Patrick Industries, Inc. (NASDAQ:PATK) Receives $139.88 Consensus Price Target from Analysts

Shares of Patrick Industries, Inc. (NASDAQ:PATK - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the eight research firms that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $139.88.

PATK has been the subject of a number of analyst reports. KeyCorp raised their price target on Patrick Industries from $135.00 to $150.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 23rd. DA Davidson lifted their target price on Patrick Industries from $108.00 to $114.00 and gave the stock a "neutral" rating in a research report on Monday, August 5th. StockNews.com downgraded Patrick Industries from a "hold" rating to a "sell" rating in a research report on Thursday, November 14th. Truist Financial lifted their target price on Patrick Industries from $150.00 to $165.00 and gave the stock a "buy" rating in a research report on Friday, September 20th. Finally, Benchmark reiterated a "buy" rating and set a $145.00 target price on shares of Patrick Industries in a research report on Monday, November 4th.

Insider Buying and Selling at Patrick Industries

In other Patrick Industries news, insider Jeff Rodino sold 20,000 shares of Patrick Industries stock in a transaction dated 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 owns 139,109 shares in the company, valued at $18,274,749.33. The trade was a 12.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Hugo E. Gonzalez sold 1,911 shares of the business's stock in a transaction dated 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 $3,091,283.49. The trade was a 7.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,411 shares of company stock worth $3,858,915 over the last quarter. Insiders own 4.70% of the company's stock.

Institutional Investors Weigh In On Patrick Industries

A number of large investors have recently modified their holdings of the business. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Patrick Industries by 6.6% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 16,513 shares of the construction company's stock worth $2,351,000 after purchasing an additional 1,022 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Patrick Industries by 4.1% during the third quarter. Geode Capital Management LLC now owns 519,440 shares of the construction company's stock worth $73,968,000 after purchasing an additional 20,694 shares during the period. Vestcor Inc lifted its holdings in shares of Patrick Industries by 218.6% during the third quarter. Vestcor Inc now owns 5,324 shares of the construction company's stock worth $758,000 after purchasing an additional 3,653 shares during the period. MML Investors Services LLC lifted its holdings in shares of Patrick Industries by 20.3% during the third quarter. MML Investors Services LLC now owns 3,243 shares of the construction company's stock worth $462,000 after purchasing an additional 547 shares during the period. Finally, Orion Portfolio Solutions LLC acquired a new stake in shares of Patrick Industries during the third quarter worth about $700,000. Hedge funds and other institutional investors own 93.29% of the company's stock.

Patrick Industries Stock Up 1.9 %

Patrick Industries stock traded up $2.48 during mid-day trading on Thursday, reaching $133.26. The stock had a trading volume of 278,807 shares, compared to its average volume of 190,957. The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of 19.15, a PEG ratio of 1.37 and a beta of 1.62. The company has a 50-day moving average price of $136.65 and a two-hundred day moving average price of $123.89. Patrick Industries has a one year low of $80.62 and a one year 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 0.97.

Shares of Patrick Industries are scheduled to split on the morning of Monday, December 16th. The 3-2 split was announced on Tuesday, November 19th. The newly minted shares will be payable to shareholders after the market closes on Friday, December 13th.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The construction company reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.03). 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 during the quarter, compared to the consensus estimate of $935.75 million. During the same quarter last year, the company earned $1.81 EPS. Patrick Industries's revenue for the quarter was up 6.2% on a year-over-year basis. On average, analysts expect that Patrick Industries will post 6.43 EPS for the current fiscal year.

Patrick Industries Increases Dividend

The company also recently declared a -- dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $50.00 per share. The ex-dividend date is Monday, December 16th. This represents a dividend yield of 1.7%. This is a positive change from Patrick Industries's previous -- dividend of $0.25. Patrick Industries's dividend payout ratio (DPR) is currently 31.61%.

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.