Patrick Industries (NASDAQ:PATK) Price Target Raised to $135.00

Patrick Industries (NASDAQ:PATK) had its price objective boosted by BMO Capital Markets from $125.00 to $135.00 in a report released on Friday, Benzinga reports. The brokerage currently has an outperform rating on the construction company’s stock.

A number of other research firms also recently issued reports on PATK. Truist Financial raised their price objective on shares of Patrick Industries from $130.00 to $150.00 and gave the stock a buy rating in a report on Friday. Robert W. Baird upped their price target on Patrick Industries from $120.00 to $128.00 and gave the company an outperform rating in a research report on Friday. KeyCorp boosted their target price on Patrick Industries from $125.00 to $135.00 and gave the stock an overweight rating in a research report on Friday. Finally, Roth Mkm reaffirmed a buy rating and set a $126.00 price objective (up from $120.00) on shares of Patrick Industries in a report on Monday, May 6th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $124.83.

Patrick Industries Price Performance

Shares of NASDAQ PATK traded down $0.98 during midday trading on Friday, reaching $120.88. 89,294 shares of the company were exchanged, compared to its average volume of 179,615. The stock has a market cap of $2.71 billion, a P/E ratio of 17.24, a PEG ratio of 0.92 and a beta of 1.65. Patrick Industries has a one year low of $70.15 and a one year high of $136.00. The company has a quick ratio of 0.96, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. The stock’s 50-day moving average price is $113.04 and its 200-day moving average price is $111.32.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.11. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $972.06 million. During the same period last year, the company posted $1.94 EPS. The business’s quarterly revenue was up 10.8% on a year-over-year basis. On average, sell-side analysts anticipate that Patrick Industries will post 8.07 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.82%. The ex-dividend date of this dividend was Monday, June 3rd. Patrick Industries’s dividend payout ratio is presently 32.59%.

Hedge Funds Weigh In On Patrick Industries

Hedge funds have recently modified their holdings of the company. US Bancorp DE boosted its position in shares of Patrick Industries by 1.3% during the fourth quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock valued at $770,000 after buying an additional 95 shares during the period. SummerHaven Investment Management LLC increased its position in Patrick Industries by 1.4% during the 4th quarter. SummerHaven Investment Management LLC now owns 8,768 shares of the construction company’s stock valued at $880,000 after buying an additional 117 shares in the last quarter. FORA Capital LLC raised its position in shares of Patrick Industries by 2.9% in the 1st quarter. FORA Capital LLC now owns 4,492 shares of the construction company’s stock valued at $537,000 after purchasing an additional 128 shares during the last quarter. Texas Permanent School Fund Corp lifted its stake in shares of Patrick Industries by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 18,209 shares of the construction company’s stock worth $2,175,000 after buying an additional 236 shares during the period. Finally, ProShare Advisors LLC increased its holdings in shares of Patrick Industries by 6.5% in the first quarter. ProShare Advisors LLC now owns 4,254 shares of the construction company’s stock valued at $508,000 after purchasing an additional 258 shares during the period. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Company Profile

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.