Analysts Set Patrick Industries, Inc. (NASDAQ:PATK) Price Target at $93.25

Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the eight research firms that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12 month target price among analysts that have covered the stock in the last year is $93.25.

Several research firms have recently issued reports on PATK. Truist Financial lifted their price objective on shares of Patrick Industries from $100.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, September 20th. StockNews.com cut shares of Patrick Industries from a "hold" rating to a "sell" rating in a research note on Thursday, November 14th. KeyCorp increased their price objective on shares of Patrick Industries from $90.00 to $100.00 and gave the company an "overweight" rating in a report on Wednesday, October 23rd. Benchmark reaffirmed a "buy" rating and issued a $96.67 target price on shares of Patrick Industries in a report on Monday, November 4th. Finally, BMO Capital Markets increased their price target on Patrick Industries from $100.00 to $103.33 and gave the company an "outperform" rating in a research note on Friday, November 1st.

Insider Activity

In related news, CEO Andy L. Nemeth sold 15,000 shares of Patrick Industries stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $93.76, for a total transaction of $1,406,400.00. Following the completion of the transaction, the chief executive officer now directly owns 364,678 shares of the company's stock, valued at approximately $34,192,209.28. The trade was a 3.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.70% of the company's stock.

Institutional Trading of Patrick Industries

Several institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC lifted its stake in shares of Patrick Industries by 91.5% during the 2nd quarter. SG Americas Securities LLC now owns 4,668 shares of the construction company's stock worth $507,000 after acquiring an additional 2,230 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its position in shares of Patrick Industries by 78.5% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company's stock worth $205,000 after purchasing an additional 840 shares during the last quarter. SummerHaven Investment Management LLC boosted its stake in shares of Patrick Industries by 1.5% during the second quarter. SummerHaven Investment Management LLC now owns 9,000 shares of the construction company's stock valued at $977,000 after purchasing an additional 135 shares during the period. Louisiana State Employees Retirement System grew its holdings in shares of Patrick Industries by 2.9% in the second quarter. Louisiana State Employees Retirement System now owns 10,600 shares of the construction company's stock worth $1,151,000 after purchasing an additional 300 shares during the last quarter. Finally, Tributary Capital Management LLC increased its stake in Patrick Industries by 0.3% in the 2nd quarter. Tributary Capital Management LLC now owns 205,788 shares of the construction company's stock worth $22,338,000 after buying an additional 613 shares during the period. Institutional investors own 93.29% of the company's stock.

Patrick Industries Price Performance

PATK stock traded down $1.48 during trading on Monday, reaching $88.25. The company's stock had a trading volume of 457,817 shares, compared to its average volume of 291,471. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. The company's fifty day moving average is $89.63 and its 200-day moving average is $84.50. The company has a market capitalization of $1.98 billion, a P/E ratio of 12.68, a price-to-earnings-growth ratio of 1.69 and a beta of 2.24. Patrick Industries has a 1 year low of $60.67 and a 1 year high of $98.90.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its earnings results on Thursday, October 31st. The construction company reported $1.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.22 by ($0.02). Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. The business had revenue of $919.44 million for the quarter, compared to analysts' expectations of $935.75 million. During the same quarter in the prior year, the business posted $1.21 EPS. The business's revenue for the quarter was up 6.2% compared to the same quarter last year. On average, research analysts expect that Patrick Industries will post 6.43 earnings per share for the current fiscal year.

Patrick Industries Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Stockholders of record on Monday, November 25th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend was Monday, November 25th. Patrick Industries's payout ratio is 34.48%.

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.