Patrick Industries (NASDAQ:PATK) Given New $114.00 Price Target at DA Davidson

Patrick Industries (NASDAQ:PATK) had its price target hoisted by DA Davidson from $108.00 to $114.00 in a research report released on Monday, Benzinga reports. DA Davidson currently has a neutral rating on the construction company’s stock.

A number of other analysts also recently issued reports on the stock. Truist Financial lifted their price objective on shares of Patrick Industries from $130.00 to $150.00 and gave the company a buy rating in a report on Friday, August 2nd. Roth Mkm reissued a buy rating and issued a $126.00 target price (up from $120.00) on shares of Patrick Industries in a research note on Monday, May 6th. BMO Capital Markets raised their target price on shares of Patrick Industries from $125.00 to $135.00 and gave the company an outperform rating in a research note on Friday, August 2nd. Robert W. Baird raised their target price on shares of Patrick Industries from $120.00 to $128.00 and gave the company an outperform rating in a research note on Friday, August 2nd. Finally, KeyCorp raised their target price on shares of Patrick Industries from $125.00 to $135.00 and gave the company an overweight rating in a research note on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $131.33.

Patrick Industries Price Performance

NASDAQ PATK opened at $119.61 on Monday. The company has a quick ratio of 0.96, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. Patrick Industries has a 12-month low of $70.15 and a 12-month high of $136.00. The company has a market capitalization of $2.68 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 0.92 and a beta of 1.65. The firm’s 50 day moving average is $113.61 and its 200-day moving average is $111.74.

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

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were given a dividend of $0.55 per share. The ex-dividend date was Monday, June 3rd. This represents a $2.20 dividend on an annualized basis and a yield of 1.84%. Patrick Industries’s dividend payout ratio (DPR) is 32.59%.

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PATK. GAMMA Investing LLC bought a new position in Patrick Industries during the fourth quarter worth $35,000. Xponance Inc. bought a new stake in shares of Patrick Industries in the fourth quarter valued at about $203,000. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Patrick Industries by 78.5% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock valued at $205,000 after acquiring an additional 840 shares during the period. Heritage Family Offices LLP bought a new stake in shares of Patrick Industries in the second quarter valued at about $227,000. Finally, Heritage Wealth Management LLC bought a new stake in shares of Patrick Industries in the fourth quarter valued at about $238,000. 93.29% of the stock is owned by institutional investors.

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.