KeyCorp Increases Patrick Industries (NASDAQ:PATK) Price Target to $150.00

Patrick Industries (NASDAQ:PATK - Free Report) had its price target raised by KeyCorp from $135.00 to $150.00 in a report published on Wednesday, Benzinga reports. They currently have an overweight rating on the construction company's stock.

PATK has been the subject of several other research reports. Benchmark reaffirmed a "buy" rating and set a $145.00 target price on shares of Patrick Industries in a research note on Tuesday, September 17th. Raymond James assumed coverage on shares of Patrick Industries in a research report on Tuesday, October 1st. They set an "outperform" rating and a $160.00 target price on the stock. DA Davidson raised their price target on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a "neutral" rating in a report on Monday, August 5th. Truist Financial increased their price objective on shares of Patrick Industries from $150.00 to $165.00 and gave the stock a "buy" rating in a research report on Friday, September 20th. Finally, BMO Capital Markets increased their price target on Patrick Industries from $125.00 to $135.00 and gave the stock an "outperform" rating in a report on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, Patrick Industries presently has an average rating of "Moderate Buy" and an average target price of $140.38.

Patrick Industries Trading Down 1.9 %

PATK stock traded down $2.57 during trading on Wednesday, hitting $134.14. The company had a trading volume of 161,016 shares, compared to its average volume of 177,391. The stock has a market cap of $3.00 billion, a PE ratio of 19.32, a PEG ratio of 1.25 and a beta of 1.61. The business has a 50-day moving average of $135.94 and a 200-day moving average of $120.67. 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 has a one year low of $70.15 and a one year high of $148.35.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.11. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $972.06 million. During the same quarter in the previous year, the business earned $1.94 earnings per share. Patrick Industries's revenue for the quarter was up 10.8% on a year-over-year basis. Research analysts predict that Patrick Industries will post 7.26 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.64%. The ex-dividend date was Monday, August 26th. Patrick Industries's dividend payout ratio (DPR) is presently 31.56%.

Insider Buying and Selling

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

Institutional Trading of Patrick Industries

Hedge funds and other institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC grew its holdings in Patrick Industries by 1.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 107,829 shares of the construction company's stock valued at $12,882,000 after buying an additional 1,823 shares in the last quarter. KFG Wealth Management LLC increased its holdings in Patrick Industries by 62.8% during the 1st quarter. KFG Wealth Management LLC now owns 11,549 shares of the construction company's stock worth $1,380,000 after acquiring an additional 4,453 shares during the period. SpiderRock Advisors LLC purchased a new stake in Patrick Industries in the 1st quarter worth approximately $634,000. BNP Paribas Financial Markets boosted its holdings in Patrick Industries by 52.4% in the 1st quarter. BNP Paribas Financial Markets now owns 11,163 shares of the construction company's stock valued at $1,334,000 after purchasing an additional 3,837 shares during the period. Finally, Janney Montgomery Scott LLC grew its position in shares of Patrick Industries by 9.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 19,285 shares of the construction company's stock valued at $2,304,000 after purchasing an additional 1,600 shares in the last quarter. Institutional investors own 93.29% of the company's stock.

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.