Brokerages Set Patrick Industries, Inc. (NASDAQ:PATK) Price Target at $97.96

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been assigned an average rating of “Moderate Buy” from the eight research firms that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $97.96.

Several research firms recently commented on PATK. Benchmark increased their price target on Patrick Industries from $98.00 to $102.00 and gave the company a “buy” rating in a report on Friday, February 7th. Raymond James lifted their price target on Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. KeyCorp upped their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Truist Financial lifted their target price on shares of Patrick Industries from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, February 10th. Finally, StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th.

Patrick Industries Trading Up 0.7 %

Shares of PATK stock opened at $85.11 on Wednesday. Patrick Industries has a fifty-two week low of $67.72 and a fifty-two week high of $98.90. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.77 and a current ratio of 2.33. The stock’s fifty day moving average is $90.69 and its two-hundred day moving average is $89.85. The firm has a market capitalization of $2.86 billion, a P/E ratio of 20.66, a PEG ratio of 1.41 and a beta of 2.37.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. Research analysts expect that Patrick Industries will post 5.33 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.88%. The ex-dividend date was Tuesday, February 18th. Patrick Industries’s payout ratio is 38.83%.

Insiders Place Their Bets

In other Patrick Industries news, EVP Stacey L. Neu sold 2,885 shares of the stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $85.53, for a total value of $246,754.05. Following the sale, the executive vice president now owns 18,044 shares of the company’s stock, valued at $1,543,303.32. This trade represents a 13.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director M Scott Welch acquired 2,500 shares of the stock in a transaction dated Thursday, March 13th. The shares were bought at an average cost of $84.62 per share, with a total value of $211,550.00. Following the completion of the transaction, the director now owns 2,961 shares of the company’s stock, valued at approximately $250,559.82. This represents a 542.30 % increase in their position. The disclosure for this purchase can be found here. 4.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System lifted its position in shares of Patrick Industries by 48.2% during the 4th quarter. California State Teachers Retirement System now owns 29,878 shares of the construction company’s stock worth $2,482,000 after purchasing an additional 9,724 shares during the last quarter. Centaurus Financial Inc. lifted its holdings in Patrick Industries by 37.8% during the 4th quarter. Centaurus Financial Inc. now owns 58,347 shares of the construction company’s stock worth $4,847,000 after buying an additional 16,002 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of Patrick Industries by 50.0% during the 4th quarter. Public Employees Retirement System of Ohio now owns 819 shares of the construction company’s stock worth $68,000 after acquiring an additional 273 shares in the last quarter. Investment Management Corp VA ADV acquired a new stake in shares of Patrick Industries during the 4th quarter worth about $52,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Patrick Industries by 104.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 66,698 shares of the construction company’s stock worth $5,541,000 after purchasing an additional 34,082 shares during the last quarter. Hedge funds and other institutional investors own 93.29% of the company’s stock.

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.