Patrick Industries (NASDAQ:PATK) Coverage Initiated by Analysts at Raymond James

Raymond James initiated coverage on shares of Patrick Industries (NASDAQ:PATK) in a report published on Tuesday, Marketbeat Ratings reports. The firm issued an outperform rating and a $160.00 price target on the construction company’s stock.

A number of other research analysts have also issued reports on PATK. Truist Financial lifted their target price on Patrick Industries from $150.00 to $165.00 and gave the stock a buy rating in a report on Friday, September 20th. BMO Capital Markets lifted their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an outperform rating in a research note on Friday, August 2nd. KeyCorp boosted their target price on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an overweight rating in a report on Friday, August 2nd. Benchmark restated a buy rating and set a $145.00 target price on shares of Patrick Industries in a report on Tuesday, September 17th. Finally, DA Davidson lifted their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a neutral rating in a research report on Monday, August 5th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $138.50.

Patrick Industries Price Performance

NASDAQ PATK opened at $144.61 on Tuesday. Patrick Industries has a 12 month low of $70.15 and a 12 month high of $147.80. The firm has a market capitalization of $3.24 billion, a PE ratio of 21.18, a P/E/G ratio of 1.21 and a beta of 1.62. The company’s 50 day simple moving average is $130.39 and its 200 day simple moving average is $118.02. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.29 and a quick ratio of 0.94.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.11. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $972.06 million. During the same period last year, the company posted $1.94 EPS. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, equities research analysts forecast that Patrick Industries will post 7.32 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were given a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.52%. The ex-dividend date was Monday, August 26th. Patrick Industries’s dividend payout ratio (DPR) is currently 32.59%.

Insider Activity

In related news, Director Todd M. Cleveland sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total value of $982,875.00. Following the completion of the transaction, the director now owns 82,374 shares of the company’s stock, valued at approximately $10,795,112.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Jeff Rodino sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.37, for a total value of $2,627,400.00. Following the transaction, the insider now owns 139,109 shares in the company, valued at approximately $18,274,749.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Todd M. Cleveland sold 7,500 shares of the stock in a transaction that occurred 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 completion of the sale, the director now directly owns 82,374 shares of the company’s stock, valued at $10,795,112.70. 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 90 days. 4.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Patrick Industries during the 2nd quarter valued at $41,000. Harel Insurance Investments & Financial Services Ltd. grew its stake in Patrick Industries by 78.5% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock valued at $205,000 after purchasing an additional 840 shares in the last quarter. Heritage Family Offices LLP acquired a new position in Patrick Industries in the 2nd quarter worth about $227,000. Xponance Inc. increased its position in Patrick Industries by 4.1% in the 2nd quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock worth $230,000 after purchasing an additional 83 shares during the last quarter. Finally, Algert Global LLC purchased a new stake in shares of Patrick Industries during the 2nd quarter worth about $233,000. Institutional investors and hedge funds own 93.29% of the company’s stock.

About Patrick Industries

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.