Patrick Industries (NASDAQ:PATK) Stock Rating Reaffirmed by Benchmark

Benchmark reiterated their buy rating on shares of Patrick Industries (NASDAQ:PATK) in a research note issued to investors on Tuesday morning, Benzinga reports. The brokerage currently has a $145.00 target price on the construction company’s stock.

Several other equities analysts also recently weighed in on PATK. Truist Financial lifted their target price on shares of Patrick Industries from $130.00 to $150.00 and gave the stock a buy rating in a research note on Friday, August 2nd. KeyCorp raised 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. Robert W. Baird raised their target price on shares of Patrick Industries from $120.00 to $128.00 and gave the company an outperform rating in a research note on Friday, August 2nd. BMO Capital Markets increased their price target on shares of Patrick Industries from $125.00 to $135.00 and gave the stock an outperform rating in a report on Friday, August 2nd. Finally, DA Davidson upped their target price on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a neutral rating in a research report on Monday, August 5th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $135.43.

Patrick Industries Price Performance

Patrick Industries stock opened at $146.96 on Tuesday. The business’s 50 day simple moving average is $126.31 and its 200 day simple moving average is $116.13. Patrick Industries has a 12 month low of $70.15 and a 12 month high of $147.80. The company has a market cap of $3.29 billion, a price-to-earnings ratio of 21.77, a PEG ratio of 1.10 and a beta of 1.62. The company has a current ratio of 2.29, a quick ratio of 0.94 and a debt-to-equity ratio of 1.19.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, August 1st. The construction company reported $2.16 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.11. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $972.06 million. During the same quarter in the prior year, the firm earned $1.94 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. Sell-side analysts forecast 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 was paid on Monday, September 9th. Investors of record on Monday, August 26th were issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.50%. The ex-dividend date was Monday, August 26th. Patrick Industries’s dividend payout ratio is presently 32.59%.

Insider Buying and Selling at Patrick Industries

In other news, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the sale, the chief operating officer now directly owns 23,759 shares in the company, valued at $3,091,283.49. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Todd M. Cleveland sold 7,500 shares of Patrick Industries stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total transaction of $982,875.00. Following the sale, the director now directly owns 82,374 shares in the company, valued at $10,795,112.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the transaction, the chief operating officer now owns 23,759 shares of the company’s stock, valued at $3,091,283.49. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,411 shares of company stock worth $3,858,915. 4.70% of the stock is currently owned by insiders.

Institutional Trading of Patrick Industries

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Janney Montgomery Scott LLC raised its position in shares of Patrick Industries by 457.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 17,685 shares of the construction company’s stock worth $1,774,000 after purchasing an additional 14,510 shares during the last quarter. Boston Partners purchased a new stake in shares of Patrick Industries during the 1st quarter valued at about $1,645,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Patrick Industries by 10.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock worth $33,078,000 after purchasing an additional 26,389 shares during the period. Illinois Municipal Retirement Fund grew its stake in shares of Patrick Industries by 7.4% during the 1st quarter. Illinois Municipal Retirement Fund now owns 12,684 shares of the construction company’s stock valued at $1,515,000 after acquiring an additional 869 shares during the period. Finally, Louisiana State Employees Retirement System raised its position in shares of Patrick Industries by 2.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 10,600 shares of the construction company’s stock valued at $1,151,000 after purchasing an additional 300 shares during the period. 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.