Analysts Set Patrick Industries, Inc. (NASDAQ:PATK) Price Target at $135.13

Patrick Industries, Inc. (NASDAQ:PATK) has received a consensus recommendation of “Moderate Buy” from the nine research firms that are presently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $135.1250.

PATK has been the subject of several research analyst reports. Truist Financial set a $126.00 price objective on Patrick Industries in a research report on Friday, January 9th. BMO Capital Markets reiterated an “outperform” rating and issued a $155.00 target price on shares of Patrick Industries in a report on Friday, February 6th. Roth Mkm reissued a “buy” rating and issued a $157.00 price target on shares of Patrick Industries in a research note on Monday, February 9th. Weiss Ratings downgraded shares of Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Finally, Benchmark reiterated a “buy” rating on shares of Patrick Industries in a research note on Friday, February 6th.

Insider Activity at Patrick Industries

In other news, CAO Matthew S. Filer purchased 1,000 shares of the business’s stock in a transaction on Friday, February 6th. The shares were acquired at an average price of $139.91 per share, for a total transaction of $139,910.00. Following the completion of the acquisition, the chief accounting officer owned 20,614 shares in the company, valued at approximately $2,884,104.74. The trade was a 5.10% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John A. Forbes sold 2,704 shares of the firm’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $140.75, for a total value of $380,588.00. Following the completion of the sale, the director directly owned 49,272 shares of the company’s stock, valued at $6,935,034. This trade represents a 5.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 31,607 shares of company stock worth $3,823,904 over the last quarter. Company insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Institutional investors have recently modified their holdings of the company. MML Investors Services LLC lifted its holdings in shares of Patrick Industries by 3.5% in the 4th quarter. MML Investors Services LLC now owns 4,854 shares of the construction company’s stock worth $526,000 after purchasing an additional 162 shares in the last quarter. Nicholas Investment Partners LP bought a new position in shares of Patrick Industries in the fourth quarter valued at $5,201,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Patrick Industries in the fourth quarter valued at $2,725,000. Kennedy Capital Management LLC grew its holdings in shares of Patrick Industries by 14.2% during the fourth quarter. Kennedy Capital Management LLC now owns 238,981 shares of the construction company’s stock valued at $25,913,000 after buying an additional 29,714 shares during the last quarter. Finally, Eventide Asset Management LLC bought a new stake in shares of Patrick Industries during the fourth quarter worth about $245,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Trading Up 1.3%

NASDAQ:PATK opened at $143.10 on Friday. Patrick Industries has a 52 week low of $72.99 and a 52 week high of $148.50. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.80 and a current ratio of 2.51. The firm’s fifty day moving average is $122.63 and its 200-day moving average is $111.49. The firm has a market cap of $4.76 billion, a P/E ratio of 36.60, a P/E/G ratio of 1.51 and a beta of 1.34.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, February 5th. The construction company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The business had revenue of $924.17 million during the quarter, compared to the consensus estimate of $858.62 million. Patrick Industries had a net margin of 3.42% and a return on equity of 13.28%. Patrick Industries’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 earnings per share. Equities analysts expect that Patrick Industries will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 9th. Shareholders of record on Monday, February 23rd will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Monday, February 23rd. Patrick Industries’s payout ratio is 48.08%.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.