Patrick Industries (NASDAQ:PATK) Price Target Raised to $120.00 at Truist Financial

Patrick Industries (NASDAQ:PATKFree Report) had its price objective lifted by Truist Financial from $115.00 to $120.00 in a report released on Monday,Benzinga reports. They currently have a buy rating on the construction company’s stock.

Several other research analysts have also issued reports on PATK. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. KeyCorp upped their target price on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday. BMO Capital Markets boosted their price objective on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a report on Friday, November 1st. Raymond James boosted their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Benchmark raised their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $97.96.

Read Our Latest Research Report on Patrick Industries

Patrick Industries Stock Performance

Patrick Industries stock opened at $93.41 on Monday. The business has a 50 day moving average of $89.30 and a 200-day moving average of $88.70. The company has a market capitalization of $3.14 billion, a P/E ratio of 22.67, a P/E/G ratio of 1.42 and a beta of 2.26. Patrick Industries has a 1 year low of $67.72 and a 1 year high of $98.90. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.97.

Patrick Industries (NASDAQ:PATKGet Free Report) last announced its earnings results 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 research analysts predict that Patrick Industries will post 5.38 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th will be given 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 1.71%. Patrick Industries’s dividend payout ratio (DPR) is currently 38.83%.

Insiders Place Their Bets

In other news, CEO Andy L. Nemeth sold 30,000 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $90.00, for a total transaction of $2,700,000.00. Following the transaction, the chief executive officer now directly owns 379,678 shares in the company, valued at approximately $34,171,020. This represents a 7.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.70% of the company’s stock.

Institutional Trading of Patrick Industries

A number of hedge funds have recently bought and sold shares of the company. Kestra Investment Management LLC bought a new stake in Patrick Industries in the fourth quarter valued at approximately $25,000. Sound Income Strategies LLC bought a new stake in Patrick Industries during the 3rd quarter valued at $46,000. Smartleaf Asset Management LLC boosted its position in Patrick Industries by 812.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock valued at $49,000 after buying an additional 528 shares during the period. Quent Capital LLC bought a new stake in Patrick Industries in the 4th quarter worth $53,000. Finally, Global Retirement Partners LLC increased its position in shares of Patrick Industries by 44.8% in the fourth quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock valued at $53,000 after acquiring an additional 199 shares during the period. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Company Profile

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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.

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Analyst Recommendations for Patrick Industries (NASDAQ:PATK)

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