Patrick Industries (NASDAQ:PATK) Given New $102.00 Price Target at Benchmark

Patrick Industries (NASDAQ:PATK) had its price objective lifted by Benchmark from $98.00 to $102.00 in a research note published on Friday morning,Benzinga reports. Benchmark currently has a buy rating on the construction company’s stock.

Other equities research analysts also recently issued reports about the company. Truist Financial dropped their target price on Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. BMO Capital Markets increased their price objective on shares of Patrick Industries from $100.00 to $103.33 and gave the company an “outperform” rating in a research report on Friday, November 1st. StockNews.com cut shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Raymond James increased their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Friday. Finally, KeyCorp boosted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $96.08.

Patrick Industries Stock Down 0.3 %

Shares of Patrick Industries stock opened at $94.75 on Friday. Patrick Industries has a 1 year low of $67.10 and a 1 year high of $98.90. The firm has a market cap of $3.18 billion, a price-to-earnings ratio of 23.00, a PEG ratio of 1.42 and a beta of 2.26. The company has a 50-day moving average of $89.13 and a 200 day moving average of $88.42. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.97.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. As a group, sell-side analysts anticipate that Patrick Industries will post 5.38 earnings per share for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Tuesday, February 18th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Tuesday, February 18th. Patrick Industries’s dividend payout ratio (DPR) is presently 38.83%.

Insiders Place Their Bets

In other news, CEO Andy L. Nemeth sold 30,000 shares of Patrick Industries stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $90.00, for a total transaction of $2,700,000.00. Following the transaction, the chief executive officer now owns 379,678 shares in the company, valued at $34,171,020. This trade represents a 7.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

A number of institutional investors have recently bought and sold shares of PATK. Trust Point Inc. raised its stake in shares of Patrick Industries by 1.1% in the third quarter. Trust Point Inc. now owns 8,964 shares of the construction company’s stock worth $1,276,000 after buying an additional 96 shares during the period. Amalgamated Bank increased its holdings in Patrick Industries by 2.1% in the 3rd quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock worth $936,000 after acquiring an additional 136 shares in the last quarter. First Horizon Advisors Inc. raised its stake in Patrick Industries by 21.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock worth $112,000 after acquiring an additional 139 shares during the period. UMB Bank n.a. lifted its holdings in Patrick Industries by 35.1% during the fourth quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock valued at $64,000 after purchasing an additional 199 shares in the last quarter. Finally, Global Retirement Partners LLC boosted its position in shares of Patrick Industries by 44.8% in the fourth quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock worth $53,000 after purchasing an additional 199 shares during the period. 93.29% of the stock is owned by institutional investors.

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.