Patrick Industries (NASDAQ:PATK) Stock Gets Price Target Reduction from KeyCorp

Patrick Industries (NASDAQ:PATK) had its price objective lowered by KeyCorp from $115.00 to $100.00 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the construction company’s stock.

A number of other analysts also recently weighed in on PATK. Benchmark reiterated a “buy” rating and set a $115.00 price target (down from $135.00) on shares of Patrick Industries in a report on Tuesday, August 11th. Truist Financial set a $108.00 price objective on Patrick Industries and gave the company a “buy” rating in a research note on Monday, August 10th. Northcoast Research set a $121.00 target price on Patrick Industries and gave the company a “buy” rating in a research report on Tuesday, September 1st. Roth Capital set a $114.00 target price on Patrick Industries in a research note on Friday, July 31st. Finally, Weiss Ratings downgraded Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, September 29th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $112.33.

Patrick Industries Stock Down 2.5%

Shares of NASDAQ PATK opened at $63.46 on Thursday. The company has a market capitalization of $2.04 billion, a P/E ratio of 15.04 and a beta of 1.16. Patrick Industries has a 52-week low of $63.32 and a 52-week high of $148.50. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.96 and a current ratio of 2.67. The company’s 50 day moving average price is $77.49 and its 200-day moving average price is $88.41.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.05. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $994.95 million. During the same period in the prior year, the company posted $1.50 earnings per share. Patrick Industries’s revenue for the quarter was down .6% compared to the same quarter last year. Equities analysts forecast that Patrick Industries will post 4.17 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Monday, August 24th. Patrick Industries’s payout ratio is 44.55%.

Hedge Funds Weigh In On Patrick Industries

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Congress Asset Management Co. grew its position in Patrick Industries by 21.4% in the 3rd quarter. Congress Asset Management Co. now owns 202,196 shares of the construction company’s stock valued at $13,705,000 after purchasing an additional 35,679 shares during the period. Versant Capital Management Inc lifted its stake in shares of Patrick Industries by 5,431.2% in the third quarter. Versant Capital Management Inc now owns 885 shares of the construction company’s stock valued at $60,000 after buying an additional 869 shares in the last quarter. Tidal Investments LLC acquired a new position in shares of Patrick Industries during the second quarter valued at about $548,000. Integrated Wealth Concepts LLC acquired a new position in shares of Patrick Industries during the second quarter valued at about $34,000. Finally, Corient Private Wealth LP increased its position in shares of Patrick Industries by 16.7% during the second quarter. Corient Private Wealth LP now owns 3,810 shares of the construction company’s stock worth $342,000 after acquiring an additional 544 shares in the last quarter. Institutional investors own 93.29% of the company’s stock.

About Patrick Industries

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials used in recreational vehicles, marine vessels, manufactured housing, industrial applications and other markets. The company supplies original equipment manufacturers and other customers with products designed for use in interior, exterior and structural applications.

Its product portfolio includes cabinetry, furniture, countertops, flooring, wall panels, hardware, plumbing and electrical components, windows, doors, electronics, composite panels and other specialty products.