Patrick Industries (NASDAQ:PATK) Stock Price Expected to Rise, BMO Capital Markets Analyst Says

Patrick Industries (NASDAQ:PATK) had its target price boosted by BMO Capital Markets from $150.00 to $155.00 in a report issued on Friday, Benzinga reports. They currently have an outperform rating on the construction company’s stock.

A number of other research firms have also weighed in on PATK. KeyCorp boosted their target price on shares of Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Robert W. Baird upped their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Benchmark reaffirmed a “buy” rating and set a $145.00 price objective on shares of Patrick Industries in a research report on Tuesday, September 17th. Truist Financial upped their target price on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Finally, Raymond James assumed coverage on shares of Patrick Industries in a research note on Tuesday, October 1st. They set an “outperform” rating and a $160.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Patrick Industries presently has a consensus rating of “Moderate Buy” and an average price target of $139.88.

Patrick Industries Trading Down 0.6 %

NASDAQ PATK opened at $115.13 on Friday. Patrick Industries has a twelve month low of $75.01 and a twelve month high of $148.35. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 2.41. The stock has a market cap of $2.58 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 1.09 and a beta of 1.62. The firm’s 50 day moving average price is $136.64 and its two-hundred day moving average price is $121.96.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.03). Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. The company had revenue of $919.44 million for the quarter, compared to analysts’ expectations of $935.75 million. During the same quarter in the prior year, the firm earned $1.81 earnings per share. The company’s revenue was up 6.2% on a year-over-year basis. Equities analysts anticipate that Patrick Industries will post 7.21 EPS for the current year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were issued a $0.55 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.20 annualized dividend and a yield of 1.91%. Patrick Industries’s dividend payout ratio is currently 31.61%.

Insider Activity at Patrick Industries

In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value of $248,640.21. Following the sale, the chief operating officer now directly owns 23,759 shares in the company, valued at approximately $3,091,283.49. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value of $248,640.21. Following the sale, the chief operating officer now directly owns 23,759 shares in the company, valued at approximately $3,091,283.49. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Todd M. Cleveland sold 7,500 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total transaction of $982,875.00. Following the sale, the director now directly owns 82,374 shares of the company’s stock, valued at $10,795,112.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,411 shares of company stock worth $3,858,915 over the last ninety days. Company insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. grew its position in shares of Patrick Industries by 20.1% in the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after acquiring an additional 221,904 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Patrick Industries by 10.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock valued at $33,078,000 after acquiring an additional 26,389 shares during the period. Massachusetts Financial Services Co. MA bought a new position in shares of Patrick Industries in the 2nd quarter valued at about $22,460,000. Tributary Capital Management LLC grew its position in shares of Patrick Industries by 0.3% in the 2nd quarter. Tributary Capital Management LLC now owns 205,788 shares of the construction company’s stock valued at $22,338,000 after acquiring an additional 613 shares during the period. Finally, Fiera Capital Corp acquired a new stake in shares of Patrick Industries during the 3rd quarter worth about $27,888,000. Institutional investors own 93.29% of the company’s stock.

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.