Analysts Set Patrick Industries, Inc. (NASDAQ:PATK) Target Price at $104.86

Key Points

• Patrick Industries, Inc. has received a consensus rating of "Moderate Buy" from eight brokerages, with an average price target of $104.86.
• Insider trades revealed significant sales, including CEO Andy L. Nemeth selling 25,000 shares at an average price of $110.68, indicating a 7.07% decrease in his position.
• The company recently declared a quarterly dividend of $0.40 per share, yielding 1.5% annually, with a dividend payout ratio of 43.36%.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the eight ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $104.8571.

PATK has been the topic of several research reports. Robert W. Baird lifted their price target on Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, June 20th. BMO Capital Markets lifted their price target on Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Benchmark lifted their price target on Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, August 1st. KeyCorp boosted their target price on Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Raymond James Financial upped their price target on Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a report on Friday, August 1st.

Insider Transactions at Patrick Industries

In other Patrick Industries news, insider Kip B. Ellis sold 21,452 shares of the company's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $110.01, for a total value of $2,359,934.52. Following the completion of the sale, the insider owned 125,379 shares in the company, valued at $13,792,943.79. This represents a 14.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Andy L. Nemeth sold 25,000 shares of the company's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $110.68, for a total value of $2,767,000.00. Following the completion of the sale, the chief executive officer owned 328,641 shares of the company's stock, valued at approximately $36,373,985.88. The trade was a 7.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 73,413 shares of company stock worth $8,112,016 in the last three months. 4.40% of the stock is owned by insiders.

Institutional Trading of Patrick Industries

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. increased its position in Patrick Industries by 2.8% in the first quarter. Principal Financial Group Inc. now owns 178,660 shares of the construction company's stock worth $15,107,000 after buying an additional 4,841 shares in the last quarter. Private Trust Co. NA grew its holdings in Patrick Industries by 432.4% during the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock valued at $50,000 after buying an additional 480 shares in the last quarter. Cerity Partners LLC purchased a new position in shares of Patrick Industries in the first quarter worth $729,000. Nuveen Asset Management LLC lifted its holdings in shares of Patrick Industries by 495.5% in the fourth quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company's stock worth $28,730,000 after buying an additional 287,739 shares in the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in shares of Patrick Industries in the first quarter worth $478,000. Hedge funds and other institutional investors own 93.29% of the company's stock.

Patrick Industries Stock Down 1.3%

Shares of NASDAQ PATK traded down $1.39 during mid-day trading on Wednesday, hitting $106.02. 587,724 shares of the stock traded hands, compared to its average volume of 238,603. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.75 and a current ratio of 1.96. Patrick Industries has a 52 week low of $72.99 and a 52 week high of $116.78. The company has a market cap of $3.53 billion, a price-to-earnings ratio of 28.73, a PEG ratio of 1.52 and a beta of 1.33. The stock has a fifty day moving average price of $106.45 and a 200-day moving average price of $93.25.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.09. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%.The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the company posted $2.16 earnings per share. The firm's revenue was up 3.0% on a year-over-year basis. Research analysts anticipate that Patrick Industries will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Monday, August 25th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Monday, August 25th. Patrick Industries's dividend payout ratio is 43.36%.

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.