Patrick Industries (NASDAQ:PATK) Given New $155.00 Price Target at BMO Capital Markets

Patrick Industries (NASDAQ:PATK) had its price target hoisted by BMO Capital Markets from $150.00 to $155.00 in a report released on Friday, Benzinga reports. BMO Capital Markets currently has an outperform rating on the construction company’s stock.

Several other equities analysts have also commented on the company. Raymond James began coverage on Patrick Industries in a research report on Tuesday, October 1st. They set an “outperform” rating and a $160.00 price objective on the stock. Benchmark reissued a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a research note on Tuesday, September 17th. Robert W. Baird increased their target price on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. DA Davidson upped their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Finally, Truist Financial lifted their price objective on Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $139.88.

Patrick Industries Price Performance

PATK stock traded down $10.21 during mid-day trading on Friday, reaching $115.77. 871,735 shares of the company traded hands, compared to its average volume of 180,648. The company has a fifty day moving average price of $136.64 and a 200-day moving average price of $121.72. Patrick Industries has a 52-week low of $75.01 and a 52-week high of $148.35. The company has a market capitalization of $2.59 billion, a P/E ratio of 16.61, a P/E/G ratio of 1.26 and a beta of 1.61. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.29 and a quick ratio of 0.94.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.83 by ($0.03). The company had revenue of $919.44 million for the quarter, compared to the consensus estimate of $935.75 million. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.81 earnings per share. As a group, analysts anticipate that Patrick Industries will post 7.21 earnings per share for the current year.

Patrick Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 26th were paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend was Monday, August 26th. Patrick Industries’s payout ratio is 31.56%.

Insiders Place Their Bets

In other news, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries 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 sale, the chief operating officer now owns 23,759 shares of the company’s stock, valued at approximately $3,091,283.49. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the sale, the chief operating officer now directly owns 23,759 shares in the company, valued at $3,091,283.49. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Todd M. Cleveland sold 7,500 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the completion of the transaction, the director now owns 82,374 shares of the company’s stock, valued at approximately $10,795,112.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,411 shares of company stock worth $3,858,915. 4.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Patrick Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Pacer Advisors Inc. grew its stake in shares of Patrick Industries by 20.1% in the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock worth $143,889,000 after buying an additional 221,904 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Patrick Industries by 10.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock worth $33,078,000 after acquiring an additional 26,389 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new position in shares of Patrick Industries during the second quarter valued at $22,460,000. Tributary Capital Management LLC increased its holdings in shares of Patrick Industries by 0.3% during the second quarter. Tributary Capital Management LLC now owns 205,788 shares of the construction company’s stock valued at $22,338,000 after acquiring an additional 613 shares in the last quarter. Finally, Fiera Capital Corp purchased a new position in shares of Patrick Industries in the 3rd quarter worth about $27,888,000. 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.