Patrick Industries, Inc. (NASDAQ:PATK) Receives $97.96 Average Price Target from Analysts

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) has been given an average recommendation of "Moderate Buy" by the eight brokerages that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $97.96.

A number of analysts have commented on the stock. KeyCorp increased their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a report on Friday, February 7th. StockNews.com downgraded shares of Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. Truist Financial increased their price objective on shares of Patrick Industries from $115.00 to $120.00 and gave the company a "buy" rating in a report on Monday, February 10th. Benchmark increased their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a report on Friday, February 7th. Finally, Raymond James increased their price objective on shares of Patrick Industries from $99.00 to $103.00 and gave the company an "outperform" rating in a report on Friday, February 7th.

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Institutional Trading of Patrick Industries

Hedge funds and other institutional investors have recently made changes to their positions in the company. Kestra Investment Management LLC acquired a new stake in shares of Patrick Industries during the 4th quarter worth approximately $25,000. Covestor Ltd increased its holdings in Patrick Industries by 10,400.0% in the 4th quarter. Covestor Ltd now owns 315 shares of the construction company's stock valued at $26,000 after purchasing an additional 312 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in Patrick Industries by 49.8% in the 4th quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock valued at $27,000 after purchasing an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in Patrick Industries by 49.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock valued at $29,000 after purchasing an additional 114 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in Patrick Industries by 812.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock valued at $49,000 after purchasing an additional 528 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

Patrick Industries Price Performance

Patrick Industries stock traded down $2.62 during midday trading on Friday, reaching $87.44. The company had a trading volume of 552,923 shares, compared to its average volume of 368,776. The company has a market capitalization of $2.94 billion, a P/E ratio of 21.22, a P/E/G ratio of 1.41 and a beta of 2.26. Patrick Industries has a 12-month low of $67.72 and a 12-month high of $98.90. The firm's fifty day simple moving average is $90.61 and its 200-day simple moving average is $89.82. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly 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, equities analysts anticipate that Patrick Industries will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.83%. Patrick Industries's dividend payout ratio is currently 38.83%.

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.