Patrick Industries (NASDAQ:PATK) Stock Jumps 7% – Here’s What Happened

Shares of Patrick Industries, Inc. (NASDAQ:PATK) traded up 7% on Thursday. The stock traded as high as $65.12 and last traded at $67.7170. 108,164 shares changed hands during trading, a decline of 79% from the average daily volume of 513,845 shares. The stock had previously closed at $63.31.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PATK. Benchmark reiterated a “buy” rating and set a $115.00 target price (down from $135.00) on shares of Patrick Industries in a research report on Tuesday, August 11th. Truist Financial set a $108.00 price target on shares of Patrick Industries and gave the stock a “buy” rating in a report on Monday, August 10th. KeyCorp cut their price target on shares of Patrick Industries from $115.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, October 8th. Roth Capital set a $114.00 price objective on shares of Patrick Industries in a report on Friday, July 31st. Finally, Northcoast Research set a $121.00 price objective on shares of Patrick Industries and gave the company a “buy” rating in a report on Tuesday, September 1st. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $106.78.

Patrick Industries Price Performance

The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $2.17 billion, a PE ratio of 16.02 and a beta of 1.16. The company has a 50-day moving average of $76.17 and a 200 day moving average of $87.26.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, July 30th. The construction company reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $994.95 million. During the same period in the prior year, the business earned $1.50 earnings per share. The company’s quarterly revenue was down .6% compared to the same quarter last year. Sell-side analysts predict that Patrick Industries, Inc. will post 4.17 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.8%. The ex-dividend date was Monday, August 24th. Patrick Industries’s dividend payout ratio is presently 44.55%.

Institutional Trading of Patrick Industries

A number of hedge funds and other institutional investors have recently modified their holdings of PATK. Bank of New York Mellon Corp acquired a new stake in Patrick Industries during the second quarter worth $65,138,000. Copeland Capital Management LLC raised its position in Patrick Industries by 17.6% in the first quarter. Copeland Capital Management LLC now owns 563,507 shares of the construction company’s stock valued at $62,589,000 after purchasing an additional 84,508 shares during the period. Bank of America Corp DE acquired a new position in shares of Patrick Industries in the 2nd quarter valued at $30,646,000. The Manufacturers Life Insurance Company acquired a new position in shares of Patrick Industries in the 2nd quarter valued at $27,166,000. Finally, Lodge Hill Capital LLC lifted its stake in shares of Patrick Industries by 13.9% in the 1st quarter. Lodge Hill Capital LLC now owns 205,000 shares of the construction company’s stock valued at $22,769,000 after purchasing an additional 25,000 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.

About Patrick Industries

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials used in recreational vehicles, marine vessels, manufactured housing, industrial applications and other markets. The company supplies original equipment manufacturers and other customers with products designed for use in interior, exterior and structural applications.

Its product portfolio includes cabinetry, furniture, countertops, flooring, wall panels, hardware, plumbing and electrical components, windows, doors, electronics, composite panels and other specialty products.