Patrick Industries (NASDAQ:PATK - Free Report) had its target price raised by KeyCorp from $100.00 to $110.00 in a research note published on Friday morning,Benzinga reports. The firm currently has an overweight rating on the construction company's stock.
Other equities research analysts also recently issued reports about the company. Baird R W downgraded Patrick Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Roth Mkm reissued a "buy" rating and set a $100.00 target price (down from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Truist Financial increased their target price on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Robert W. Baird raised their price target on shares of Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a research note on Friday, June 20th. Finally, Wall Street Zen raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Patrick Industries currently has an average rating of "Moderate Buy" and an average price target of $101.25.
Read Our Latest Stock Report on Patrick Industries
Patrick Industries Stock Performance
Shares of NASDAQ PATK traded up $2.47 during mid-day trading on Friday, hitting $102.82. The stock had a trading volume of 326,278 shares, compared to its average volume of 358,687. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.75 and a current ratio of 1.96. The company has a 50 day moving average of $93.96 and a two-hundred day moving average of $89.40. Patrick Industries has a twelve month low of $72.99 and a twelve month high of $103.96. The firm has a market cap of $3.44 billion, a PE ratio of 27.86, a PEG ratio of 1.43 and a beta of 1.23.
Patrick Industries (NASDAQ:PATK - Get Free Report) last released its earnings results on Thursday, July 31st. The construction company reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.09. The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%. The firm's revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.16 EPS. Research analysts predict that Patrick Industries will post 5.33 EPS for the current fiscal year.
Patrick Industries Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were paid a $0.40 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 annualized dividend and a dividend yield of 1.6%. Patrick Industries's payout ratio is 43.36%.
Insider Buying and Selling at Patrick Industries
In related news, Director Todd M. Cleveland purchased 1,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, June 3rd. The stock was purchased at an average cost of $82.75 per share, with a total value of $82,750.00. Following the completion of the transaction, the director directly owned 133,286 shares in the company, valued at approximately $11,029,416.50. The trade was a 0.76% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John A. Forbes sold 2,875 shares of the business's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $91.62, for a total transaction of $263,407.50. Following the completion of the sale, the director directly owned 52,591 shares of the company's stock, valued at approximately $4,818,387.42. This trade represents a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 14,071 shares of company stock valued at $1,205,964. Corporate insiders own 4.70% of the company's stock.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of PATK. Vanguard Group Inc. increased its stake in Patrick Industries by 49.3% in the fourth 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 increased its stake in Patrick Industries by 48.5% in the fourth 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 in the fourth quarter valued at $38,275,000. Nuveen LLC acquired a new position in Patrick Industries in the first quarter valued at $33,735,000. Finally, Capital World Investors increased its stake in Patrick Industries by 50.0% in the fourth quarter. Capital World Investors now owns 944,319 shares of the construction company's stock valued at $78,454,000 after purchasing an additional 314,773 shares during the period. 93.29% of the stock is currently owned by institutional investors and hedge funds.
Patrick Industries Company Profile
(
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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.
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