Patrick Industries (NASDAQ:PATK) Price Target Raised to $115.00 at KeyCorp

Patrick Industries (NASDAQ:PATK) had its price target raised by KeyCorp from $110.00 to $115.00 in a report published on Friday, Marketbeat reports. The firm currently has an overweight rating on the construction company’s stock.

A number of other equities research analysts have also recently commented on the stock. Truist Financial set a $114.00 price objective on shares of Patrick Industries and gave the stock a “buy” rating in a research note on Wednesday, October 15th. BMO Capital Markets reaffirmed an “outperform” rating and set a $115.00 price objective on shares of Patrick Industries in a research note on Friday. Raymond James Financial raised their price objective on shares of Patrick Industries from $95.00 to $109.00 and gave the stock an “outperform” rating in a research note on Friday, August 1st. Weiss Ratings cut shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Finally, Benchmark lifted their price target on shares of Patrick Industries from $102.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Seven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $107.44.

Patrick Industries Price Performance

Shares of NASDAQ:PATK opened at $104.37 on Friday. The company has a market cap of $3.47 billion, a PE ratio of 28.28, a price-to-earnings-growth ratio of 1.40 and a beta of 1.34. Patrick Industries has a twelve month low of $72.99 and a twelve month high of $116.78. The company’s 50 day moving average is $105.35 and its 200 day moving average is $97.00. The company has a current ratio of 1.96, a quick ratio of 0.75 and a debt-to-equity ratio of 1.11.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, October 30th. The construction company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The business had revenue of $975.63 million for the quarter, compared to analysts’ expectations of $900.35 million. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The business’s revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the company earned $1.80 EPS. On average, sell-side analysts forecast that Patrick Industries will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Monday, August 25th were paid a $0.40 dividend. The ex-dividend date of this dividend was Monday, August 25th. This represents a $1.60 dividend on an annualized basis and a yield of 1.5%. Patrick Industries’s dividend payout ratio (DPR) is currently 43.36%.

Insider Transactions at Patrick Industries

In other Patrick Industries news, Director Michael A. Kitson sold 4,572 shares of the firm’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $112.67, for a total value of $515,127.24. Following the transaction, the director owned 11,850 shares in the company, valued at approximately $1,335,139.50. This trade represents a 27.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Kip B. Ellis sold 21,452 shares of the firm’s stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $110.01, for a total value of $2,359,934.52. Following the completion of the transaction, the insider owned 125,379 shares in the company, valued at $13,792,943.79. The trade was a 14.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 73,413 shares of company stock worth $8,112,016. Company insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Patrick Industries by 4.2% during the 1st quarter. Vanguard Group Inc. now owns 2,423,512 shares of the construction company’s stock worth $204,932,000 after acquiring an additional 97,250 shares during the period. Geode Capital Management LLC raised its holdings in shares of Patrick Industries by 0.9% during the 2nd quarter. Geode Capital Management LLC now owns 812,740 shares of the construction company’s stock worth $75,000,000 after acquiring an additional 7,011 shares during the period. American Century Companies Inc. raised its holdings in shares of Patrick Industries by 33.8% during the 2nd quarter. American Century Companies Inc. now owns 712,383 shares of the construction company’s stock worth $65,732,000 after acquiring an additional 180,092 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of Patrick Industries by 2.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 578,733 shares of the construction company’s stock worth $59,858,000 after acquiring an additional 15,582 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Patrick Industries by 0.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 551,192 shares of the construction company’s stock worth $46,609,000 after acquiring an additional 2,421 shares during the period. Hedge funds and other institutional investors own 93.29% of the company’s stock.

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.