Brokerages Set Patrick Industries, Inc. (NASDAQ:PATK) Price Target at $95.67

Shares of Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) have received an average rating of "Moderate Buy" from the nine ratings firms that are covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $95.67.

Several equities research analysts have recently weighed in on PATK shares. Robert W. Baird cut their target price on Patrick Industries from $96.00 to $84.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Raymond James lowered their target price on shares of Patrick Industries from $103.00 to $95.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Baird R W lowered shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Finally, Roth Mkm restated a "buy" rating and issued a $100.00 price objective (down previously from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd.

Patrick Industries Stock Up 2.6%

Shares of PATK traded up $2.39 during midday trading on Monday, reaching $93.03. The stock had a trading volume of 399,881 shares, compared to its average volume of 361,554. The company has a market cap of $3.11 billion, a price-to-earnings ratio of 22.58, a PEG ratio of 1.41 and a beta of 2.00. The company's fifty day simple moving average is $83.45 and its two-hundred day simple moving average is $87.05. 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 0.77.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.98 by $0.13. The company had revenue of $1 billion for the quarter, compared to analysts' expectations of $959.46 million. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Patrick Industries's quarterly revenue was up 7.5% on a year-over-year basis. During the same period last year, the firm earned $1.79 earnings per share. Equities research analysts expect that Patrick Industries will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a yield of 1.72%. Patrick Industries's payout ratio is 38.37%.

Insider Activity

In related news, Director Todd M. Cleveland purchased 5,000 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The stock was purchased at an average cost of $87.49 per share, with a total value of $437,450.00. Following the completion of the acquisition, the director now directly owns 130,286 shares in the company, valued at $11,398,722.14. This trade represents a 3.99% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Over the last 90 days, insiders have purchased 14,071 shares of company stock valued at $1,205,964. Company insiders own 4.40% of the company's stock.

Hedge Funds Weigh In On Patrick Industries

Large investors have recently bought and sold shares of the company. Quadrant Capital Group LLC increased its stake in shares of Patrick Industries by 49.8% during the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock worth $27,000 after acquiring an additional 109 shares during the period. Nomura Asset Management Co. Ltd. boosted its holdings in Patrick Industries by 49.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock valued at $29,000 after purchasing an additional 114 shares in the last quarter. James Investment Research Inc. increased its position in Patrick Industries by 0.8% during the 1st quarter. James Investment Research Inc. now owns 15,654 shares of the construction company's stock worth $1,324,000 after purchasing an additional 125 shares during the period. Smartleaf Asset Management LLC raised its stake in shares of Patrick Industries by 27.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company's stock worth $63,000 after buying an additional 160 shares in the last quarter. Finally, Hancock Whitney Corp lifted its holdings in shares of Patrick Industries by 7.7% in the 1st quarter. Hancock Whitney Corp now owns 2,703 shares of the construction company's stock valued at $229,000 after buying an additional 194 shares during the period. 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.