Benchmark Reaffirms "Buy" Rating for Patrick Industries (NASDAQ:PATK)

Benchmark reiterated their buy rating on shares of Patrick Industries (NASDAQ:PATK - Free Report) in a research note published on Monday, Benzinga reports. Benchmark currently has a $145.00 price target on the construction company's stock.

PATK has been the subject of several other reports. KeyCorp lifted their price objective on shares of Patrick Industries from $135.00 to $150.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 23rd. Robert W. Baird upped 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. Raymond James cut their target price on Patrick Industries from $160.00 to $136.00 and set an "outperform" rating on the stock in a research report on Friday. DA Davidson boosted their price target on Patrick Industries from $108.00 to $114.00 and gave the stock a "neutral" rating in a research report on Monday, August 5th. Finally, BMO Capital Markets increased their target price on Patrick Industries from $150.00 to $155.00 and gave the company an "outperform" rating in a research note on Friday. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $139.88.

Patrick Industries Stock Down 0.6 %

NASDAQ PATK traded down $0.64 during trading on Monday, hitting $115.13. The company's stock had a trading volume of 320,918 shares, compared to its average volume of 181,307. The business's 50 day simple moving average is $136.64 and its 200-day simple moving average is $121.96. Patrick Industries has a fifty-two week low of $75.01 and a fifty-two week high of $148.35. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.41 and a quick ratio of 0.94. The company has a market cap of $2.58 billion, a PE ratio of 16.61, a P/E/G ratio of 1.19 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The construction company reported $1.80 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.03). The firm had revenue of $919.44 million for the quarter, compared to analysts' expectations of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. Patrick Industries's quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.81 earnings per share. On average, equities analysts anticipate that Patrick Industries will post 7.21 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend was Monday, August 26th. Patrick Industries's dividend payout ratio (DPR) is currently 31.61%.

Insider Buying and Selling at Patrick Industries

In other news, insider Jeff Rodino sold 20,000 shares of the company's stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the transaction, the insider now owns 139,109 shares of the company's stock, valued at $18,274,749.33. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, COO Hugo E. Gonzalez sold 1,911 shares of the firm's stock in a transaction dated Thursday, August 29th. The shares were 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 in the company, valued at approximately $3,091,283.49. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jeff Rodino sold 20,000 shares of the business's stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total value of $2,627,400.00. Following the transaction, the insider now directly owns 139,109 shares in the company, valued at $18,274,749.33. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In 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 corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Patrick Industries during the second quarter worth $41,000. Sound Income Strategies LLC acquired a new stake in shares of Patrick Industries in the 3rd quarter valued at about $46,000. GAMMA Investing LLC lifted its stake in shares of Patrick Industries by 76.2% in the third quarter. GAMMA Investing LLC now owns 474 shares of the construction company's stock valued at $67,000 after buying an additional 205 shares in the last quarter. UMB Bank n.a. raised its position in Patrick Industries by 176.6% in the 3rd quarter. UMB Bank n.a. now owns 567 shares of the construction company's stock valued at $81,000 after buying an additional 362 shares during the last quarter. Finally, nVerses Capital LLC purchased a new stake in Patrick Industries in the 3rd quarter valued at about $157,000. Institutional investors and hedge funds 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.