Truist Financial Boosts Patrick Industries (NASDAQ:PATK) Price Target to $150.00

Patrick Industries (NASDAQ:PATK) had its target price upped by Truist Financial from $130.00 to $150.00 in a research note published on Friday, Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock.

A number of other research firms also recently weighed in on PATK. Roth Mkm reaffirmed a buy rating and set a $126.00 price target (up previously from $120.00) on shares of Patrick Industries in a research note on Monday, May 6th. BMO Capital Markets raised their price objective on Patrick Industries from $120.00 to $125.00 and gave the stock an outperform rating in a report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $124.83.

Patrick Industries Stock Performance

NASDAQ PATK traded down $2.55 during trading hours on Friday, hitting $119.31. 153,102 shares of the stock were exchanged, compared to its average volume of 180,044. The company has a quick ratio of 0.96, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. The company has a market cap of $2.67 billion, a price-to-earnings ratio of 17.24, a price-to-earnings-growth ratio of 0.92 and a beta of 1.65. Patrick Industries has a 12-month low of $70.15 and a 12-month high of $136.00. The stock has a 50-day moving average of $113.04 and a 200 day moving average of $111.32.

Patrick Industries (NASDAQ:PATK) last released its quarterly earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.11. The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $972.06 million. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The company’s revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.94 EPS. As a group, equities research analysts forecast that Patrick Industries will post 8.07 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend was Monday, June 3rd. Patrick Industries’s dividend payout ratio (DPR) is presently 32.59%.

Hedge Funds Weigh In On Patrick Industries

Several hedge funds have recently bought and sold shares of PATK. SG Americas Securities LLC acquired a new stake in shares of Patrick Industries in the fourth quarter worth $448,000. Trust Point Inc. bought a new position in shares of Patrick Industries during the 4th quarter worth about $597,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Patrick Industries by 2.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 106,006 shares of the construction company’s stock valued at $10,638,000 after buying an additional 2,741 shares during the period. Louisiana State Employees Retirement System acquired a new position in Patrick Industries in the 4th quarter valued at approximately $1,044,000. Finally, Everence Capital Management Inc. bought a new stake in shares of Patrick Industries in the 4th quarter worth approximately $243,000. 93.29% of the stock is owned by institutional investors and hedge funds.

Patrick Industries Company Profile

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.