Patrick Industries, Inc. (NASDAQ:PATK) Receives $92.63 Consensus Target Price from Analysts

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have been assigned a consensus recommendation of “Moderate Buy” from the eight brokerages that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $97.96.

A number of analysts have recently issued reports on the company. Raymond James lifted their price target on Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a research note on Friday. Benchmark boosted their price objective on Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday. BMO Capital Markets boosted their price objective on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research note on Friday, November 1st. KeyCorp boosted their price objective on Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, StockNews.com lowered Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th.

Insider Activity at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the completion of the transaction, the chief executive officer now owns 364,678 shares of the company’s stock, valued at approximately $34,192,209.28. This trade represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 4.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Patrick Industries

Several hedge funds have recently bought and sold shares of PATK. Kestra Investment Management LLC purchased a new position in Patrick Industries during the fourth quarter worth $25,000. Northwestern Mutual Wealth Management Co. purchased a new position in Patrick Industries during the second quarter worth $41,000. Sound Income Strategies LLC acquired a new stake in shares of Patrick Industries during the third quarter worth $46,000. Smartleaf Asset Management LLC boosted its holdings in shares of Patrick Industries by 812.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company’s stock worth $49,000 after purchasing an additional 528 shares during the last quarter. Finally, Quent Capital LLC acquired a new stake in shares of Patrick Industries during the fourth quarter worth $53,000. Hedge funds and other institutional investors own 93.29% of the company’s stock.

Patrick Industries Trading Down 1.4 %

Patrick Industries stock opened at $93.41 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. Patrick Industries has a 52 week low of $67.72 and a 52 week high of $98.90. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of 22.67, a price-to-earnings-growth ratio of 1.42 and a beta of 2.26. The stock has a 50-day moving average price of $89.30 and a 200 day moving average price of $88.70.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. Sell-side analysts anticipate that Patrick Industries will post 5.38 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Tuesday, February 18th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.71%. The ex-dividend date of this dividend is Tuesday, February 18th. Patrick Industries’s payout ratio is currently 38.83%.

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.