Benchmark Issues Positive Forecast for Patrick Industries (NASDAQ:PATK) Stock Price

Patrick Industries (NASDAQ:PATK) had its target price increased by Benchmark from $98.00 to $102.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have a buy rating on the construction company’s stock.

A number of other analysts have also issued reports on PATK. Raymond James boosted their price objective on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a research note on Friday. KeyCorp increased their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday. Truist Financial lowered their target price on shares of Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. BMO Capital Markets boosted their price target on shares of Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.08.

Patrick Industries Trading Down 0.3 %

Shares of Patrick Industries stock opened at $94.75 on Friday. The stock has a market capitalization of $3.18 billion, a P/E ratio of 23.00, a P/E/G ratio of 1.42 and a beta of 2.26. Patrick Industries has a 52-week low of $67.10 and a 52-week high of $98.90. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.97 and a current ratio of 2.33. The stock’s 50-day simple moving average is $89.13 and its 200 day simple moving average is $88.42.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. As a group, research analysts anticipate that Patrick Industries will post 5.38 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend is Tuesday, February 18th. Patrick Industries’s dividend payout ratio (DPR) is currently 38.83%.

Insider Transactions at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $93.76, for a total value of $1,406,400.00. Following the completion of the sale, the chief executive officer now owns 364,678 shares of the company’s stock, valued at $34,192,209.28. This represents a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.70% of the company’s stock.

Institutional Trading of Patrick Industries

A number of institutional investors have recently made changes to their positions in the stock. State Street Corp lifted its stake in Patrick Industries by 3.5% in the third quarter. State Street Corp now owns 816,031 shares of the construction company’s stock worth $116,178,000 after acquiring an additional 27,669 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Patrick Industries by 55.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 548,771 shares of the construction company’s stock worth $45,592,000 after purchasing an additional 195,138 shares during the period. Geode Capital Management LLC boosted its stake in shares of Patrick Industries by 4.1% during the 3rd quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company’s stock valued at $73,968,000 after purchasing an additional 20,694 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Patrick Industries by 2.5% during the third quarter. Wellington Management Group LLP now owns 412,296 shares of the construction company’s stock valued at $58,699,000 after buying an additional 9,917 shares during the period. Finally, Copeland Capital Management LLC raised its stake in Patrick Industries by 536.5% in the fourth quarter. Copeland Capital Management LLC now owns 360,804 shares of the construction company’s stock worth $29,976,000 after buying an additional 304,119 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

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.