Patrick Industries (NASDAQ:PATK) PT Raised to $165.00

Patrick Industries (NASDAQ:PATK) had its price target upped by Truist Financial from $150.00 to $165.00 in a research note issued to investors on Friday, Benzinga reports. Truist Financial currently has a buy rating on the construction company’s stock.

A number of other brokerages have also commented on PATK. Robert W. Baird upped their target price on Patrick Industries from $120.00 to $128.00 and gave the company an outperform rating in a research report on Friday, August 2nd. KeyCorp lifted their price objective on shares of Patrick Industries from $125.00 to $135.00 and gave the company an overweight rating in a research note on Friday, August 2nd. Benchmark reiterated a buy rating and issued a $145.00 price objective on shares of Patrick Industries in a research note on Tuesday, September 17th. BMO Capital Markets raised their target price on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an outperform rating in a report on Friday, August 2nd. Finally, DA Davidson upped their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the company a neutral rating in a report on Monday, August 5th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Patrick Industries presently has an average rating of Moderate Buy and a consensus target price of $135.43.

Patrick Industries Trading Down 2.9 %

NASDAQ:PATK opened at $142.72 on Friday. The company has a market capitalization of $3.20 billion, a P/E ratio of 21.14, a PEG ratio of 1.10 and a beta of 1.62. The company has a current ratio of 2.29, a quick ratio of 0.94 and a debt-to-equity ratio of 1.19. Patrick Industries has a 12 month low of $70.15 and a 12 month high of $147.80. The firm has a fifty day simple moving average of $127.40 and a 200-day simple moving average of $116.54.

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

Patrick Industries Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.20 annualized dividend and a yield of 1.54%. Patrick Industries’s dividend payout ratio is presently 32.59%.

Insider Buying and Selling at Patrick Industries

In other news, insider Jeff Rodino sold 20,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were 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 approximately $18,274,749.33. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 139,109 shares in the company, valued at $18,274,749.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Todd M. Cleveland sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the transaction, 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. Over the last quarter, insiders sold 29,411 shares of company stock valued at $3,858,915. Corporate insiders own 4.70% of the company’s stock.

Institutional Trading of Patrick Industries

Several institutional investors have recently modified their holdings of the stock. Pacer Advisors Inc. lifted its position in shares of Patrick Industries by 20.1% in the second 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 in the last quarter. Massachusetts Financial Services Co. MA purchased a new position in Patrick Industries in the 2nd quarter valued at $22,460,000. Norges Bank acquired a new stake in Patrick Industries during the 4th quarter worth $14,782,000. Peregrine Capital Management LLC purchased a new stake in shares of Patrick Industries during the first quarter worth $8,546,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Patrick Industries by 10.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock worth $33,078,000 after buying an additional 26,389 shares in the last quarter. Institutional investors and hedge funds 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.