Patrick Industries (NASDAQ:PATK) Sees Strong Trading Volume Following Analyst Upgrade

Shares of Patrick Industries, Inc. (NASDAQ:PATK) saw strong trading volume on Friday after BMO Capital Markets raised their price target on the stock from $150.00 to $155.00. BMO Capital Markets currently has an outperform rating on the stock. 147,918 shares changed hands during mid-day trading, a decline of 17% from the previous session’s volume of 177,234 shares.The stock last traded at $126.48 and had previously closed at $125.98.

PATK has been the subject of a number of other reports. Raymond James assumed coverage on shares of Patrick Industries in a report on Tuesday, October 1st. They issued an “outperform” rating and a $160.00 price objective for the company. Robert W. Baird upped their price target on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Truist Financial upped their price target on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a report on Friday, September 20th. Benchmark reiterated a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a report on Tuesday, September 17th. Finally, DA Davidson upped their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $139.88.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the transaction, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd M. Cleveland sold 7,500 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total transaction of $982,875.00. Following the transaction, the director now directly owns 82,374 shares in the company, valued at approximately $10,795,112.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 29,411 shares of company stock valued at $3,858,915. 4.70% of the stock is currently owned by company insiders.

Institutional Trading of Patrick Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Pacer Advisors Inc. grew its position in shares of Patrick Industries by 20.1% in the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock worth $143,889,000 after buying an additional 221,904 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Patrick Industries by 10.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock worth $33,078,000 after buying an additional 26,389 shares during the period. Massachusetts Financial Services Co. MA purchased a new stake in shares of Patrick Industries in the 2nd quarter worth about $22,460,000. Tributary Capital Management LLC grew its position in shares of Patrick Industries by 0.3% in the 2nd quarter. Tributary Capital Management LLC now owns 205,788 shares of the construction company’s stock worth $22,338,000 after buying an additional 613 shares during the period. Finally, Fiera Capital Corp purchased a new stake in shares of Patrick Industries in the 3rd quarter worth about $27,888,000. 93.29% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Stock Down 8.1 %

The stock’s 50-day moving average price is $136.64 and its two-hundred day moving average price is $121.72. The stock has a market capitalization of $2.59 billion, a PE ratio of 16.63, a P/E/G ratio of 1.19 and a beta of 1.62. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.94 and a current ratio of 2.41.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). The business had revenue of $919.44 million during the quarter, compared to analysts’ expectations of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.81 earnings per share. As a group, analysts expect that Patrick Industries, Inc. will post 7.21 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date was Monday, August 26th. Patrick Industries’s payout ratio is 31.61%.

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.