Patrick Industries (NASDAQ:PATK) Price Target Raised to $103.00

Patrick Industries (NASDAQ:PATK) had its price target lifted by Raymond James from $99.00 to $103.00 in a report published on Friday,Benzinga reports. Raymond James currently has an outperform rating on the construction company’s stock.

Other research analysts have also recently issued research reports about the stock. BMO Capital Markets lifted their price objective on shares of Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a report on Friday, November 1st. Benchmark restated a “buy” rating and issued a $96.67 price target on shares of Patrick Industries in a research note on Monday, November 4th. Truist Financial lowered their price target on Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. KeyCorp boosted their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday. Finally, StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research report on Thursday, January 16th. 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 stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.08.

Patrick Industries Stock Performance

Shares of PATK stock opened at $94.75 on Friday. The stock has a market cap of $3.18 billion, a PE ratio of 23.00, a price-to-earnings-growth ratio of 1.42 and a beta of 2.26. Patrick Industries has a 52-week low of $67.10 and a 52-week high of $98.90. The business has a 50-day simple moving average of $89.23 and a 200-day simple moving average of $88.63. The company has a quick ratio of 0.97, a current ratio of 2.33 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings data on Thursday, February 6th. The construction company reported $0.52 EPS 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%. On average, equities analysts expect that Patrick Industries will post 5.38 EPS for the current year.

Patrick Industries Dividend Announcement

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 paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $1.60 annualized dividend and a yield of 1.69%. Patrick Industries’s dividend payout ratio (DPR) is presently 38.83%.

Insider Transactions at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $93.76, for a total value of $1,406,400.00. Following the completion of the sale, the chief executive officer now directly owns 364,678 shares in the company, valued at $34,192,209.28. This represents a 3.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.70% of the company’s stock.

Institutional Trading of Patrick Industries

Several institutional investors have recently made changes to their positions in the company. Kestra Investment Management LLC acquired a new position in Patrick Industries in the fourth quarter valued at about $25,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Patrick Industries in the 2nd quarter worth approximately $41,000. Sound Income Strategies LLC purchased a new position in shares of Patrick Industries during the 3rd quarter worth approximately $46,000. Smartleaf Asset Management LLC increased its holdings in Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after purchasing an additional 528 shares during the last quarter. Finally, Quent Capital LLC purchased a new stake in Patrick Industries in the fourth quarter valued at approximately $53,000. Hedge funds and other institutional investors 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.