Patrick Industries (NASDAQ:PATK) Sets New 12-Month High - Still a Buy?

Key Points

• Patrick Industries shares reached a new 52-week high, trading as high as $106.33, with an overall market capitalization of $3.55 billion.
• Analysts have given Patrick Industries a consensus rating of "Moderate Buy" with price targets ranging from $100.00 to $110.00.
• The company reported earnings of $1.50 per share for the last quarter, surpassing estimates, and also increased its quarterly dividend to $0.40 per share.

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $104.61 and last traded at $106.33, with a volume of 8849 shares. The stock had previously closed at $103.03.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on PATK shares. 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 research note on Friday, June 20th. Wall Street Zen raised shares of Patrick Industries from a "sell" rating to a "hold" rating in a research note on Wednesday, April 30th. Benchmark lifted their price target on shares of Patrick Industries from $102.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. KeyCorp lifted their price target on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, 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 research note on Tuesday, June 3rd. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, Patrick Industries currently has an average rating of "Moderate Buy" and a consensus price target of $104.86.

Patrick Industries Stock Performance

The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of 30.49, a price-to-earnings-growth ratio of 1.62 and a beta of 1.23. 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's fifty day simple moving average is $97.00 and its two-hundred day simple moving average is $90.06.

Patrick Industries (NASDAQ:PATK - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.09. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Patrick Industries had a net margin of 3.30% and a return on equity of 13.04%. The firm's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period last year, the business earned $2.16 EPS. Equities research analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Andy L. Nemeth sold 25,000 shares of Patrick Industries stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $110.68, for a total value of $2,767,000.00. Following the completion of the transaction, the chief executive officer directly owned 328,641 shares of the company's stock, valued at approximately $36,373,985.88. The trade was a 7.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Todd M. Cleveland purchased 5,000 shares of the firm's stock in a transaction dated Monday, May 19th. The stock was acquired at an average cost of $87.49 per share, with a total value of $437,450.00. Following the completion of the acquisition, the director directly owned 130,286 shares in the company, valued at approximately $11,398,722.14. This trade represents a 3.99% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 8,071 shares of company stock valued at $691,164 in the last ninety days. Corporate insiders own 4.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PATK. Dimensional Fund Advisors LP boosted its holdings in shares of Patrick Industries by 48.5% in 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 Research Global Investors acquired a new position in shares of Patrick Industries in the 4th quarter valued at about $38,275,000. Nuveen LLC acquired a new position in shares of Patrick Industries in the 1st quarter valued at about $33,735,000. Capital World Investors boosted its holdings in shares of Patrick Industries by 50.0% in 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, Nuveen Asset Management LLC boosted its holdings in shares of Patrick Industries by 495.5% in the 4th quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company's stock valued at $28,730,000 after buying an additional 287,739 shares during the period. 93.29% of the stock is owned by institutional investors and hedge funds.

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.