Patrick Industries, Inc. (NASDAQ:PATK) Receives $131.33 Consensus Target Price from Brokerages

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

Several analysts have commented on PATK shares. Truist Financial raised their target price 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. Robert W. Baird upped their target price on shares of Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Roth Mkm reissued a “buy” rating and issued a $126.00 price target (up previously from $120.00) on shares of Patrick Industries in a research note on Monday, May 6th. KeyCorp boosted their price target on Patrick Industries from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Finally, BMO Capital Markets increased their price objective on Patrick Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd.

Patrick Industries Trading Up 0.4 %

PATK opened at $126.50 on Tuesday. Patrick Industries has a twelve month low of $70.15 and a twelve month high of $136.00. The firm has a market cap of $2.83 billion, a PE ratio of 18.74, a price-to-earnings-growth ratio of 0.99 and a beta of 1.65. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.94 and a current ratio of 2.29. The firm’s fifty day moving average is $115.12 and its two-hundred day moving average is $112.82.

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

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 9th. Investors of record on Monday, August 26th will be given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend is Monday, August 26th. Patrick Industries’s dividend payout ratio is currently 32.59%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PATK. Xponance Inc. boosted its holdings in shares of Patrick Industries by 4.1% in the 2nd quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock valued at $230,000 after buying an additional 83 shares during the last quarter. US Bancorp DE grew its position in shares of Patrick Industries by 1.3% in the 4th quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock valued at $770,000 after acquiring an additional 95 shares during the period. SummerHaven Investment Management LLC increased its stake in shares of Patrick Industries by 1.4% during the 4th quarter. SummerHaven Investment Management LLC now owns 8,768 shares of the construction company’s stock worth $880,000 after purchasing an additional 117 shares during the last quarter. FORA Capital LLC raised its holdings in shares of Patrick Industries by 2.9% in the 1st quarter. FORA Capital LLC now owns 4,492 shares of the construction company’s stock valued at $537,000 after purchasing an additional 128 shares during the period. Finally, BOKF NA grew its holdings in Patrick Industries by 3.7% during the second quarter. BOKF NA now owns 4,848 shares of the construction company’s stock worth $526,000 after purchasing an additional 172 shares during the period. 93.29% of the stock is currently owned by institutional investors.

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.