Analysts Set Patrick Industries, Inc. (NASDAQ:PATK) Target Price at $106.71

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have earned a consensus rating of “Moderate Buy” from the seven ratings firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $106.71.

A number of brokerages have recently commented on PATK. Roth Mkm restated a “buy” rating and issued a $126.00 price target (up from $120.00) on shares of Patrick Industries in a report on Monday, May 6th. Truist Financial reiterated a “buy” rating and set a $130.00 target price on shares of Patrick Industries in a report on Friday, April 12th. Finally, BMO Capital Markets upped their target price on Patrick Industries from $120.00 to $125.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd.

Institutional Trading of Patrick Industries

Several institutional investors and hedge funds have recently bought and sold shares of PATK. Ziegler Capital Management LLC raised its stake in Patrick Industries by 3.6% in the fourth quarter. Ziegler Capital Management LLC now owns 11,374 shares of the construction company’s stock valued at $1,141,000 after buying an additional 392 shares during the period. SG Americas Securities LLC acquired a new position in shares of Patrick Industries in the fourth quarter valued at approximately $448,000. Pacer Advisors Inc. grew its position in shares of Patrick Industries by 39.7% in the fourth quarter. Pacer Advisors Inc. now owns 1,046,059 shares of the construction company’s stock valued at $104,972,000 after purchasing an additional 297,381 shares during the last quarter. Trust Point Inc. acquired a new position in shares of Patrick Industries in the fourth quarter valued at approximately $597,000. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Patrick Industries by 2.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 106,006 shares of the construction company’s stock valued at $10,638,000 after purchasing an additional 2,741 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Performance

Shares of Patrick Industries stock opened at $123.18 on Friday. The firm has a market cap of $2.76 billion, a price-to-earnings ratio of 18.25, a price-to-earnings-growth ratio of 0.86 and a beta of 1.65. The stock’s 50-day moving average is $111.03 and its 200-day moving average is $109.75. Patrick Industries has a one year low of $70.15 and a one year high of $125.60. The company has a debt-to-equity ratio of 1.32, a current ratio of 2.38 and a quick ratio of 0.96.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, May 2nd. The construction company reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.47. The company had revenue of $933.50 million for the quarter, compared to analyst estimates of $829.22 million. Patrick Industries had a return on equity of 14.90% and a net margin of 4.22%. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.35 earnings per share. Equities analysts predict that Patrick Industries will post 8.07 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were paid a $0.55 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $2.20 annualized dividend and a yield of 1.79%. Patrick Industries’s dividend payout ratio is 32.59%.

Patrick Industries Company Profile

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