Brokerages Set Patrick Industries, Inc. (NASDAQ:PATK) Target Price at $114.00

Patrick Industries, Inc. (NASDAQ:PATK) has been given an average recommendation of “Moderate Buy” by the ten analysts that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $114.00.

A number of equities analysts have issued reports on the company. Truist Financial set a $108.00 price target on Patrick Industries and gave the company a “buy” rating in a research note on Monday, August 10th. Raymond James Financial reaffirmed an “outperform” rating and set a $94.00 price objective on shares of Patrick Industries in a research report on Friday, July 31st. Weiss Ratings downgraded Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, June 29th. Northcoast Research set a $121.00 target price on Patrick Industries and gave the company a “buy” rating in a research report on Tuesday, September 1st. Finally, Benchmark restated a “buy” rating and issued a $115.00 target price (down from $135.00) on shares of Patrick Industries in a research note on Tuesday, August 11th.

Patrick Industries Price Performance

Shares of PATK stock opened at $82.84 on Wednesday. The firm has a fifty day moving average of $85.32 and a 200-day moving average of $97.29. The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25. Patrick Industries has a 12-month low of $80.61 and a 12-month high of $148.50. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of 19.63 and a beta of 1.11.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings data on Thursday, July 30th. The construction company reported $1.29 EPS for the quarter, beating the consensus estimate of $1.24 by $0.05. The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $994.95 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The firm’s revenue was down .6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.50 EPS. As a group, equities research analysts predict that Patrick Industries will post 4.26 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Monday, August 24th. Patrick Industries’s dividend payout ratio (DPR) is currently 44.55%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Corient Private Wealth LP grew its holdings in shares of Patrick Industries by 16.7% in the 2nd quarter. Corient Private Wealth LP now owns 3,810 shares of the construction company’s stock valued at $342,000 after acquiring an additional 544 shares in the last quarter. Amundi acquired a new stake in shares of Patrick Industries in the 2nd quarter valued at approximately $395,000. California State Teachers Retirement System grew its stake in shares of Patrick Industries by 8,620.2% in the second quarter. California State Teachers Retirement System now owns 3,313,510 shares of the construction company’s stock valued at $297,487,000 after buying an additional 3,275,512 shares in the last quarter. KFG Wealth Management LLC increased its holdings in Patrick Industries by 13.7% during the second quarter. KFG Wealth Management LLC now owns 12,635 shares of the construction company’s stock worth $1,134,000 after buying an additional 1,520 shares during the last quarter. Finally, Ancora Advisors LLC raised its position in Patrick Industries by 3,099.0% during the second quarter. Ancora Advisors LLC now owns 6,462 shares of the construction company’s stock worth $580,000 after acquiring an additional 6,260 shares in the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Company Profile

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.