Analysts Set Patrick Industries, Inc. (NASDAQ:PATK) PT at $131.33

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been given an average recommendation of “Moderate Buy” by the six analysts that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $131.33.

A number of equities research analysts recently commented on PATK shares. Truist Financial raised their price objective on shares of Patrick Industries from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. KeyCorp lifted their price target on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. BMO Capital Markets lifted their price target on shares of Patrick Industries from $125.00 to $135.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. DA Davidson lifted their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Finally, Roth Mkm reiterated a “buy” rating and issued a $126.00 price target (up from $120.00) on shares of Patrick Industries in a research note on Monday, May 6th.

Patrick Industries Trading Down 0.1 %

Shares of NASDAQ:PATK opened at $125.95 on Tuesday. Patrick Industries has a 12 month low of $70.15 and a 12 month high of $136.00. The company has a quick ratio of 0.94, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. The company’s fifty day simple moving average is $115.12 and its 200 day simple moving average is $112.66. The firm has a market cap of $2.82 billion, a price-to-earnings ratio of 18.66, a PEG ratio of 0.96 and a beta of 1.65.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.11. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $972.06 million. During the same period last year, the business posted $1.94 earnings per share. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, research analysts forecast that Patrick Industries will post 7.32 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 9th. Stockholders of record on Monday, August 26th will be paid a dividend of $0.55 per share. The ex-dividend date is Monday, August 26th. This represents a $2.20 annualized dividend and a dividend yield of 1.75%. Patrick Industries’s dividend payout ratio is presently 32.59%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC acquired a new position in shares of Patrick Industries during the 4th quarter worth about $35,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Patrick Industries during the 2nd quarter worth about $41,000. Xponance Inc. acquired a new position in shares of Patrick Industries during the 4th quarter worth about $203,000. Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of Patrick Industries by 78.5% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock worth $205,000 after purchasing an additional 840 shares during the last quarter. Finally, Heritage Family Offices LLP acquired a new position in shares of Patrick Industries during the 2nd quarter worth about $227,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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.