Patrick Industries (NASDAQ:PATK) Given New $105.00 Price Target at Truist Financial

Patrick Industries (NASDAQ:PATK) had its price objective cut by Truist Financial from $110.00 to $105.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the construction company’s stock.

Several other research analysts have also recently weighed in on PATK. Raymond James dropped their price target on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a research note on Friday, November 1st. KeyCorp boosted their price target on Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. BMO Capital Markets raised their price objective on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Benchmark reiterated a “buy” rating and set a $96.67 price objective on shares of Patrick Industries in a research note on Monday, November 4th. Finally, StockNews.com upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a research note on Wednesday, January 1st. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $92.63.

Patrick Industries Stock Up 0.8 %

Patrick Industries stock opened at $83.47 on Tuesday. Patrick Industries has a one year low of $60.67 and a one year high of $98.90. The stock has a fifty day moving average of $86.37 and a 200 day moving average of $85.80. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41. The stock has a market cap of $2.80 billion, a PE ratio of 11.99, a price-to-earnings-growth ratio of 1.69 and a beta of 2.26.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $1.20 EPS for the quarter, missing the consensus estimate of $1.22 by ($0.02). The business had revenue of $919.44 million for the quarter, compared to analysts’ expectations of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. Patrick Industries’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.21 EPS. As a group, sell-side analysts predict that Patrick Industries will post 6.43 EPS for the current year.

Patrick Industries Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, November 25th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date was Monday, November 25th. Patrick Industries’s payout ratio is 34.48%.

Insiders Place Their Bets

In other news, CEO Andy L. Nemeth sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $93.76, for a total value of $1,406,400.00. Following the completion of the sale, the chief executive officer now directly owns 364,678 shares of the company’s stock, valued at $34,192,209.28. This trade represents a 3.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.70% of the company’s stock.

Institutional Trading of Patrick Industries

A number of institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Patrick Industries in the second quarter valued at $41,000. Sound Income Strategies LLC bought a new position in Patrick Industries during the 3rd quarter valued at about $46,000. GAMMA Investing LLC raised its position in Patrick Industries by 61.2% in the 4th quarter. GAMMA Investing LLC now owns 764 shares of the construction company’s stock worth $63,000 after purchasing an additional 290 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 purchasing an additional 362 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its position in shares of Patrick Industries by 21.4% during the third quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock valued at $112,000 after buying an additional 139 shares during the period. 93.29% of the stock is currently owned by institutional investors.

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.