Patrick Industries (NASDAQ:PATK) Sets New 52-Week High - Here's Why

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report)'s stock price hit a new 52-week high during trading 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.

Wall Street Analysts Forecast Growth

PATK has been the topic of a number of recent research reports. Baird R W lowered shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Roth Mkm reiterated a "buy" rating and set a $100.00 price target (down previously from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Truist Financial lifted their price target on shares of Patrick Industries from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Robert W. Baird lifted their price target on shares of Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a report on Friday, June 20th. Finally, KeyCorp cut their price target on shares of Patrick Industries from $110.00 to $100.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $96.42.

Patrick Industries Stock Down 0.7%

The company has a current ratio of 2.41, a quick ratio of 1.04 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $3.29 billion, a P/E ratio of 23.61, a P/E/G ratio of 1.42 and a beta of 1.22. The stock's 50-day simple moving average is $87.96 and its 200-day simple moving average is $87.30.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, May 1st. The construction company reported $1.11 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts' expectations of $959.46 million. During the same period in the prior year, the company posted $1.79 EPS. The business's revenue for the quarter was up 7.5% compared to the same quarter last year. As a group, research analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend was Tuesday, May 27th. Patrick Industries's payout ratio is 38.37%.

Insiders Place Their Bets

In other news, Director John A. Forbes sold 2,875 shares of the stock in a transaction on Friday, June 13th. The shares were sold at an average price of $91.62, for a total value of $263,407.50. Following the transaction, the director owned 52,591 shares of the company's stock, valued at $4,818,387.42. This represents a 5.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Todd M. Cleveland purchased 6,000 shares of the firm's stock in a transaction dated Thursday, May 15th. The stock was bought at an average cost of $85.80 per share, for a total transaction of $514,800.00. Following the acquisition, the director directly owned 125,286 shares in the company, valued at approximately $10,749,538.80. The trade was a 5.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 14,071 shares of company stock worth $1,205,964 in the last three months. Insiders own 4.40% of the company's stock.

Hedge Funds Weigh In On Patrick Industries

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Patrick Industries by 4.2% during the 1st quarter. Vanguard Group Inc. now owns 2,423,512 shares of the construction company's stock valued at $204,932,000 after purchasing an additional 97,250 shares during the last quarter. 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 buying an additional 1,615,412 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 buying an additional 609,036 shares during the period. Capital World Investors boosted its position in Patrick Industries by 50.0% during the 4th quarter. Capital World Investors now owns 944,319 shares of the construction company's stock valued at $78,454,000 after buying an additional 314,773 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Patrick Industries by 50.0% during the 4th quarter. Geode Capital Management LLC now owns 779,223 shares of the construction company's stock valued at $64,752,000 after purchasing an additional 259,783 shares in the last quarter. Institutional investors own 93.29% of the company's stock.

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.