Patrick Industries, Inc. (NASDAQ:PATK) Receives $83.33 Consensus PT from Analysts

Patrick Industries, Inc. (NASDAQ:PATKGet Rating) has been assigned an average rating of “Buy” from the seven brokerages that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $83.33.

A number of brokerages have commented on PATK. StockNews.com began coverage on Patrick Industries in a research report on Thursday, March 31st. They set a “hold” rating for the company. Truist Financial initiated coverage on Patrick Industries in a research note on Tuesday, April 12th. They set a “buy” rating and a $75.00 price target for the company. Zacks Investment Research raised Patrick Industries from a “hold” rating to a “strong-buy” rating and set a $78.00 price target for the company in a research note on Thursday, May 5th. Bank of America initiated coverage on Patrick Industries in a research note on Monday, April 4th. They set an “underperform” rating and a $60.00 price target for the company. Finally, MKM Partners initiated coverage on Patrick Industries in a research note on Thursday, May 5th. They set a “buy” rating and a $93.00 price target for the company.

In other Patrick Industries news, Chairman Todd M. Cleveland sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $68.32, for a total value of $683,200.00. Following the sale, the chairman now owns 220,517 shares of the company’s stock, valued at approximately $15,065,721.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Todd M. Cleveland sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, May 6th. The shares were sold at an average price of $66.68, for a total value of $333,400.00. Following the completion of the sale, the chairman now directly owns 215,517 shares in the company, valued at approximately $14,370,673.56. The disclosure for this sale can be found here. Insiders sold a total of 23,103 shares of company stock worth $1,556,669 over the last three months. 6.10% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. UMB Bank N A MO bought a new stake in shares of Patrick Industries in the fourth quarter worth about $28,000. First Horizon Advisors Inc. increased its holdings in shares of Patrick Industries by 462.3% in the fourth quarter. First Horizon Advisors Inc. now owns 731 shares of the construction company’s stock worth $58,000 after acquiring an additional 601 shares in the last quarter. Wilen Investment Management CORP. bought a new stake in shares of Patrick Industries in the third quarter worth about $69,000. Heritage Wealth Management LLC increased its holdings in shares of Patrick Industries by 25.3% in the third quarter. Heritage Wealth Management LLC now owns 1,169 shares of the construction company’s stock worth $97,000 after acquiring an additional 236 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Patrick Industries in the fourth quarter worth about $98,000. 94.85% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ PATK traded up $2.63 on Friday, reaching $67.84. 231,880 shares of the company traded hands, compared to its average volume of 212,565. The company has a current ratio of 2.37, a quick ratio of 0.96 and a debt-to-equity ratio of 1.86. Patrick Industries has a fifty-two week low of $54.80 and a fifty-two week high of $92.67. The stock has a market capitalization of $1.56 billion, a PE ratio of 5.59, a P/E/G ratio of 0.77 and a beta of 1.95. The company has a 50 day moving average of $63.18 and a 200 day moving average of $71.05.

Patrick Industries (NASDAQ:PATKGet Rating) last released its quarterly earnings results on Thursday, April 28th. The construction company reported $4.93 earnings per share for the quarter, beating analysts’ consensus estimates of $2.89 by $2.04. Patrick Industries had a return on equity of 39.75% and a net margin of 6.35%. The business had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the company posted $1.80 EPS. Patrick Industries’s revenue for the quarter was up 57.8% on a year-over-year basis. As a group, research analysts expect that Patrick Industries will post 13.16 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 13th. Investors of record on Tuesday, May 31st will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date is Friday, May 27th. Patrick Industries’s payout ratio is 10.88%.

Patrick Industries Company Profile (Get Rating)

Patrick Industries, Inc manufactures and distributes components, building products, and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, China, and Canada. Its Manufacturing segment manufactures and sells furniture, shelving, wall, countertop, and cabinet product; cabinet door, fiberglass bath fixture, and tile system; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum product; fiberglass and plastic components; RV painting; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinet; polymer-based flooring product; dash panels; and other products.

See Also

Analyst Recommendations for Patrick Industries (NASDAQ:PATK)

Receive News & Ratings for Patrick Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patrick Industries and related companies with MarketBeat.com's FREE daily email newsletter.