Patrick Industries (NASDAQ:PATK) Receives New Coverage from Analysts at Raymond James

by · The Markets Daily

Raymond James initiated coverage on shares of Patrick Industries (NASDAQ:PATK – Free Report) in a research report sent to investors on Tuesday morning, Marketbeat reports. The firm issued an outperform rating and a $160.00 price objective on the construction company’s stock.

Several other research firms have also recently commented on PATK. BMO Capital Markets raised their target price on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an outperform rating in a research note on Friday, August 2nd. Robert W. Baird upped their price objective on Patrick Industries from $120.00 to $128.00 and gave the stock an outperform rating in a report on Friday, August 2nd. Benchmark restated a buy rating and set a $145.00 target price on shares of Patrick Industries in a research report on Tuesday, September 17th. KeyCorp upped their price target on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an overweight rating in a research note on Friday, August 2nd. Finally, DA Davidson raised their price objective on shares of Patrick Industries from $108.00 to $114.00 and gave the company a neutral rating in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $138.50.

Check Out Our Latest Stock Analysis on Patrick Industries

Patrick Industries Stock Performance

Shares of PATK stock opened at $146.16 on Tuesday. The stock’s 50-day moving average price is $130.79 and its 200 day moving average price is $118.20. The company has a quick ratio of 0.94, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $3.27 billion, a PE ratio of 21.65, a price-to-earnings-growth ratio of 1.21 and a beta of 1.61. Patrick Industries has a 52-week low of $70.15 and a 52-week high of $148.35.

Patrick Industries (NASDAQ:PATK – Get Free Report) last released its earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.11. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $972.06 million. During the same quarter in the previous year, the company posted $1.94 earnings per share. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, equities research analysts forecast that Patrick Industries will post 7.32 EPS for the current year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.51%. The ex-dividend date was Monday, August 26th. Patrick Industries’s dividend payout ratio (DPR) is presently 32.59%.

Insider Transactions at Patrick Industries

In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction 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 sale, the chief operating officer now owns 23,759 shares in the company, valued at approximately $3,091,283.49. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the sale, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the completion of the transaction, the insider now owns 139,109 shares of the company’s stock, valued at $18,274,749.33. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,411 shares of company stock valued at $3,858,915 in the last ninety days. Corporate insiders own 4.70% of the company’s stock.

Institutional Trading of Patrick Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Patrick Industries during the 2nd quarter worth about $41,000. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in shares of Patrick Industries by 78.5% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock valued at $205,000 after purchasing an additional 840 shares during the last quarter. Heritage Family Offices LLP purchased a new stake in shares of Patrick Industries during the 2nd quarter valued at $227,000. Xponance Inc. increased its holdings in shares of Patrick Industries by 4.1% during the 2nd quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock worth $230,000 after buying an additional 83 shares during the last quarter. Finally, Algert Global LLC purchased a new position in shares of Patrick Industries in the 2nd quarter worth $233,000. Hedge funds and other institutional investors 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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