Patrick Industries (NASDAQ:PATK) Price Target Cut to $136.00 by Analysts at Raymond James

Patrick Industries (NASDAQ:PATK) had its target price lowered by Raymond James from $160.00 to $136.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an outperform rating on the construction company’s stock.

Other analysts have also recently issued reports about the company. Robert W. Baird increased their price target on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. DA Davidson increased their price target on Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. BMO Capital Markets increased their price target on Patrick Industries from $150.00 to $155.00 and gave the stock an “outperform” rating in a research report on Friday. Benchmark reiterated a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a research report on Tuesday, September 17th. Finally, Truist Financial increased their price objective on Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Patrick Industries has a consensus rating of “Moderate Buy” and a consensus target price of $139.88.

Patrick Industries Trading Down 0.6 %

Shares of NASDAQ PATK opened at $115.13 on Friday. The stock’s 50 day moving average price is $136.64 and its two-hundred day moving average price is $121.96. Patrick Industries has a 52-week low of $75.01 and a 52-week high of $148.35. The stock has a market capitalization of $2.58 billion, a P/E ratio of 16.54, a PEG ratio of 1.09 and a beta of 1.62. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, October 31st. The construction company reported $1.80 earnings per share (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 firm had revenue of $919.44 million for the quarter, compared to analyst estimates of $935.75 million. During the same quarter in the previous year, the company earned $1.81 EPS. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. On average, analysts anticipate that Patrick Industries will post 7.21 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date was Monday, August 26th. Patrick Industries’s dividend payout ratio (DPR) is presently 31.61%.

Insiders Place Their Bets

In other news, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now owns 23,759 shares in the company, valued at approximately $3,091,283.49. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the sale, the chief operating officer now owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the sale, the insider now directly owns 139,109 shares of the company’s stock, valued at $18,274,749.33. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,411 shares of company stock worth $3,858,915 over the last quarter. Company insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PATK. Allspring Global Investments Holdings LLC lifted its position in Patrick Industries by 1.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 107,829 shares of the construction company’s stock worth $12,882,000 after buying an additional 1,823 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Patrick Industries by 52.4% during the 1st quarter. BNP Paribas Financial Markets now owns 11,163 shares of the construction company’s stock worth $1,334,000 after buying an additional 3,837 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in Patrick Industries by 9.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 19,285 shares of the construction company’s stock worth $2,304,000 after buying an additional 1,600 shares in the last quarter. Capstone Investment Advisors LLC lifted its position in Patrick Industries by 29.4% during the 1st quarter. Capstone Investment Advisors LLC now owns 2,849 shares of the construction company’s stock worth $340,000 after buying an additional 647 shares in the last quarter. Finally, FORA Capital LLC raised its holdings in shares of Patrick Industries by 2.9% in the 1st quarter. FORA Capital LLC now owns 4,492 shares of the construction company’s stock valued at $537,000 after purchasing an additional 128 shares during the period. 93.29% of the stock is owned by institutional investors and hedge funds.

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.