Patrick Industries (NASDAQ:PATK) Sets New 1-Year High – Should You Buy?

Patrick Industries, Inc. (NASDAQ:PATK) shares hit a new 52-week high on Wednesday . The company traded as high as $129.55 and last traded at $130.56, with a volume of 27974 shares trading hands. The stock had previously closed at $127.67.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PATK. Truist Financial set a $126.00 price objective on shares of Patrick Industries in a research report on Friday, January 9th. Weiss Ratings cut Patrick Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. BMO Capital Markets reaffirmed an “outperform” rating and set a $115.00 price target on shares of Patrick Industries in a research note on Friday, October 31st. Roth Capital set a $115.00 price objective on Patrick Industries and gave the stock a “buy” rating in a report on Friday, October 31st. Finally, Benchmark reiterated a “buy” rating and set a $140.00 price objective (up from $115.00) on shares of Patrick Industries in a research report on Friday. Seven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $114.33.

Patrick Industries Stock Up 3.0%

The company has a 50 day moving average price of $110.94 and a 200-day moving average price of $106.61. The stock has a market capitalization of $4.38 billion, a PE ratio of 37.60, a PEG ratio of 1.34 and a beta of 1.34. The company has a debt-to-equity ratio of 1.13, a current ratio of 2.34 and a quick ratio of 0.86.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, October 30th. The construction company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.06. The business had revenue of $975.63 million for the quarter, compared to the consensus estimate of $900.35 million. Patrick Industries had a net margin of 3.11% and a return on equity of 12.44%. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.80 EPS. As a group, analysts forecast that Patrick Industries, Inc. will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were paid a dividend of $0.47 per share. The ex-dividend date was Monday, December 1st. This represents a $1.88 dividend on an annualized basis and a yield of 1.4%. This is an increase from Patrick Industries’s previous quarterly dividend of $0.40. Patrick Industries’s dividend payout ratio (DPR) is 53.71%.

Insider Activity

In other news, CEO Andy L. Nemeth sold 25,000 shares of the stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $115.00, for a total transaction of $2,875,000.00. Following the sale, the chief executive officer owned 301,641 shares in the company, valued at $34,688,715. This represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PATK. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Patrick Industries by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,302 shares of the construction company’s stock worth $1,632,000 after buying an additional 851 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Patrick Industries by 5.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,446 shares of the construction company’s stock worth $5,957,000 after purchasing an additional 3,748 shares during the last quarter. Strs Ohio purchased a new position in Patrick Industries in the first quarter worth about $42,000. Argent Capital Management LLC grew its stake in shares of Patrick Industries by 2.5% during the 2nd quarter. Argent Capital Management LLC now owns 224,005 shares of the construction company’s stock valued at $20,669,000 after purchasing an additional 5,377 shares during the period. Finally, Public Employees Retirement System of Ohio increased its position in shares of Patrick Industries by 1,327.2% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 12,117 shares of the construction company’s stock valued at $1,118,000 after purchasing an additional 11,268 shares during the last quarter. 93.29% of the stock is owned by institutional investors.

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.