Patrick Industries (NASDAQ:PATK) Stock Gets Price Target Trim from BMO Capital Markets

Patrick Industries (NASDAQ:PATK) had its price objective reduced by BMO Capital Markets from $120.00 to $100.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have an outperform rating on the construction company’s stock.

A number of other equities research analysts have also recently issued reports on PATK. Roth Capital set a $114.00 price objective on Patrick Industries in a research note on Friday, July 31st. Truist Financial set a $108.00 price objective on Patrick Industries and gave the company a “buy” rating in a report on Monday, August 10th. KeyCorp decreased their target price on shares of Patrick Industries from $115.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, October 8th. Weiss Ratings downgraded shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, September 29th. Finally, Northcoast Research set a $121.00 target price on shares of Patrick Industries and gave the stock 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 issued a Sell rating to the stock. According to MarketBeat, Patrick Industries has an average rating of “Moderate Buy” and an average target price of $106.78.

Patrick Industries Stock Performance

PATK opened at $68.13 on Tuesday. Patrick Industries has a 52-week low of $63.00 and a 52-week high of $148.50. The firm has a market capitalization of $2.19 billion, a PE ratio of 16.14 and a beta of 1.16. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.96 and a current ratio of 2.67. The business’s 50-day simple moving average is $75.80 and its 200 day simple moving average is $86.98.

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

Patrick Industries Announces Dividend

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PATK. Bank of New York Mellon Corp bought a new position in shares of Patrick Industries during the second quarter worth approximately $65,138,000. Copeland Capital Management LLC boosted its stake in shares of 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 buying an additional 84,508 shares during the period. Bank of America Corp DE bought a new stake in shares of Patrick Industries in the second quarter valued at approximately $30,646,000. The Manufacturers Life Insurance Company bought a new stake in shares of Patrick Industries in the second quarter valued at approximately $27,166,000. Finally, Lodge Hill Capital LLC grew its position in Patrick Industries by 13.9% during the first quarter. Lodge Hill Capital LLC now owns 205,000 shares of the construction company’s stock worth $22,769,000 after buying an additional 25,000 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Company Profile

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.