Patrick Industries, Inc. (NASDAQ:PATK) Receives $114.00 Average Price Target from Analysts

Patrick Industries, Inc. (NASDAQ:PATK) has been assigned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $114.00.

Several equities analysts have weighed in on the company. Raymond James Financial reissued an “outperform” rating and set a $94.00 price target on shares of Patrick Industries in a research report on Friday, July 31st. Weiss Ratings downgraded Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, June 29th. Northcoast Research set a $121.00 price objective on Patrick Industries and gave the company a “buy” rating in a research note on Tuesday. KeyCorp dropped their price objective on Patrick Industries from $125.00 to $115.00 and set an “overweight” rating for the company in a research report on Wednesday, July 22nd. Finally, Roth Capital set a $114.00 target price on shares of Patrick Industries in a research note on Friday, July 31st.

Patrick Industries Stock Up 1.5%

Shares of NASDAQ:PATK opened at $82.84 on Wednesday. Patrick Industries has a fifty-two week low of $80.61 and a fifty-two week high of $148.50. The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25. The firm’s 50-day simple moving average is $85.32 and its 200-day simple moving average is $97.61. The company has a market cap of $2.66 billion, a price-to-earnings ratio of 19.63 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.05. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $994.95 million. During the same period in the prior year, the company posted $1.50 EPS. The business’s revenue for the quarter was down .6% on a year-over-year basis. As a group, equities research analysts predict that Patrick Industries will post 4.26 earnings per share for the current year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Monday, August 24th. Patrick Industries’s dividend payout ratio (DPR) is 44.55%.

Institutional Trading of Patrick Industries

Institutional investors have recently modified their holdings of the company. Persistent Asset Partners Ltd purchased a new position in Patrick Industries in the second quarter valued at approximately $25,000. Advisory Services Network LLC purchased a new stake in Patrick Industries during the third quarter worth approximately $25,000. Allworth Financial LP increased its position in shares of Patrick Industries by 181.2% in the fourth quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock worth $34,000 after acquiring an additional 203 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of Patrick Industries by 200.9% in the fourth quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock worth $37,000 after acquiring an additional 229 shares in the last quarter. Finally, Strs Ohio purchased a new position in shares of Patrick Industries in the 1st quarter valued at $42,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.