Analysts Set Patrick Industries, Inc. (NASDAQ:PATK) PT at $97.96

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have received a consensus rating of “Moderate Buy” from the eight analysts that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $97.96.

A number of analysts have issued reports on the company. KeyCorp raised their target price on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Truist Financial raised their price objective on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, February 10th. StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Raymond James raised their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Finally, Benchmark upped their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Friday, February 7th.

Patrick Industries Stock Performance

NASDAQ:PATK opened at $83.90 on Wednesday. The firm has a market capitalization of $2.82 billion, a PE ratio of 20.36, a PEG ratio of 1.41 and a beta of 2.37. Patrick Industries has a 1 year low of $67.72 and a 1 year high of $98.90. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The firm’s fifty day simple moving average is $91.05 and its 200 day simple moving average is $89.84.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. On average, sell-side analysts anticipate that Patrick Industries will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.91%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries’s dividend payout ratio (DPR) is presently 38.83%.

Insiders Place Their Bets

In other news, Director M Scott Welch bought 10,000 shares of the stock in a transaction dated Tuesday, March 11th. The shares were acquired at an average price of $86.22 per share, with a total value of $862,200.00. Following the acquisition, the director now owns 136,000 shares in the company, valued at $11,725,920. This trade represents a 7.94 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total transaction of $246,754.05. Following the transaction, the executive vice president now directly owns 18,044 shares of the company’s stock, valued at $1,543,303.32. This represents a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.70% of the company’s stock.

Institutional Trading of Patrick Industries

Several large investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of Patrick Industries by 5.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 353,633 shares of the construction company’s stock worth $50,347,000 after acquiring an additional 17,747 shares in the last quarter. Citigroup Inc. lifted its position in shares of Patrick Industries by 66.7% during the third quarter. Citigroup Inc. now owns 34,618 shares of the construction company’s stock worth $4,929,000 after purchasing an additional 13,851 shares in the last quarter. Hancock Whitney Corp acquired a new position in Patrick Industries during the 3rd quarter worth $220,000. Advantage Alpha Capital Partners LP bought a new position in Patrick Industries in the 3rd quarter valued at $2,545,000. Finally, BNP Paribas Financial Markets increased its stake in shares of Patrick Industries by 23.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,273 shares of the construction company’s stock valued at $1,605,000 after buying an additional 2,175 shares during the period. 93.29% of the stock is owned by institutional investors.

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.