research Global Investors acquired a new position in shares of Patrick Industries during the fourth quarter valued at $38,275,000. Finally, Nuveen LLC acquired a new position in shares of Patrick Industries during the first quarter valued at $33,735,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Company Profile

(Get Free Report)

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.

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