Patrick Industries (NASDAQ:PATK) Reaches New 52-Week High - Time to Buy?

Key Points

• Patrick Industries shares reached a new 52-week high of $103.40, reflecting a notable increase in trading volume with 183,550 shares exchanged.
• Analysts show varying perspectives with most giving a "buy" rating, while the average target price stands at $101.25.
• The company reported quarterly earnings of $1.50 EPS, exceeding expectations and generating $1.05 billion in revenue.

Shares of Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $103.38 and last traded at $103.40, with a volume of 183550 shares trading hands. The stock had previously closed at $100.35.

Wall Street Analyst Weigh In

PATK has been the subject of several analyst reports. Roth Mkm reissued a "buy" rating and issued a $100.00 price objective (down previously from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Wall Street Zen raised Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. BMO Capital Markets boosted their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a report on Friday. Raymond James Financial upped their price target on Patrick Industries from $95.00 to $109.00 and gave the stock an "outperform" rating in a report on Friday. Finally, Benchmark upped their price target on Patrick Industries from $102.00 to $110.00 and gave the stock a "buy" rating in a report on Friday. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Patrick Industries currently has an average rating of "Moderate Buy" and an average target price of $101.25.

Patrick Industries Stock Up 2.4%

The company has a debt-to-equity ratio of 1.11, a current ratio of 1.96 and a quick ratio of 0.75. The business has a 50 day simple moving average of $93.96 and a 200 day simple moving average of $89.40. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of 27.84, a PEG ratio of 1.43 and a beta of 1.23.

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 (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.09. The business had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $1.03 billion. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%. The company's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period last year, the firm earned $2.16 earnings per share. As a group, equities analysts predict that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were paid a $0.40 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a yield of 1.6%. Patrick Industries's dividend payout ratio (DPR) is currently 43.36%.

Insiders Place Their Bets

In related news, Director Todd M. Cleveland purchased 1,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were purchased at an average price of $82.75 per share, with a total value of $82,750.00. Following the completion of the acquisition, the director directly owned 133,286 shares in the company, valued at $11,029,416.50. This represents a 0.76% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John A. Forbes sold 2,875 shares of the firm's 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 completion of the sale, 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 14,071 shares of company stock worth $1,205,964. 4.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Covestor Ltd grew its stake in shares of Patrick Industries by 10,400.0% during the 4th quarter. Covestor Ltd now owns 315 shares of the construction company's stock valued at $26,000 after buying an additional 312 shares during the period. Quadrant Capital Group LLC raised its stake in shares of Patrick Industries by 49.8% in the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock valued at $27,000 after purchasing an additional 109 shares in the last quarter. Strs Ohio acquired a new stake in Patrick Industries during the first quarter worth about $42,000. Private Trust Co. NA raised its stake in Patrick Industries by 432.4% during the first quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock worth $50,000 after acquiring an additional 480 shares during the period. Finally, Investment Management Corp VA ADV acquired a new stake in Patrick Industries during the fourth quarter worth about $52,000. 93.29% of the stock is currently 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.

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