Patrick Industries, Inc. (NASDAQ:PATK) Receives $96.29 Consensus PT from Brokerages

Shares of Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the nine ratings firms that are presently covering the firm, Marketbeat 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 target among analysts that have issued a report on the stock in the last year is $96.29.

A number of research analysts have commented on PATK shares. KeyCorp reduced their price objective on Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Robert W. Baird reduced their price objective on Patrick Industries from $96.00 to $84.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. Benchmark boosted their price objective on Patrick Industries from $98.00 to $102.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Raymond James reduced their price objective on Patrick Industries from $103.00 to $95.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Finally, Truist Financial reduced their price objective on Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a research note on Monday, April 14th.

Insider Buying and Selling at Patrick Industries

In other news, EVP Stacey L. Neu sold 2,885 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total transaction of $246,754.05. Following the completion of the transaction, the executive vice president now directly owns 18,044 shares of the company's stock, valued at approximately $1,543,303.32. This represents a 13.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director M Scott Welch bought 2,500 shares of the stock in a transaction dated Thursday, March 13th. The shares were bought at an average cost of $84.62 per share, with a total value of $211,550.00. Following the completion of the acquisition, the director now directly owns 2,961 shares of the company's stock, valued at approximately $250,559.82. The trade was a 542.30% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 23,500 shares of company stock worth $2,026,000 over the last quarter. 4.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PATK. Wellington Management Group LLP boosted its position in Patrick Industries by 391.8% during the 4th quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company's stock valued at $168,462,000 after purchasing an additional 1,615,412 shares during the period. Vanguard Group Inc. boosted its position in Patrick Industries by 49.3% during the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock valued at $193,266,000 after purchasing an additional 768,102 shares during the period. Dimensional Fund Advisors LP boosted its position in Patrick Industries by 48.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock valued at $154,823,000 after purchasing an additional 609,036 shares during the period. Capital Research Global Investors acquired a new position in Patrick Industries during the 4th quarter valued at approximately $38,275,000. Finally, Nuveen LLC acquired a new position in Patrick Industries during the 1st quarter valued at approximately $33,735,000. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Trading Up 2.0%

Shares of NASDAQ PATK traded up $1.76 during midday trading on Thursday, hitting $89.51. The stock had a trading volume of 311,192 shares, compared to its average volume of 355,132. The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of 21.72, a PEG ratio of 1.41 and a beta of 2.05. Patrick Industries has a 1-year low of $67.72 and a 1-year high of $98.90. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The company has a fifty day moving average price of $82.58 and a 200 day moving average price of $86.86.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The construction company reported $1.11 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.13. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $959.46 million. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. The company's revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.79 EPS. On average, analysts predict that Patrick Industries will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.79%. The ex-dividend date is Tuesday, May 27th. Patrick Industries's payout ratio is currently 38.37%.

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.