Patrick Industries (NASDAQ:PATK) Stock Price Expected to Rise, KeyCorp Analyst Says

Patrick Industries (NASDAQ:PATK) had its price objective lifted by KeyCorp from $100.00 to $110.00 in a report released on Friday morning,Benzinga reports. They currently have an overweight rating on the construction company’s stock.

A number of other research analysts have also recently weighed in on PATK. Truist Financial reduced their price target on shares of Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Raymond James dropped their price objective on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a research note on Friday, November 1st. StockNews.com downgraded shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. BMO Capital Markets lifted their price target on shares of Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, Benchmark reissued a “buy” rating and issued a $96.67 price objective on shares of Patrick Industries in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Patrick Industries currently has an average rating of “Moderate Buy” and a consensus price target of $96.08.

Patrick Industries Price Performance

PATK opened at $94.75 on Friday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.97 and a current ratio of 2.33. The stock has a market capitalization of $3.18 billion, a PE ratio of 23.00, a P/E/G ratio of 1.42 and a beta of 2.26. Patrick Industries has a 1 year low of $67.10 and a 1 year high of $98.90. The company’s 50 day simple moving average is $89.13 and its 200 day simple moving average is $88.42.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. As a group, sell-side analysts expect that Patrick Industries will post 5.38 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th will be issued a dividend of $0.40 per share. The ex-dividend date is Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.69%. Patrick Industries’s dividend payout ratio (DPR) is 38.83%.

Insider Buying and Selling

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the completion of the transaction, the chief executive officer now directly owns 364,678 shares of the company’s stock, valued at $34,192,209.28. The trade was a 3.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

A number of hedge funds have recently made changes to their positions in the business. HighTower Advisors LLC grew its holdings in Patrick Industries by 55.9% in the 4th quarter. HighTower Advisors LLC now owns 4,470 shares of the construction company’s stock worth $371,000 after buying an additional 1,603 shares in the last quarter. Essex Investment Management Co. LLC increased its holdings in shares of Patrick Industries by 34.4% during the fourth quarter. Essex Investment Management Co. LLC now owns 48,432 shares of the construction company’s stock valued at $4,024,000 after purchasing an additional 12,389 shares during the period. Kendall Capital Management raised its stake in shares of Patrick Industries by 26.1% during the fourth quarter. Kendall Capital Management now owns 2,977 shares of the construction company’s stock valued at $247,000 after purchasing an additional 617 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Patrick Industries by 36.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,450 shares of the construction company’s stock worth $536,000 after buying an additional 1,726 shares in the last quarter. Finally, Prescott Group Capital Management L.L.C. lifted its position in Patrick Industries by 82.1% in the fourth quarter. Prescott Group Capital Management L.L.C. now owns 25,545 shares of the construction company’s stock worth $2,122,000 after purchasing an additional 11,515 shares during the period. Institutional investors 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.