Brokerages Set Patrick Industries, Inc. (NASDAQ:PATK) Target Price at $92.63

Patrick Industries, Inc. (NASDAQ:PATK) has been assigned an average rating of “Moderate Buy” from the eight research firms that are covering the stock, MarketBeat.com 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 price target among brokerages that have updated their coverage on the stock in the last year is $92.63.

PATK has been the topic of several recent analyst reports. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday. KeyCorp increased their price objective on shares of Patrick Industries from $90.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Raymond James dropped their target price on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a research report on Friday, November 1st. Truist Financial dropped their target price on shares of Patrick Industries from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Finally, BMO Capital Markets increased their target price on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research report on Friday, November 1st.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were 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 owns 364,678 shares of the company’s stock, valued at $34,192,209.28. This trade represents a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.70% of the stock is owned by corporate insiders.

Institutional Trading of Patrick Industries

Large investors have recently bought and sold shares of the company. Assetmark Inc. grew its position in Patrick Industries by 1,589.0% in the third quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock valued at $938,000 after acquiring an additional 6,197 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Patrick Industries by 35.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock worth $13,869,000 after buying an additional 25,556 shares in the last quarter. Fiera Capital Corp acquired a new stake in shares of Patrick Industries during the third quarter worth approximately $27,888,000. Argent Capital Management LLC lifted its stake in Patrick Industries by 758.4% during the third quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock worth $21,498,000 after purchasing an additional 133,413 shares during the last quarter. Finally, Public Sector Pension Investment Board lifted its stake in Patrick Industries by 8.7% during the second quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock worth $5,032,000 after purchasing an additional 3,705 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Trading Up 2.4 %

Shares of PATK stock opened at $92.21 on Friday. The firm has a market cap of $3.10 billion, a P/E ratio of 19.87, a PEG ratio of 1.25 and a beta of 2.26. Patrick Industries has a 1-year low of $60.67 and a 1-year high of $98.90. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.97. The firm’s 50-day simple moving average is $86.98 and its 200-day simple moving average is $86.32.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, October 31st. The construction company reported $1.20 earnings per share for the quarter, missing the consensus estimate of $1.22 by ($0.02). The company 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 company’s revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.21 earnings per share. As a group, equities analysts forecast that Patrick Industries will post 4.28 EPS for the current year.

Patrick Industries Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Shareholders of record on Monday, November 25th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.74%. The ex-dividend date was Monday, November 25th. Patrick Industries’s dividend payout ratio (DPR) is 34.48%.

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.