Patrick Industries (NASDAQ:PATK) Price Target Lowered to $100.00 at KeyCorp

Patrick Industries (NASDAQ:PATK - Free Report) had its price target reduced by KeyCorp from $110.00 to $100.00 in a report published on Thursday morning,Benzinga reports. They currently have an overweight rating on the construction company's stock.

Other equities analysts have also recently issued research reports about the stock. StockNews.com cut shares of Patrick Industries from a "hold" rating to a "sell" rating in a research note on Thursday, January 16th. Benchmark lifted their price objective on Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a report on Friday, February 7th. Robert W. Baird restated a "neutral" rating and set a $96.00 target price (down previously from $100.00) on shares of Patrick Industries in a research report on Friday, April 4th. Truist Financial lowered their price target on Patrick Industries from $120.00 to $110.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, Baird R W downgraded shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $96.79.

Patrick Industries Stock Performance

NASDAQ:PATK traded up $0.96 during trading hours on Thursday, hitting $78.98. 72,246 shares of the company traded hands, compared to its average volume of 337,923. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The stock has a market capitalization of $2.65 billion, a price-to-earnings ratio of 19.18, a P/E/G ratio of 1.41 and a beta of 2.17. The firm has a 50-day moving average of $85.61 and a 200 day moving average of $88.15. Patrick Industries has a twelve month low of $67.72 and a twelve month high of $98.90.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping analysts' consensus estimates of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. On average, analysts forecast that Patrick Industries will post 5.33 EPS for the current year.

Patrick Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend was Tuesday, February 18th. Patrick Industries's dividend payout ratio is currently 38.83%.

Insider Activity

In other Patrick Industries news, Director M Scott Welch bought 2,500 shares of Patrick Industries stock in a transaction dated Thursday, March 13th. The shares were bought at an average price of $84.62 per share, with a total value of $211,550.00. Following the purchase, the director now owns 2,961 shares of the company's stock, valued at $250,559.82. This trade represents a 542.30 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were 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 owns 18,044 shares in the company, valued at $1,543,303.32. This represents a 13.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.70% of the company's stock.

Hedge Funds Weigh In On Patrick Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Elevation Point Wealth Partners LLC boosted its position in shares of Patrick Industries by 17.1% during the first quarter. Elevation Point Wealth Partners LLC now owns 4,076 shares of the construction company's stock worth $345,000 after purchasing an additional 595 shares in the last quarter. Handelsbanken Fonder AB raised its position in shares of Patrick Industries by 4.6% during the first quarter. Handelsbanken Fonder AB now owns 4,561 shares of the construction company's stock worth $386,000 after purchasing an additional 200 shares during the period. Wedge Capital Management L L P NC grew its position in shares of Patrick Industries by 13.0% in the 1st quarter. Wedge Capital Management L L P NC now owns 21,670 shares of the construction company's stock valued at $1,832,000 after purchasing an additional 2,492 shares during the period. Congress Asset Management Co. increased its stake in Patrick Industries by 0.4% during the 1st quarter. Congress Asset Management Co. now owns 145,519 shares of the construction company's stock worth $12,305,000 after purchasing an additional 520 shares in the last quarter. Finally, Heritage Family Offices LLP lifted its stake in Patrick Industries by 16.5% in the first quarter. Heritage Family Offices LLP now owns 3,571 shares of the construction company's stock valued at $302,000 after buying an additional 505 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.