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

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have earned an average rating of “Moderate Buy” from the eight brokerages that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $139.88.

A number of analysts have commented on the company. Truist Financial lifted their price target on Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Raymond James lowered their price target on Patrick Industries from $160.00 to $136.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Robert W. Baird lifted their price target on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. KeyCorp boosted their price objective on Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Finally, StockNews.com cut Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, November 14th.

Insider Buying and Selling

In related news, CEO Andy L. Nemeth sold 10,000 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $140.64, for a total value of $1,406,400.00. Following the completion of the transaction, the chief executive officer now owns 243,119 shares of the company’s stock, valued at approximately $34,192,256.16. This represents a 3.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jeff Rodino sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was 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 directly owns 139,109 shares of the company’s stock, valued at $18,274,749.33. The trade was a 12.57 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 57,500 shares of company stock valued at $7,716,675. 4.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Patrick Industries

Several large investors have recently bought and sold shares of the company. Xponance Inc. increased its stake in 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 in the last quarter. Trust Point Inc. increased its stake in Patrick Industries by 1.1% during the 3rd quarter. Trust Point Inc. now owns 8,964 shares of the construction company’s stock worth $1,276,000 after buying an additional 96 shares in the last quarter. SummerHaven Investment Management LLC increased its stake in Patrick Industries by 1.5% during the 2nd quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company’s stock worth $977,000 after buying an additional 135 shares in the last quarter. Amalgamated Bank increased its stake in Patrick Industries by 2.1% during the 3rd quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock worth $936,000 after buying an additional 136 shares in the last quarter. Finally, First Horizon Advisors Inc. increased its stake in Patrick Industries by 21.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock worth $112,000 after buying an additional 139 shares in the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

Patrick Industries Trading Down 2.8 %

Shares of NASDAQ:PATK opened at $134.42 on Thursday. Patrick Industries has a 12-month low of $80.62 and a 12-month high of $148.35. The business’s fifty day simple moving average is $136.70 and its 200-day simple moving average is $124.52. The company has a market capitalization of $3.01 billion, a PE ratio of 19.88, a P/E/G ratio of 1.48 and a beta of 1.62. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22.

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 issued 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 analysts’ consensus estimates of $1.83 by ($0.03). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The firm had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. During the same period in the prior year, the firm posted $1.81 EPS. The business’s revenue was up 6.2% compared to the same quarter last year. As a group, equities research analysts predict that Patrick Industries will post 6.43 earnings per share for the current fiscal year.

Patrick Industries Increases Dividend

The firm also recently declared a — dividend, which will be paid on Friday, December 13th. Investors 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. The ex-dividend date of this dividend is Monday, December 16th. This represents a yield of 1.7%. Patrick Industries’s dividend payout ratio is presently 34.48%.

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.