Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) saw unusually-strong trading volume on Friday . Approximately 147,918 shares changed hands during mid-day trading, a decline of 17% from the previous session's volume of 177,234 shares.The stock last traded at $126.48 and had previously closed at $125.98.
Wall Street Analysts Forecast Growth
Several research analysts recently commented on PATK shares. KeyCorp raised their price target on shares of Patrick Industries from $135.00 to $150.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 23rd. Truist Financial raised their price target on Patrick Industries from $150.00 to $165.00 and gave the company a "buy" rating in a research note on Friday, September 20th. Robert W. Baird raised their target price on shares of Patrick Industries from $120.00 to $128.00 and gave the company an "outperform" rating in a research report on Friday, August 2nd. Benchmark restated a "buy" rating and issued a $145.00 price target on shares of Patrick Industries in a report on Tuesday, September 17th. Finally, BMO Capital Markets increased their price objective on shares of 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 assigned a buy rating to the company's stock. According to data from MarketBeat.com, Patrick Industries has an average rating of "Moderate Buy" and an average price target of $139.88.
Check Out Our Latest Stock Analysis on PATK
Patrick Industries Trading Down 8.1 %
The company's fifty day moving average price is $136.98 and its 200-day moving average price is $121.65. The stock has a market cap of $2.59 billion, a price-to-earnings 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 - Get Free Report) last posted its quarterly earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.83 by ($0.03). The company had revenue of $919.44 million during the quarter, compared to analysts' expectations of $935.75 million. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The company's quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.81 EPS. On average, research analysts expect that Patrick Industries, Inc. will post 7.21 EPS for the current fiscal year.
Patrick Industries Announces Dividend
The company also recently declared 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. The ex-dividend date was Monday, August 26th. This represents a $2.20 annualized dividend and a yield of 1.90%. Patrick Industries's payout ratio is presently 31.56%.
Insider Transactions at Patrick Industries
In related news, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value of $248,640.21. Following the transaction, the chief operating officer now owns 23,759 shares in the company, valued at approximately $3,091,283.49. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the company's stock in a transaction that occurred 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 sale, the chief operating officer now owns 23,759 shares in the company, valued at approximately $3,091,283.49. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the completion of the transaction, the insider now owns 139,109 shares of the company's stock, valued at approximately $18,274,749.33. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,411 shares of company stock worth $3,858,915 over the last three months. 4.70% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the company. Sound Income Strategies LLC acquired a new position in Patrick Industries during the third quarter worth $46,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Patrick Industries during the second quarter worth approximately $41,000. GAMMA Investing LLC raised its holdings in 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 acquiring an additional 205 shares in the last quarter. UMB Bank n.a. lifted its stake in Patrick Industries by 176.6% in the third quarter. UMB Bank n.a. now owns 567 shares of the construction company's stock worth $81,000 after acquiring an additional 362 shares during the last quarter. Finally, nVerses Capital LLC acquired a new position in Patrick Industries during the 3rd quarter worth approximately $157,000. Institutional investors and hedge funds own 93.29% of the company's stock.
Patrick Industries Company Profile
(
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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.
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