Patrick Industries, Inc. (NASDAQ:PATK) Receives $122.63 Consensus Target Price from Analysts

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been assigned an average recommendation of “Moderate Buy” from the ten brokerages that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $122.6250.

A number of research analysts have issued reports on PATK shares. Weiss Ratings upgraded shares of Patrick Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, May 21st. Benchmark lowered their price target on shares of Patrick Industries from $150.00 to $135.00 and set a “buy” rating for the company in a report on Friday, May 1st. Robert W. Baird set a $110.00 price objective on shares of Patrick Industries in a research note on Friday, May 1st. BMO Capital Markets restated an “outperform” rating and set a $150.00 target price (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. Finally, Raymond James Financial set a $108.00 target price on shares of Patrick Industries in a research note on Friday, May 1st.

Patrick Industries Stock Performance

Patrick Industries stock opened at $90.52 on Monday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.04 and a current ratio of 2.71. The stock has a fifty day moving average of $101.70 and a two-hundred day moving average of $112.76. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of 23.21 and a beta of 1.09. Patrick Industries has a fifty-two week low of $82.24 and a fifty-two week high of $148.50.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.02. The business had revenue of $997.17 million for the quarter, compared to the consensus estimate of $989.06 million. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The business’s revenue was down .6% on a year-over-year basis. During the same period in the prior year, the business earned $1.11 earnings per share. On average, analysts anticipate that Patrick Industries will post 4.94 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th will be issued a dividend of $0.47 per share. The ex-dividend date is Tuesday, May 26th. This represents a $1.88 annualized dividend and a dividend yield of 2.1%. Patrick Industries’s dividend payout ratio (DPR) is 48.21%.

Insiders Place Their Bets

In other Patrick Industries news, CEO Andy L. Nemeth purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were purchased at an average cost of $88.00 per share, with a total value of $880,000.00. Following the purchase, the chief executive officer owned 287,745 shares in the company, valued at approximately $25,321,560. This represents a 3.60% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Charles R. Roeder purchased 5,750 shares of the stock in a transaction on Tuesday, May 5th. The stock was acquired at an average price of $87.83 per share, with a total value of $505,022.50. Following the acquisition, the insider directly owned 42,147 shares in the company, valued at $3,701,771.01. This trade represents a 15.80% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have bought 37,350 shares of company stock valued at $3,542,874. 3.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Advisory Services Network LLC purchased a new stake in Patrick Industries in the third quarter valued at approximately $25,000. Torren Management LLC purchased a new position in Patrick Industries during the fourth quarter worth approximately $26,000. Cornerstone Planning Group LLC acquired a new position in shares of Patrick Industries in the 3rd quarter valued at $31,000. Allworth Financial LP boosted its holdings in shares of Patrick Industries by 181.3% in the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock valued at $34,000 after purchasing an additional 203 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its stake in shares of Patrick Industries by 200.9% during the 4th quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock valued at $37,000 after buying an additional 229 shares during the period. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

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.