Patrick Industries, Inc. (NASDAQ:PATK) Receives $102.29 Average PT from Brokerages

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) has been assigned an average rating of "Moderate Buy" from the seven analysts that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and five have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $102.29.

Several brokerages recently commented on PATK. Truist Financial boosted their price objective on shares of Patrick Industries from $95.00 to $125.00 and gave the company a "buy" rating in a research note on Tuesday, January 9th. StockNews.com cut shares of Patrick Industries from a "buy" rating to a "hold" rating in a research note on Thursday, March 21st. KeyCorp boosted their price objective on shares of Patrick Industries from $110.00 to $115.00 and gave the company an "overweight" rating in a research note on Friday, February 9th. Finally, Roth Mkm boosted their price objective on shares of Patrick Industries from $101.00 to $120.00 and gave the company a "buy" rating in a research note on Friday, February 9th.

Insiders Place Their Bets

In other Patrick Industries news, insider Kip B. Ellis sold 7,462 shares of the business's stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $121.99, for a total value of $910,289.38. Following the completion of the transaction, the insider now owns 101,316 shares of the company's stock, valued at approximately $12,359,538.84. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Patrick Industries news, insider Kip B. Ellis sold 7,462 shares of the business's stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $121.99, for a total value of $910,289.38. Following the completion of the transaction, the insider now owns 101,316 shares of the company's stock, valued at approximately $12,359,538.84. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Andy L. Nemeth sold 5,000 shares of the business's stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $118.00, for a total transaction of $590,000.00. Following the completion of the transaction, the chief executive officer now directly owns 279,619 shares of the company's stock, valued at approximately $32,995,042. The disclosure for this sale can be found here. Insiders sold a total of 48,873 shares of company stock valued at $5,681,957 in the last quarter. Corporate insiders own 6.80% of the company's stock.

Institutional Investors Weigh In On Patrick Industries

Hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC lifted its holdings in shares of Patrick Industries by 129.6% in the 1st quarter. Tower Research Capital LLC TRC now owns 489 shares of the construction company's stock worth $34,000 after acquiring an additional 276 shares during the last quarter. GAMMA Investing LLC bought a new stake in shares of Patrick Industries in the 4th quarter worth approximately $35,000. Carmel Capital Partners LLC bought a new stake in shares of Patrick Industries in the 3rd quarter worth approximately $44,000. Gyon Technologies Capital Management LP bought a new stake in shares of Patrick Industries in the 4th quarter worth approximately $48,000. Finally, Quantbot Technologies LP bought a new stake in Patrick Industries during the 2nd quarter valued at $71,000. 93.29% of the stock is currently owned by institutional investors.

Patrick Industries Stock Performance

Shares of PATK traded down $5.43 during trading hours on Wednesday, hitting $108.90. The company's stock had a trading volume of 155,343 shares, compared to its average volume of 176,899. The company has a market cap of $2.44 billion, a price-to-earnings ratio of 16.73 and a beta of 1.72. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.38 and a quick ratio of 0.73. The business has a 50 day simple moving average of $112.90 and a two-hundred day simple moving average of $95.53. Patrick Industries has a 52-week low of $63.57 and a 52-week high of $123.58.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, February 8th. The construction company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.10. The firm had revenue of $781.20 million during the quarter, compared to the consensus estimate of $780.97 million. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The company's revenue was down 17.9% on a year-over-year basis. During the same quarter last year, the company earned $1.82 earnings per share. On average, equities analysts expect that Patrick Industries will post 7.84 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Tuesday, February 20th were paid a $0.55 dividend. The ex-dividend date was Friday, February 16th. This represents a $2.20 dividend on an annualized basis and a yield of 2.02%. Patrick Industries's dividend payout ratio is presently 33.79%.

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.