Patrick Industries (NASDAQ:PATK) Given New $103.00 Price Target at Raymond James

Patrick Industries (NASDAQ:PATK) had its target price increased by Raymond James from $99.00 to $103.00 in a report published on Friday morning,Benzinga reports. Raymond James currently has an outperform rating on the construction company’s stock.

Other equities analysts have also issued reports about the stock. Benchmark restated a “buy” rating and issued a $96.67 price target on shares of Patrick Industries in a research report on Monday, November 4th. Truist Financial decreased their price target on Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. KeyCorp increased their target price on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday. Finally, BMO Capital Markets lifted their price target on Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.08.

Patrick Industries Trading Down 0.3 %

Shares of PATK opened at $94.75 on Friday. The company has a current ratio of 2.33, a quick ratio of 0.97 and a debt-to-equity ratio of 1.16. The stock has a market cap of $3.18 billion, a PE ratio of 23.00, a PEG ratio of 1.42 and a beta of 2.26. Patrick Industries has a 1 year low of $67.10 and a 1 year high of $98.90. The stock has a 50 day simple moving average of $89.13 and a 200-day simple moving average of $88.42.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 predict that Patrick Industries will post 5.38 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Tuesday, February 18th will be given a $0.40 dividend. The ex-dividend date is Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 1.69%. Patrick Industries’s payout ratio is 38.83%.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Patrick Industries

Hedge funds and other institutional investors have recently bought and sold shares of the business. Copeland Capital Management LLC lifted its stake in shares of Patrick Industries by 536.5% in the 4th quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company’s stock valued at $29,976,000 after purchasing an additional 304,119 shares during the period. Raymond James Financial Inc. bought a new stake in Patrick Industries in the fourth quarter valued at about $16,983,000. Fiera Capital Corp acquired a new position in Patrick Industries in the third quarter valued at about $27,888,000. Charles Schwab Investment Management Inc. lifted its stake in Patrick Industries by 55.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock valued at $45,592,000 after buying an additional 195,138 shares during the period. Finally, Argent Capital Management LLC boosted its holdings 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 buying an additional 133,413 shares during the last quarter. 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.