Patrick Industries (NASDAQ:PATK) Reaches New 1-Year High - Still a Buy?

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) hit a new 52-week high during trading on Thursday . The company traded as high as $101.19 and last traded at $101.81, with a volume of 18218 shares trading hands. The stock had previously closed at $99.77.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PATK. Truist Financial increased their price objective on shares of Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Baird R W cut shares of Patrick Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Roth Mkm reissued a "buy" rating and issued a $100.00 price objective (down from $112.00) on shares of Patrick Industries in a research note on Friday, May 2nd. Robert W. Baird increased their price objective on shares of Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a research note on Friday, June 20th. Finally, Wall Street Zen raised 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 issued a buy rating to the stock. Based on data from MarketBeat.com, Patrick Industries currently has an average rating of "Moderate Buy" and a consensus target price of $96.42.

Patrick Industries Price Performance

The company has a market capitalization of $3.33 billion, a price-to-earnings ratio of 23.88, a PEG ratio of 1.43 and a beta of 1.22. The company's 50 day simple moving average is $89.89 and its 200-day simple moving average is $87.84. The company has a current ratio of 2.41, a quick ratio of 1.04 and a debt-to-equity ratio of 1.25.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its quarterly 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 company had revenue of $1 billion for the quarter, compared to analysts' expectations of $959.46 million. During the same period last year, the company earned $1.79 EPS. The firm's revenue for the quarter was up 7.5% compared to the same quarter last year. On average, equities 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 disclosed a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.60 annualized dividend and a dividend yield of 1.61%. Patrick Industries's payout ratio is currently 38.37%.

Insider Activity

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Quadrant Capital Group LLC raised its holdings 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. raised its holdings in Patrick Industries by 49.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock valued at $29,000 after buying an additional 114 shares during the period. James Investment Research Inc. raised its holdings in Patrick Industries by 0.8% in the first quarter. James Investment Research Inc. now owns 15,654 shares of the construction company's stock valued at $1,324,000 after buying an additional 125 shares during the period. Smartleaf Asset Management LLC raised its holdings in Patrick Industries by 27.0% in the first quarter. Smartleaf Asset Management LLC now owns 753 shares of the construction company's stock valued at $63,000 after buying an additional 160 shares during the period. Finally, Hancock Whitney Corp raised its holdings in Patrick Industries by 7.7% in the first quarter. Hancock Whitney Corp now owns 2,703 shares of the construction company's stock valued at $229,000 after buying an additional 194 shares during the period. 93.29% of the stock is currently owned by hedge funds and other 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.