Patrick Industries (NASDAQ:PATK) Reaches New 1-Year High – Here’s Why

Patrick Industries, Inc. (NASDAQ:PATK)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $144.74 and last traded at $144.26, with a volume of 29545 shares trading hands. The stock had previously closed at $142.51.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PATK. Roth Mkm reissued a “buy” rating and set a $157.00 target price on shares of Patrick Industries in a research note on Monday. Benchmark reissued a “buy” rating on shares of Patrick Industries in a research report on Friday. Loop Capital assumed coverage on Patrick Industries in a research report on Friday, October 31st. They issued a “hold” rating and a $99.00 target price on the stock. Truist Financial set a $126.00 price target on Patrick Industries in a research note on Friday, January 9th. Finally, Weiss Ratings cut Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $135.13.

Patrick Industries Stock Up 1.1%

The company has a quick ratio of 0.80, a current ratio of 2.51 and a debt-to-equity ratio of 1.08. The business has a 50-day simple moving average of $119.77 and a 200-day simple moving average of $110.27. The stock has a market cap of $4.80 billion, a P/E ratio of 36.91, a PEG ratio of 1.49 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The business had revenue of $924.17 million during the quarter, compared to analysts’ expectations of $858.62 million. During the same period in the previous year, the company earned $0.52 earnings per share. Patrick Industries’s revenue for the quarter was up 9.2% on a year-over-year basis. Analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Shareholders of record on Monday, February 23rd will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Monday, February 23rd. Patrick Industries’s dividend payout ratio is 48.08%.

Insider Transactions at Patrick Industries

In other news, Director John A. Forbes sold 2,704 shares of Patrick Industries stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $140.75, for a total value of $380,588.00. Following the transaction, the director directly owned 49,272 shares in the company, valued at approximately $6,935,034. The trade was a 5.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Matthew S. Filer bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The shares were acquired at an average price of $139.91 per share, with a total value of $139,910.00. Following the purchase, the chief accounting officer owned 20,614 shares in the company, valued at $2,884,104.74. This trade represents a 5.10% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 4.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Patrick Industries

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its position in Patrick Industries by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 2,470,559 shares of the construction company’s stock worth $267,883,000 after acquiring an additional 16,959 shares during the period. Geode Capital Management LLC grew its position in Patrick Industries by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 819,488 shares of the construction company’s stock worth $88,870,000 after purchasing an additional 4,816 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Patrick Industries by 33.8% during the 2nd quarter. American Century Companies Inc. now owns 712,383 shares of the construction company’s stock worth $65,732,000 after purchasing an additional 180,092 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of Patrick Industries by 2.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 578,733 shares of the construction company’s stock worth $59,858,000 after purchasing an additional 15,582 shares during the period. Finally, Copeland Capital Management LLC raised its position in shares of Patrick Industries by 23.4% during the fourth quarter. Copeland Capital Management LLC now owns 478,999 shares of the construction company’s stock valued at $51,938,000 after buying an additional 90,691 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.