Patrick Industries, Inc. (NASDAQ:PATK) Receives $139.88 Average Target Price from Analysts

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been assigned an average recommendation of “Moderate Buy” from the eight research firms that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $139.88.

A number of equities research analysts have recently issued reports on PATK shares. Raymond James dropped their target price on shares of 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 upped their target price on shares of Patrick Industries from $150.00 to $155.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Benchmark reaffirmed a “buy” rating and issued a $145.00 target price on shares of Patrick Industries in a report on Monday, November 4th. Robert W. Baird upped their target price on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, KeyCorp upped their target price on shares of Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd.

Patrick Industries Trading Up 1.6 %

Shares of NASDAQ:PATK opened at $135.45 on Thursday. The company’s 50-day moving average price is $136.65 and its two-hundred day moving average price is $124.04. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97. Patrick Industries has a one year low of $80.62 and a one year high of $148.35. The stock has a market capitalization of $3.03 billion, a PE ratio of 19.46, a price-to-earnings-growth ratio of 1.41 and a beta of 1.62.

Patrick Industries shares are set to split on the morning of Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly issued shares will be distributed to shareholders after the closing bell on Friday, December 13th.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.03). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The business had revenue of $919.44 million for the quarter, compared to the consensus estimate of $935.75 million. During the same period last year, the firm earned $1.81 earnings per share. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. On average, equities analysts forecast that Patrick Industries will post 6.43 EPS for the current fiscal year.

Patrick Industries Increases Dividend

The business also recently declared a — dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a $50.00 dividend. This is a boost from Patrick Industries’s previous — dividend of $0.25. This represents a yield of 1.7%. The ex-dividend date of this dividend is Monday, December 16th. Patrick Industries’s dividend payout ratio is currently 31.61%.

Insiders Place Their Bets

In related 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 sale, the chief operating officer now owns 23,759 shares in the company, valued at approximately $3,091,283.49. This trade represents a 7.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Todd M. Cleveland sold 7,500 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total transaction of $982,875.00. Following the sale, the director now owns 82,374 shares in the company, valued at $10,795,112.70. This represents a 8.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,411 shares of company stock worth $3,858,915 in the last quarter. Corporate insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in PATK. Pacer Advisors Inc. raised its stake in shares of Patrick Industries by 20.1% during the second quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after acquiring an additional 221,904 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in Patrick Industries during the 2nd quarter worth about $22,460,000. Fiera Capital Corp acquired a new stake in Patrick Industries during the 3rd quarter worth about $27,888,000. Argent Capital Management LLC grew 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 acquiring an additional 133,413 shares during the period. Finally, Brightline Capital Management LLC acquired a new stake in shares of Patrick Industries in the 3rd quarter valued at about $14,806,000. Institutional investors own 93.29% of the company’s stock.

About Patrick Industries

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.