Brokerages Set Patrick Industries, Inc. (NASDAQ:PATK) Target Price at $114.00

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been given an average recommendation of “Moderate Buy” by the ten research firms that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $114.00.

Several research firms recently weighed in on PATK. Truist Financial set a $108.00 price objective on Patrick Industries and gave the company a “buy” rating in a research note on Monday, August 10th. Northcoast Research set a $121.00 target price on Patrick Industries and gave the stock a “buy” rating in a research note on Tuesday, September 1st. Benchmark reissued a “buy” rating and issued a $115.00 target price (down from $135.00) on shares of Patrick Industries in a report on Tuesday, August 11th. Raymond James Financial restated an “outperform” rating and issued a $94.00 price target on shares of Patrick Industries in a research note on Friday, July 31st. Finally, KeyCorp decreased their price target on shares of Patrick Industries from $125.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday, July 22nd.

Patrick Industries Stock Down 2.9%

NASDAQ PATK opened at $80.41 on Wednesday. The business has a fifty day moving average price of $84.93 and a two-hundred day moving average price of $96.49. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.67 and a quick ratio of 0.96. Patrick Industries has a fifty-two week low of $80.31 and a fifty-two week high of $148.50. The stock has a market capitalization of $2.58 billion, a PE ratio of 19.05 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%.The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $994.95 million. During the same quarter last year, the business posted $1.50 EPS. The company’s revenue was down .6% compared to the same quarter last year. Equities analysts expect that Patrick Industries will post 4.26 earnings per share for the current fiscal 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 given a $0.47 dividend. The ex-dividend date was Monday, August 24th. This represents a $1.88 dividend on an annualized basis and a yield of 2.3%. Patrick Industries’s dividend payout ratio (DPR) is currently 44.55%.

Institutional Trading of Patrick Industries

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bessemer Group Inc. raised its position in shares of Patrick Industries by 3,602.4% during the fourth quarter. Bessemer Group Inc. now owns 149,912 shares of the construction company’s stock worth $16,255,000 after acquiring an additional 145,863 shares during the last quarter. Nicholas Investment Partners LP bought a new stake in Patrick Industries in the fourth quarter valued at approximately $5,201,000. Kennedy Capital Management LLC increased its position in Patrick Industries by 14.2% during the 4th quarter. Kennedy Capital Management LLC now owns 238,981 shares of the construction company’s stock valued at $25,913,000 after purchasing an additional 29,714 shares during the period. WCG Wealth Advisors LLC acquired a new stake in Patrick Industries during the 4th quarter valued at approximately $1,641,000. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new position in Patrick Industries during the 1st quarter worth approximately $5,220,000. 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.