Patrick Industries (NASDAQ:PATK) Hits New 52-Week High - Here's What Happened

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report)'s share price hit a new 52-week high on Wednesday . The company traded as high as $98.92 and last traded at $98.48, with a volume of 197731 shares. The stock had previously closed at $95.30.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Truist Financial raised their price objective on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Robert W. Baird raised their target price on Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, June 20th. Baird R W cut Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. KeyCorp lowered their price objective on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Finally, Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $96.42.

Patrick Industries Stock Up 4.0%

The business's 50 day simple moving average is $86.79 and its 200-day simple moving average is $87.05. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.04 and a current ratio of 2.41. The company has a market cap of $3.31 billion, a price-to-earnings ratio of 23.77, a price-to-earnings-growth ratio of 1.33 and a beta of 1.22.

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 (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.13. Patrick Industries had a net margin of 3.74% and a return on equity of 12.90%. The business had revenue of $1 billion during the quarter, compared to analyst estimates of $959.46 million. During the same quarter in the previous year, the business earned $1.79 EPS. Patrick Industries's quarterly revenue was up 7.5% compared to the same quarter last year. Sell-side analysts expect that Patrick Industries, Inc. will post 5.33 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend was Tuesday, May 27th. Patrick Industries's dividend payout ratio (DPR) is currently 38.37%.

Insider Buying and Selling at Patrick Industries

In other news, Director John A. Forbes sold 2,875 shares of the firm's stock in a transaction that occurred 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 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Todd M. Cleveland acquired 1,000 shares of the business's stock in a transaction on Tuesday, June 3rd. The stock was acquired at an average price of $82.75 per share, with a total value of $82,750.00. Following the transaction, the director owned 133,286 shares in the company, valued at approximately $11,029,416.50. The trade was a 0.76% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 14,071 shares of company stock worth $1,205,964. 4.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PATK. Covestor Ltd boosted its position in shares of Patrick Industries by 10,400.0% in the 4th quarter. Covestor Ltd now owns 315 shares of the construction company's stock worth $26,000 after purchasing an additional 312 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in Patrick Industries by 49.8% in the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock valued at $27,000 after buying an additional 109 shares during the period. Nomura Asset Management Co. Ltd. boosted its holdings in Patrick Industries by 49.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock worth $29,000 after buying an additional 114 shares during the last quarter. Strs Ohio acquired a new position in shares of Patrick Industries during the 1st quarter worth about $42,000. Finally, Smartleaf Asset Management LLC increased its stake in shares of Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock valued at $49,000 after acquiring an additional 528 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors.

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.

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