Patrick Industries (NASDAQ:PATK) Reaches New 1-Year High - Here's What Happened

Key Points

• Patrick Industries' stock reached a new 52-week high of $102.86, closing at $102.24 with a trading volume of 118,785 shares.
• Analysts have mixed views on the stock, with price targets ranging from $90.00 to $105.00 and a consensus rating of "Moderate Buy".
• The company recently declared a quarterly dividend of $0.40 per share, reflecting an annualized yield of 1.59%.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $102.86 and last traded at $102.24, with a volume of 118785 shares changing hands. The stock had previously closed at $101.29.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PATK shares. Raymond James Financial upped their price objective on shares of Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a research note on Friday. Baird R W lowered shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Benchmark upped their price target on shares of Patrick Industries from $102.00 to $110.00 and gave the company a "buy" rating in a report on Friday. Wall Street Zen upgraded shares of Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Finally, Robert W. Baird upped their price target on shares of Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, June 20th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $100.42.

Patrick Industries Stock Up 1.4%

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 $3.30 billion, a P/E ratio of 23.65, a price-to-earnings-growth ratio of 1.46 and a beta of 1.22. The company's fifty day simple moving average is $93.43 and its 200 day simple moving average is $89.28.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, topping the consensus estimate of $1.41 by $0.09. Patrick Industries had a net margin of 3.74% and a return on equity of 12.90%. The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the business earned $2.16 EPS. The company's revenue for the quarter was up 3.0% on a year-over-year basis. Research analysts expect that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were issued a $0.40 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 annualized dividend and a yield of 1.6%. Patrick Industries's dividend payout ratio is 38.37%.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, Director Todd M. Cleveland purchased 6,000 shares of the firm's stock in a transaction that occurred on 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 purchase, the director directly owned 125,286 shares in the company, valued at $10,749,538.80. The trade was a 5.03% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John A. Forbes sold 2,875 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $91.62, for a total transaction of $263,407.50. Following the completion of the transaction, the director owned 52,591 shares of the company's stock, valued at approximately $4,818,387.42. The trade was a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders acquired a total of 14,071 shares of company stock valued at $1,205,964 over the last 90 days. Company insiders own 4.40% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PATK. Commonwealth Equity Services LLC increased its stake in shares of Patrick Industries by 26.9% in the 4th quarter. Commonwealth Equity Services LLC now owns 3,602 shares of the construction company's stock worth $299,000 after acquiring an additional 763 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Patrick Industries in the 4th quarter worth about $548,000. LPL Financial LLC grew its position in Patrick Industries by 95.9% during the 4th quarter. LPL Financial LLC now owns 15,942 shares of the construction company's stock valued at $1,325,000 after purchasing an additional 7,806 shares during the last quarter. Vanguard Group Inc. grew its position in Patrick Industries by 49.3% during the 4th 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 last quarter. Finally, Corebridge Financial Inc. grew its position in Patrick Industries by 39.1% during the 4th quarter. Corebridge Financial Inc. now owns 17,296 shares of the construction company's stock valued at $1,437,000 after purchasing an additional 4,864 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors.

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.