Brokerages Set Patrick Industries, Inc. (NASDAQ:PATK) Target Price at $135.13

Patrick Industries, Inc. (NASDAQ:PATK) has been assigned an average recommendation of “Moderate Buy” from the nine brokerages that are presently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $135.1250.

Several equities analysts have commented on the stock. Truist Financial set a $126.00 target price on shares of Patrick Industries in a research report on Friday, January 9th. Wall Street Zen raised shares of Patrick Industries from a “hold” rating to a “buy” rating in a research report on Saturday. Weiss Ratings raised Patrick Industries from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Benchmark reaffirmed a “buy” rating on shares of Patrick Industries in a research report on Friday, February 6th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $155.00 price target on shares of Patrick Industries in a research report on Friday, February 6th.

Patrick Industries Trading Down 2.0%

Patrick Industries stock opened at $111.56 on Friday. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.51 and a quick ratio of 0.80. The company has a market capitalization of $3.69 billion, a price-to-earnings ratio of 28.53 and a beta of 1.35. Patrick Industries has a one year low of $72.99 and a one year high of $148.50. The company’s fifty day moving average price is $123.58 and its two-hundred day moving average price is $113.73.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, February 5th. The construction company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. The firm had revenue of $924.17 million for the quarter, compared to the consensus estimate of $858.62 million. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. The business’s quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.52 earnings per share. On average, analysts forecast that Patrick Industries will post 5.33 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, March 9th. Stockholders of record on Monday, February 23rd were given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Monday, February 23rd. Patrick Industries’s dividend payout ratio (DPR) is currently 48.08%.

Insider Buying and Selling

In other news, Director John A. Forbes sold 2,704 shares of the firm’s 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 sale, the director directly owned 49,272 shares of the company’s stock, valued at approximately $6,935,034. This trade represents a 5.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Stacey L. Amundson sold 3,903 shares of the firm’s stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $145.61, for a total value of $568,315.83. Following the completion of the sale, the executive vice president directly owned 12,819 shares in the company, valued at approximately $1,866,574.59. This represents a 23.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders acquired 11,110 shares of company stock valued at $1,289,895 and sold 20,121 shares valued at $2,477,337. 4.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. lifted its stake in Patrick Industries by 235.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,193 shares of the construction company’s stock worth $129,000 after purchasing an additional 837 shares during the period. Corient Private Wealth LLC lifted its stake in Patrick Industries by 17.2% during the fourth quarter. Corient Private Wealth LLC now owns 3,308 shares of the construction company’s stock worth $359,000 after purchasing an additional 485 shares during the period. DGS Capital Management LLC lifted its stake in Patrick Industries by 15.0% during the fourth quarter. DGS Capital Management LLC now owns 2,391 shares of the construction company’s stock worth $259,000 after purchasing an additional 312 shares during the period. Mackenzie Financial Corp lifted its stake in Patrick Industries by 4.0% during the fourth quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company’s stock worth $231,000 after purchasing an additional 80 shares during the period. Finally, XTX Topco Ltd bought a new position in Patrick Industries during the fourth quarter worth about $362,000. Institutional investors own 93.29% of the company’s stock.

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.