Patrick Industries (NASDAQ:PATK) Sets New 52-Week High at $136.41

Patrick Industries, Inc. (NASDAQ:PATK)’s share price hit a new 52-week high during trading on Friday . The company traded as high as $136.41 and last traded at $135.67, with a volume of 9400 shares changing hands. The stock had previously closed at $131.47.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. DA Davidson raised their price objective on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Truist Financial lifted their target price on Patrick Industries from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Benchmark initiated coverage on Patrick Industries in a research report on Thursday, August 29th. They set a “buy” rating and a $145.00 target price on the stock. KeyCorp lifted their target price on Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Finally, Robert W. Baird lifted 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. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $133.29.

Patrick Industries Stock Up 2.9 %

The stock has a fifty day moving average of $123.75 and a 200 day moving average of $115.52. The firm has a market capitalization of $3.03 billion, a P/E ratio of 20.05, a price-to-earnings-growth ratio of 1.03 and a beta of 1.62. 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 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.11. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $972.06 million. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. Patrick Industries’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the company posted $1.94 earnings per share. On average, research analysts anticipate that Patrick Industries, Inc. will post 7.32 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were issued a dividend of $0.55 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.20 dividend on an annualized basis and a yield of 1.63%. Patrick Industries’s dividend payout ratio (DPR) is currently 32.59%.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was 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 $3,091,283.49. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, 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 value of $2,627,400.00. Following the completion of the transaction, the insider now directly owns 139,109 shares in the company, valued at $18,274,749.33. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 value of $248,640.21. Following the completion of the transaction, the chief operating officer now owns 23,759 shares of the company’s stock, valued at $3,091,283.49. The disclosure for this sale can be found here. Insiders have sold a total of 29,411 shares of company stock worth $3,858,915 over the last ninety days. 4.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Patrick Industries

Several hedge funds have recently made changes to their positions in PATK. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Patrick Industries in the second quarter valued at $41,000. Harel Insurance Investments & Financial Services Ltd. grew its position in shares of 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 purchased a new position in shares of Patrick Industries in the second quarter valued at $227,000. Xponance Inc. grew its position in shares of Patrick Industries by 4.1% in the second quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock valued at $230,000 after purchasing an additional 83 shares in the last quarter. Finally, Algert Global LLC purchased a new position in shares of Patrick Industries in the second quarter valued at $233,000. 93.29% of the stock is currently owned by hedge funds and other institutional investors.

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.