Patrick Industries, Inc. (NASDAQ:PATK) Receives $106.71 Consensus Price Target from Analysts

Shares of Patrick Industries, Inc. (NASDAQ:PATK) have received an average rating of “Moderate Buy” from the seven research firms that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $106.71.

PATK has been the subject of several recent analyst reports. Roth Mkm reaffirmed a “buy” rating and set a $126.00 price objective (up previously from $120.00) on shares of Patrick Industries in a research note on Monday, May 6th. StockNews.com cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a research note on Thursday, March 21st. Truist Financial reaffirmed a “buy” rating and set a $130.00 price objective on shares of Patrick Industries in a research note on Friday, April 12th. Finally, BMO Capital Markets lifted their target price on shares of Patrick Industries from $120.00 to $125.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd.

Patrick Industries Price Performance

PATK opened at $108.55 on Monday. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of 16.08, a PEG ratio of 0.78 and a beta of 1.70. The company has a quick ratio of 0.96, a current ratio of 2.38 and a debt-to-equity ratio of 1.32. The firm has a 50-day moving average price of $109.61 and a 200-day moving average price of $107.82. Patrick Industries has a twelve month low of $70.15 and a twelve month high of $123.58.

Patrick Industries (NASDAQ:PATK) last posted its earnings results on Thursday, May 2nd. The construction company reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.47. The firm had revenue of $933.50 million during the quarter, compared to the consensus estimate of $829.22 million. Patrick Industries had a net margin of 4.22% and a return on equity of 14.90%. The company’s revenue was up 3.7% on a year-over-year basis. During the same quarter last year, the company earned $1.35 earnings per share. Equities analysts expect that Patrick Industries will post 8.12 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were issued a $0.55 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.03%. Patrick Industries’s payout ratio is 32.59%.

Institutional Investors Weigh In On Patrick Industries

A number of hedge funds have recently made changes to their positions in the business. US Bancorp DE lifted its holdings 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 worth $770,000 after acquiring an additional 95 shares during the last quarter. SummerHaven Investment Management LLC lifted its holdings in shares of Patrick Industries by 1.4% in the 4th quarter. SummerHaven Investment Management LLC now owns 8,768 shares of the construction company’s stock worth $880,000 after acquiring an additional 117 shares during the last quarter. FORA Capital LLC lifted 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 worth $537,000 after acquiring an additional 128 shares during the last quarter. Texas Permanent School Fund Corp lifted its holdings in shares of Patrick Industries by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 18,209 shares of the construction company’s stock worth $2,175,000 after acquiring an additional 236 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of Patrick Industries by 6.5% in the 1st quarter. ProShare Advisors LLC now owns 4,254 shares of the construction company’s stock worth $508,000 after acquiring an additional 258 shares during the last quarter. 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.