Patrick Industries (NASDAQ:PATK) Given New $115.00 Price Target at KeyCorp

Patrick Industries (NASDAQ:PATKFree Report) had its price objective lifted by KeyCorp from $110.00 to $115.00 in a research note released on Friday, Benzinga reports. The firm currently has an overweight rating on the construction company’s stock.

PATK has been the topic of a number of other reports. Roth Mkm upped their target price on shares of Patrick Industries from $101.00 to $120.00 and gave the company a buy rating in a research report on Friday. BMO Capital Markets started coverage on shares of Patrick Industries in a research report on Thursday, December 7th. They set an outperform rating and a $105.00 target price on the stock. Truist Financial upped their price target on Patrick Industries from $95.00 to $125.00 and gave the company a buy rating in a research note on Tuesday, January 9th. Finally, StockNews.com downgraded shares of Patrick Industries from a buy rating to a hold rating in a research report on Thursday, January 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Patrick Industries presently has a consensus rating of Moderate Buy and a consensus price target of $102.29.

Read Our Latest Stock Report on Patrick Industries

Patrick Industries Stock Up 2.1 %

Shares of NASDAQ PATK opened at $112.50 on Friday. The firm’s 50-day simple moving average is $97.96 and its 200 day simple moving average is $85.84. The company has a market cap of $2.49 billion, a price-to-earnings ratio of 17.28 and a beta of 1.71. The company has a quick ratio of 0.73, a current ratio of 2.38 and a debt-to-equity ratio of 0.97. Patrick Industries has a 12-month low of $63.57 and a 12-month high of $113.59.

Patrick Industries (NASDAQ:PATKGet Free Report) last issued its quarterly earnings results on Thursday, February 8th. The construction company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.10. The business had revenue of $781.20 million for the quarter, compared to the consensus estimate of $780.97 million. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The firm’s quarterly revenue was down 17.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.82 EPS. On average, research analysts expect that Patrick Industries will post 8.03 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 4th. Investors of record on Tuesday, February 20th will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend is Friday, February 16th. Patrick Industries’s payout ratio is presently 33.79%.

Insider Activity at Patrick Industries

In other news, Director Todd M. Cleveland sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $83.57, for a total transaction of $208,925.00. Following the transaction, the director now directly owns 88,690 shares of the company’s stock, valued at $7,411,823.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Todd M. Cleveland sold 10,000 shares of Patrick Industries stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $85.60, for a total value of $856,000.00. Following the sale, the director now directly owns 44,237 shares in the company, valued at approximately $3,786,687.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Todd M. Cleveland sold 2,500 shares of Patrick Industries stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $83.57, for a total value of $208,925.00. Following the completion of the sale, the director now owns 88,690 shares in the company, valued at $7,411,823.30. The disclosure for this sale can be found here. Insiders have sold 85,500 shares of company stock worth $7,762,805 over the last ninety days. Insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

Hedge funds have recently made changes to their positions in the company. Meritage Portfolio Management bought a new stake in shares of Patrick Industries during the second quarter valued at approximately $621,000. O Shaughnessy Asset Management LLC raised its stake in shares of Patrick Industries by 203.4% in the second quarter. O Shaughnessy Asset Management LLC now owns 20,885 shares of the construction company’s stock worth $1,671,000 after purchasing an additional 14,001 shares during the last quarter. LPL Financial LLC increased its position in Patrick Industries by 3.0% during the second quarter. LPL Financial LLC now owns 6,018 shares of the construction company’s stock valued at $481,000 after acquiring an additional 175 shares during the last quarter. Handelsbanken Fonder AB increased its position in Patrick Industries by 5.3% during the second quarter. Handelsbanken Fonder AB now owns 6,008 shares of the construction company’s stock valued at $481,000 after acquiring an additional 300 shares during the last quarter. Finally, Epoch Investment Partners Inc. boosted its stake in shares of Patrick Industries by 1.8% in the second quarter. Epoch Investment Partners Inc. now owns 202,243 shares of the construction company’s stock worth $16,179,000 after acquiring an additional 3,669 shares during the period. 93.18% of the stock is currently owned by institutional investors.

About Patrick Industries

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Patrick Industries, Inc manufactures and distributes components, building 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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Analyst Recommendations for Patrick Industries (NASDAQ:PATK)

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