Patrick Industries, Inc. (NASDAQ:PATK) Receives $140.38 Consensus PT from Brokerages

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have earned an average recommendation of “Moderate Buy” from the eight research firms that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $140.38.

Several research analysts recently weighed in on PATK shares. Benchmark restated a “buy” rating and issued a $145.00 price objective on shares of Patrick Industries in a research report on Tuesday, September 17th. DA Davidson upped their price objective on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Truist Financial upped their price objective on shares of Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. KeyCorp upped their price objective on shares of Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Finally, Raymond James started coverage on shares of Patrick Industries in a research report on Tuesday, October 1st. They issued an “outperform” rating and a $160.00 price objective on the stock.

Insider Buying and Selling at Patrick Industries

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

Institutional Trading of Patrick Industries

A number of institutional investors have recently made changes to their positions in PATK. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Patrick Industries during the second quarter valued at approximately $41,000. Sound Income Strategies LLC purchased a new stake in Patrick Industries in the third quarter worth $46,000. GAMMA Investing LLC lifted its stake in Patrick Industries by 76.2% in the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company’s stock worth $67,000 after acquiring an additional 205 shares during the period. UMB Bank n.a. lifted its stake in Patrick Industries by 176.6% in the third quarter. UMB Bank n.a. now owns 567 shares of the construction company’s stock worth $81,000 after acquiring an additional 362 shares during the period. Finally, nVerses Capital LLC purchased a new stake in Patrick Industries in the third quarter worth $157,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Trading Up 0.6 %

Shares of PATK opened at $136.45 on Friday. The business’s 50-day moving average price is $136.92 and its 200-day moving average price is $121.53. Patrick Industries has a twelve month low of $71.80 and a twelve month high of $148.35. The stock has a market cap of $3.06 billion, a PE ratio of 19.58, a P/E/G ratio of 1.27 and a beta of 1.61. The company has a quick ratio of 0.94, a current ratio of 2.29 and a debt-to-equity ratio of 1.19.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.11. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $972.06 million. During the same period in the prior year, the business posted $1.94 earnings per share. The company’s revenue was up 10.8% on a year-over-year basis. On average, equities analysts forecast that Patrick Industries will post 7.21 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend was Monday, August 26th. Patrick Industries’s payout ratio is currently 31.56%.

Patrick Industries Company Profile

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.