Patrick Industries, Inc. (NASDAQ:PATK) Stock Has Average Target Price of $106.78 According to Brokerages

Patrick Industries, Inc. (NASDAQ:PATK) has received an average recommendation of “Moderate Buy” from the ten research firms that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $102.56.

A number of research analysts have recently issued reports on the stock. Raymond James Financial reiterated an “outperform” rating and set a $94.00 price objective on shares of Patrick Industries in a report on Friday, July 31st. Benchmark reaffirmed a “buy” rating and issued a $115.00 price target (down from $135.00) on shares of Patrick Industries in a research report on Tuesday, August 11th. BMO Capital Markets cut their price target on Patrick Industries from $120.00 to $100.00 and set an “outperform” rating for the company in a research note on Tuesday, October 13th. KeyCorp decreased their price objective on Patrick Industries from $115.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, October 8th. Finally, Weiss Ratings lowered Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, September 29th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PATK. Evergreen Capital Management LLC grew its position in shares of Patrick Industries by 41.3% in the third quarter. Evergreen Capital Management LLC now owns 3,407 shares of the construction company’s stock valued at $231,000 after purchasing an additional 995 shares in the last quarter. James Investment Research Inc. lifted its holdings in Patrick Industries by 5.3% during the 3rd quarter. James Investment Research Inc. now owns 19,204 shares of the construction company’s stock worth $1,302,000 after purchasing an additional 975 shares in the last quarter. Inspire Investing LLC lifted its holdings in Patrick Industries by 26.8% during the 3rd quarter. Inspire Investing LLC now owns 10,976 shares of the construction company’s stock worth $744,000 after purchasing an additional 2,317 shares in the last quarter. Wavvest Wealth LLC bought a new position in Patrick Industries in the 3rd quarter worth about $326,000. Finally, Nisa Investment Advisors LLC grew its holdings in Patrick Industries by 1.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 15,490 shares of the construction company’s stock valued at $1,050,000 after buying an additional 182 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Trading Down 2.8%

PATK opened at $69.93 on Thursday. The firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of 16.57 and a beta of 1.16. Patrick Industries has a fifty-two week low of $63.00 and a fifty-two week high of $148.50. The company’s 50 day moving average price is $72.75 and its two-hundred day moving average price is $96.35. The company has a debt-to-equity ratio of 1.25, a current ratio of 2.67 and a quick ratio of 0.96.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.05. Patrick Industries had a return on equity of 12.69% and a net margin of 3.74%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $994.95 million. During the same period last year, the business posted $1.50 EPS. The business’s revenue was down .6% compared to the same quarter last year. As a group, research analysts predict that Patrick Industries will post 4.17 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th were issued a $0.47 dividend. The ex-dividend date was Monday, August 24th. This represents a $1.88 annualized dividend and a dividend yield of 2.7%. Patrick Industries’s dividend payout ratio is currently 44.55%.

About Patrick Industries

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials serving the recreational vehicle, marine, manufactured housing, and industrial markets. The company supplies products used in the construction, furnishing, and finishing of recreational and residential vehicles, boats, homes, and other manufactured structures.

Its product offerings include cabinetry, furniture, countertops, flooring, interior and exterior components, electronics, audio systems, lighting, plumbing products, hardware, adhesives, and related materials.