Patrick Industries, Inc. (NASDAQ:PATK) Stock Has Consensus Target Price of $114.00

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have received a consensus recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $114.00.

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

Patrick Industries Price Performance

Shares of NASDAQ PATK opened at $66.56 on Friday. Patrick Industries has a 1 year low of $66.24 and a 1 year high of $148.50. The stock has a market capitalization of $2.14 billion, a P/E ratio of 15.77 and a beta of 1.16. The company’s 50-day moving average is $79.82 and its 200 day moving average is $90.21. 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 (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 EPS for the quarter, topping the consensus estimate of $1.24 by $0.05. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $994.95 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. Patrick Industries’s quarterly revenue was down .6% compared to the same quarter last year. During the same period last year, the business posted $1.50 earnings per share. On average, sell-side analysts expect that Patrick Industries will post 4.24 earnings per share for the current year.

Patrick Industries Announces Dividend

The company 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. The ex-dividend date of this dividend was Monday, August 24th. This represents a $1.88 dividend on an annualized basis and a yield of 2.8%. Patrick Industries’s dividend payout ratio is currently 44.55%.

Hedge Funds Weigh In On Patrick Industries

Institutional investors and hedge funds have recently bought and sold shares of the stock. Hantz Financial Services Inc. boosted its position in shares of Patrick Industries by 73.0% during the fourth quarter. Hantz Financial Services Inc. now owns 564 shares of the construction company’s stock worth $61,000 after acquiring an additional 238 shares during the last quarter. Persistent Asset Partners Ltd bought a new stake in Patrick Industries in the 2nd quarter valued at $25,000. EverSource Wealth Advisors LLC lifted its stake in Patrick Industries by 16.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,006 shares of the construction company’s stock worth $217,000 after purchasing an additional 277 shares in the last quarter. Inspire Investing LLC boosted its holdings in shares of Patrick Industries by 5.4% during the 1st quarter. Inspire Investing LLC now owns 5,613 shares of the construction company’s stock valued at $623,000 after purchasing an additional 289 shares during the last quarter. Finally, DGS Capital Management LLC boosted its holdings in shares of Patrick Industries by 15.0% during the 4th quarter. DGS Capital Management LLC now owns 2,391 shares of the construction company’s stock valued at $259,000 after purchasing an additional 312 shares during the last quarter. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

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.