Patrick Industries’ (PATK) Buy Rating Reiterated at Benchmark

Benchmark reissued their buy rating on shares of Patrick Industries (NASDAQ:PATK) in a research note published on Monday,Benzinga reports. They currently have a $145.00 price target on the construction company’s stock.

Other equities analysts have also recently issued reports about the stock. 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. DA Davidson upped their price target 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. Raymond James lowered their price objective on Patrick Industries from $160.00 to $136.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. BMO Capital Markets increased their target price on Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, Robert W. Baird raised their target price on Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $139.88.

Patrick Industries Price Performance

NASDAQ:PATK opened at $126.76 on Monday. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. Patrick Industries has a 52 week low of $75.01 and a 52 week high of $148.35. The stock’s 50-day moving average price is $136.04 and its 200-day moving average price is $122.24. The stock has a market capitalization of $2.84 billion, a PE ratio of 18.21, a price-to-earnings-growth ratio of 1.18 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). The business had revenue of $919.44 million for the quarter, compared to analysts’ expectations of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.81 EPS. As a group, equities analysts expect that Patrick Industries will post 6.63 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently announced 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 yield of 1.74%. The ex-dividend date was Monday, August 26th. Patrick Industries’s payout ratio is currently 31.61%.

Insider Activity

In other news, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s 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 completion of the sale, the chief operating officer now owns 23,759 shares in the company, valued at $3,091,283.49. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following the transaction, the chief operating officer now owns 23,759 shares of the company’s stock, valued at $3,091,283.49. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Todd M. Cleveland sold 7,500 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the sale, the director now directly owns 82,374 shares of the company’s stock, valued at $10,795,112.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,411 shares of company stock valued at $3,858,915. 4.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds have recently made changes to their positions in the stock. Boston Partners purchased a new stake in Patrick Industries during the first quarter worth about $1,645,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Patrick Industries by 35.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock valued at $13,869,000 after purchasing an additional 25,556 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Patrick Industries by 10.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock worth $33,078,000 after buying an additional 26,389 shares during the period. Argent Capital Management LLC lifted its holdings in Patrick Industries by 758.4% during the 3rd quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock worth $21,498,000 after buying an additional 133,413 shares in the last quarter. Finally, Public Sector Pension Investment Board boosted its position in Patrick Industries by 8.7% in the 2nd quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock valued at $5,032,000 after buying an additional 3,705 shares during the period. Hedge funds and other institutional investors own 93.29% of the company’s stock.

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.