Patrick Industries (NASDAQ:PATK) Hits New 52-Week High - Should You 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.

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

Analyst Upgrades and Downgrades

PATK has been the topic of a number of analyst reports. KeyCorp increased their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Roth Mkm reissued a "buy" rating and set a $100.00 price objective (down previously from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. BMO Capital Markets increased their price objective on Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Raymond James Financial increased their price objective on Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Finally, Truist Financial increased their price objective on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $104.86.

Patrick Industries Stock Down 0.8%

The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11. The firm has a 50 day simple moving average of $95.16 and a 200-day simple moving average of $89.64. The stock has a market cap of $3.36 billion, a P/E ratio of 27.20, a price-to-earnings-growth ratio of 1.42 and a beta of 1.23.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its earnings results on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, beating the consensus estimate of $1.41 by $0.09. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the business earned $2.16 earnings per share. The firm's revenue for the quarter was up 3.0% on a year-over-year basis. On average, equities research analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Tuesday, May 27th were given a dividend of $0.40 per share. The ex-dividend date of this dividend 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 is currently 43.36%.

Insiders Place Their Bets

In other Patrick Industries news, Director Todd M. Cleveland acquired 1,000 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were bought at an average cost of $82.75 per share, with a total value of $82,750.00. Following the purchase, the director directly owned 133,286 shares of the company's stock, valued at $11,029,416.50. This trade represents a 0.76% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John A. Forbes sold 2,875 shares of Patrick Industries stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $91.62, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders acquired 14,071 shares of company stock worth $1,205,964. Company insiders own 4.40% of the company's stock.

Institutional Trading of Patrick Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Covestor Ltd boosted its stake in 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 purchasing an additional 312 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in Patrick Industries by 49.8% during 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 during the last quarter. Strs Ohio acquired a new position in Patrick Industries during the 1st quarter valued at about $42,000. Private Trust Co. NA boosted its stake in Patrick Industries by 432.4% during the 1st quarter. Private Trust Co. NA now owns 591 shares of the construction company's stock valued at $50,000 after purchasing an additional 480 shares during the last quarter. Finally, Investment Management Corp VA ADV acquired a new position in Patrick Industries during the 4th quarter valued at about $52,000. 93.29% of the stock is 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.