Patrick Industries (NASDAQ:PATK) Given New $120.00 Price Target at Roth Mkm

Patrick Industries (NASDAQ:PATKFree Report) had its price target hoisted by Roth Mkm from $101.00 to $120.00 in a research note published on Friday, Benzinga reports. Roth Mkm currently has a buy rating on the construction company’s stock.

Several other research analysts have also recently issued reports on the company. Truist Financial raised their target price on Patrick Industries from $95.00 to $125.00 and gave the stock a buy rating in a research report on Tuesday, January 9th. StockNews.com cut Patrick Industries from a buy rating to a hold rating in a research report on Thursday, January 18th. BMO Capital Markets started coverage on Patrick Industries in a research report on Thursday, December 7th. They issued an outperform rating and a $105.00 target price on the stock. Finally, KeyCorp raised their target price on Patrick Industries from $95.00 to $110.00 and gave the stock an overweight rating in a research report on Friday, January 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Patrick Industries currently has a consensus rating of Moderate Buy and an average target price of $102.29.

Get Our Latest Analysis on Patrick Industries

Patrick Industries Price Performance

NASDAQ PATK opened at $110.16 on Friday. Patrick Industries has a one year low of $63.57 and a one year high of $112.11. The stock has a 50-day moving average of $97.44 and a 200 day moving average of $85.64. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of 16.92 and a beta of 1.71. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.87 and a current ratio of 2.38.

Patrick Industries (NASDAQ:PATKGet Free Report) last released its quarterly earnings data on Thursday, February 8th. The construction company reported $1.49 EPS for the quarter, topping the consensus estimate of $1.39 by $0.10. Patrick Industries had a return on equity of 14.31% and a net margin of 4.12%. The company had revenue of $781.20 million during the quarter, compared to the consensus estimate of $780.97 million. During the same period last year, the company earned $1.82 EPS. Patrick Industries’s revenue for the quarter was down 17.9% on a year-over-year basis. On average, sell-side analysts forecast that Patrick Industries will post 8.03 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 4th. Stockholders of record on Tuesday, February 20th will be issued a dividend of $0.55 per share. The ex-dividend date of this dividend is Friday, February 16th. This represents a $2.20 annualized dividend and a dividend yield of 2.00%. Patrick Industries’s dividend payout ratio (DPR) is 33.79%.

Insider Transactions at Patrick Industries

In other news, Director Todd M. Cleveland sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $83.57, for a total transaction of $208,925.00. Following the sale, the director now directly owns 88,690 shares of the company’s stock, valued at approximately $7,411,823.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Andy L. Nemeth sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $87.00, for a total transaction of $1,305,000.00. Following the sale, the chief executive officer now directly owns 302,013 shares of the company’s stock, valued at approximately $26,275,131. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Todd M. Cleveland sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $83.57, for a total value of $208,925.00. Following the sale, the director now directly owns 88,690 shares in the company, valued at $7,411,823.30. The disclosure for this sale can be found here. Insiders have sold 85,500 shares of company stock valued at $7,762,805 in the last ninety days. Corporate insiders own 6.80% of the company’s stock.

Institutional Trading of Patrick Industries

Several hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC raised its holdings in Patrick Industries by 129.6% during the 1st quarter. Tower Research Capital LLC TRC now owns 489 shares of the construction company’s stock valued at $34,000 after buying an additional 276 shares during the period. GAMMA Investing LLC purchased a new stake in Patrick Industries during the 4th quarter valued at $35,000. Carmel Capital Partners LLC purchased a new stake in Patrick Industries during the 3rd quarter valued at $44,000. Gyon Technologies Capital Management LP purchased a new stake in Patrick Industries during the 4th quarter valued at $48,000. Finally, Quantbot Technologies LP purchased a new stake in Patrick Industries during the 2nd quarter valued at $71,000. 93.18% of the stock is owned by hedge funds and other institutional investors.

Patrick Industries Company Profile

(Get Free Report)

Patrick Industries, Inc manufactures and distributes components, building 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.

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Analyst Recommendations for Patrick Industries (NASDAQ:PATK)

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