Patrick Industries, Inc. (NASDAQ:PATK) Receives $131.33 Consensus Target Price from Analysts

Patrick Industries, Inc. (NASDAQ:PATK) has been given a consensus rating of “Moderate Buy” by the six research firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $131.33.

A number of equities research analysts have recently issued reports on the stock. DA Davidson boosted their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Roth Mkm reissued a “buy” rating and set a $126.00 target price (up from $120.00) on shares of Patrick Industries in a research note on Monday, May 6th. Truist Financial raised their target price on Patrick Industries from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. 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, August 2nd. Finally, KeyCorp raised their price objective on Patrick Industries from $125.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd.

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds have recently added to or reduced their stakes in PATK. Allspring Global Investments Holdings LLC increased its stake in shares of Patrick Industries by 2.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 106,006 shares of the construction company’s stock worth $10,638,000 after purchasing an additional 2,741 shares during the last quarter. Louisiana State Employees Retirement System bought a new position in Patrick Industries during the fourth quarter valued at about $1,044,000. Everence Capital Management Inc. acquired a new stake in shares of Patrick Industries in the fourth quarter worth about $243,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Patrick Industries by 12.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,800 shares of the construction company’s stock worth $381,000 after acquiring an additional 407 shares in the last quarter. Finally, NBW Capital LLC increased its holdings in shares of Patrick Industries by 3.9% during the 4th quarter. NBW Capital LLC now owns 70,685 shares of the construction company’s stock valued at $7,093,000 after acquiring an additional 2,681 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Trading Up 0.4 %

Patrick Industries stock opened at $126.50 on Tuesday. Patrick Industries has a 1 year low of $70.15 and a 1 year high of $136.00. The firm’s 50 day moving average price is $115.12 and its two-hundred day moving average price is $112.82. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of 18.74, a price-to-earnings-growth ratio of 0.99 and a beta of 1.65. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.94 and a current ratio of 2.29.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, August 1st. The construction company reported $2.16 EPS for the quarter, beating the consensus estimate of $2.05 by $0.11. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $972.06 million. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. Patrick Industries’s revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.94 earnings per share. On average, research analysts predict that Patrick Industries will post 7.32 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 9th. Stockholders of record on Monday, August 26th will be issued a dividend of $0.55 per share. The ex-dividend date of this dividend is Monday, August 26th. This represents a $2.20 annualized dividend and a dividend yield of 1.74%. Patrick Industries’s dividend payout ratio is 32.59%.

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.