Patrick Industries (NASDAQ:PATK) Price Target Increased to $115.00 by Analysts at KeyCorp

Patrick Industries (NASDAQ:PATKFree Report) had its price objective boosted by KeyCorp from $110.00 to $115.00 in a research note issued to investors on Friday morning, Benzinga reports. KeyCorp currently has an overweight rating on the construction company’s stock.

PATK has been the subject of a number of other research reports. StockNews.com lowered Patrick Industries from a buy rating to a hold rating in a research note on Thursday, January 18th. Roth Mkm increased their price target on shares of Patrick Industries from $101.00 to $120.00 and gave the company a buy rating in a report on Friday. Truist Financial increased their price target on shares of Patrick Industries from $95.00 to $125.00 and gave the company a buy rating in a report on Tuesday, January 9th. Finally, BMO Capital Markets started coverage on shares of Patrick Industries in a research note on Thursday, December 7th. They issued an outperform rating and a $105.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Patrick Industries presently has an average rating of Moderate Buy and a consensus target price of $102.29.

Check Out Our Latest Research Report on Patrick Industries

Patrick Industries Price Performance

NASDAQ:PATK opened at $112.50 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.73 and a current ratio of 2.38. The stock has a fifty day moving average of $97.96 and a 200 day moving average of $85.84. Patrick Industries has a 52-week low of $63.57 and a 52-week high of $113.59. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of 17.28 and a beta of 1.71.

Patrick Industries (NASDAQ:PATKGet Free Report) last posted its earnings results on Thursday, February 8th. The construction company reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.10. The firm had revenue of $781.20 million for the quarter, compared to the consensus estimate of $780.97 million. Patrick Industries had a return on equity of 14.31% and a net margin of 4.12%. The business’s revenue for the quarter was down 17.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.82 EPS. On average, research analysts expect that Patrick Industries will post 8.03 EPS for the current fiscal 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 given 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 1.96%. Patrick Industries’s dividend payout ratio (DPR) is currently 33.79%.

Insider Buying and Selling

In other news, CEO Andy L. Nemeth sold 15,000 shares of the business’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $87.00, for a total transaction of $1,305,000.00. Following the transaction, the chief executive officer now directly owns 302,013 shares in the company, valued at $26,275,131. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Andy L. Nemeth sold 15,000 shares of the business’s stock in a transaction dated Wednesday, December 6th. The shares were 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 owns 302,013 shares of the company’s stock, valued at $26,275,131. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Todd M. Cleveland sold 2,500 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $7,411,823.30. The disclosure for this sale can be found here. Insiders have sold 85,500 shares of company stock worth $7,762,805 in the last ninety days. 6.80% of the stock is owned by corporate insiders.

Institutional Trading of Patrick Industries

Institutional investors and hedge funds have recently modified their holdings of the business. Tower Research Capital LLC TRC lifted its holdings in shares of Patrick Industries by 129.6% in the first quarter. Tower Research Capital LLC TRC now owns 489 shares of the construction company’s stock valued at $34,000 after purchasing an additional 276 shares in the last quarter. GAMMA Investing LLC purchased a new stake in shares of Patrick Industries in the fourth quarter valued at about $35,000. Carmel Capital Partners LLC purchased a new stake in shares of Patrick Industries in the third quarter valued at about $44,000. Gyon Technologies Capital Management LP purchased a new stake in shares of Patrick Industries in the fourth quarter valued at about $48,000. Finally, Quantbot Technologies LP acquired a new position in shares of Patrick Industries in the second quarter valued at approximately $71,000. Hedge funds and other institutional investors own 93.18% of the company’s stock.

About Patrick Industries

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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.

Further Reading

Analyst Recommendations for Patrick Industries (NASDAQ:PATK)

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