Patrick Industries, Inc. (NASDAQ:PATK) Stock Has Consensus Target Price of $114.00

Key Points

• Analysts have a “Moderate Buy” consensus on Patrick Industries, with seven buy ratings, two holds and one sell. The average 12-month price target is $114.00.
• Institutional investors and hedge funds own 93.29% of the company’s stock, with several firms recently initiating or increasing positions.
• Patrick Industries exceeded quarterly earnings and revenue estimates, reporting $1.29 EPS and $1.04 billion in revenue. The company also pays a quarterly dividend of $0.47, equivalent to a 2.7% annual yield.

Shares of Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the ten brokerages that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $114.00.

PATK has been the topic of several analyst reports. Truist Financial set a $108.00 price objective on Patrick Industries and gave the company a "buy" rating in a research note on Monday, August 10th. Weiss Ratings upgraded Patrick Industries from a "hold (c)" rating to a "hold (c+)" rating in a research report on Monday, September 14th. KeyCorp decreased their price target on Patrick Industries from $125.00 to $115.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 22nd. Northcoast Research set a $121.00 price target on Patrick Industries and gave the company a "buy" rating in a research report on Tuesday, September 1st. Finally, Benchmark reiterated a "buy" rating and set a $115.00 price objective (down from $135.00) on shares of Patrick Industries in a research note on Tuesday, August 11th.

Institutional Investors Weigh In On Patrick Industries

A number of hedge funds have recently made changes to their positions in the company. Nicholas Investment Partners LP acquired a new position in Patrick Industries in the fourth quarter valued at about $5,201,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Patrick Industries during the first quarter worth approximately $5,220,000. Kennedy Capital Management LLC increased its holdings in shares of Patrick Industries by 14.2% during the fourth quarter. Kennedy Capital Management LLC now owns 238,981 shares of the construction company's stock worth $25,913,000 after buying an additional 29,714 shares in the last quarter. WCG Wealth Advisors LLC bought a new position in shares of Patrick Industries in the fourth quarter valued at approximately $1,641,000. Finally, Foster & Motley Inc. acquired a new position in shares of Patrick Industries in the 2nd quarter worth approximately $1,347,000. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Trading Up 1.1%

Shares of Patrick Industries stock opened at $68.49 on Friday. Patrick Industries has a 52-week low of $67.00 and a 52-week high of $148.50. The firm has a market capitalization of $2.20 billion, a PE ratio of 16.23 and a beta of 1.11. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.67 and a quick ratio of 0.96. The company's fifty day moving average price is $81.26 and its two-hundred day moving average price is $91.69.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.05. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $994.95 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The company's quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.50 earnings per share. On average, analysts expect that Patrick Industries will post 4.24 EPS for the current year.

Patrick Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, August 24th. This represents a $1.88 annualized dividend and a dividend yield of 2.7%. Patrick Industries's dividend payout ratio is presently 44.55%.

About Patrick Industries

Patrick Industries, Inc is a manufacturer and supplier of component products and building materials for the recreational vehicle, marine, manufactured housing, powersports, and industrial markets. The company serves original equipment manufacturers and other customers primarily through a broad network of manufacturing and distribution operations.

Its products include cabinetry, furniture, countertops, flooring, hardware, electronics, electrical and wiring components, plumbing products, decorative panels, laminates, fabricated metals, plastics, and other interior and exterior components.

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