Patrick Industries (NASDAQ:PATK) Given New $105.00 Price Target at Truist Financial

Patrick Industries (NASDAQ:PATK - Free Report) had its target price reduced by Truist Financial from $110.00 to $105.00 in a report published on Tuesday morning,Benzinga reports. They currently have a buy rating on the construction company's stock.

PATK has been the topic of several other reports. KeyCorp boosted their price objective on shares of Patrick Industries from $90.00 to $100.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 23rd. Benchmark restated a "buy" rating and issued a $96.67 price objective on shares of Patrick Industries in a research note on Monday, November 4th. BMO Capital Markets raised their price objective on Patrick Industries from $100.00 to $103.33 and gave the company an "outperform" rating in a research report on Friday, November 1st. StockNews.com raised Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, January 1st. Finally, Raymond James lowered their price target on shares of Patrick Industries from $106.67 to $90.67 and set an "outperform" rating on the stock in a report on Friday, November 1st. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $92.63.

Patrick Industries Stock Down 1.3 %

Shares of NASDAQ PATK traded down $1.11 during mid-day trading on Tuesday, hitting $82.82. The company had a trading volume of 300,746 shares, compared to its average volume of 256,729. The company has a current ratio of 2.41, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The firm has a 50-day simple moving average of $86.49 and a two-hundred day simple moving average of $85.83. The company has a market capitalization of $2.78 billion, a PE ratio of 11.90, a price-to-earnings-growth ratio of 1.69 and a beta of 2.26. Patrick Industries has a one year low of $60.67 and a one year high of $98.90.

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

Patrick Industries Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 9th. Shareholders of record on Monday, November 25th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend was Monday, November 25th. Patrick Industries's dividend payout ratio is currently 34.48%.

Insider Transactions at Patrick Industries

In other Patrick Industries news, CEO Andy L. Nemeth sold 15,000 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $93.76, for a total value of $1,406,400.00. Following the sale, the chief executive officer now owns 364,678 shares in the company, valued at $34,192,209.28. This trade represents a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 4.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patrick Industries

A number of institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC raised its position in shares of Patrick Industries by 61.2% during the fourth quarter. GAMMA Investing LLC now owns 764 shares of the construction company's stock worth $63,000 after acquiring an additional 290 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Patrick Industries by 2.1% in the third quarter. Principal Financial Group Inc. now owns 111,952 shares of the construction company's stock valued at $15,939,000 after purchasing an additional 2,275 shares in the last quarter. DGS Capital Management LLC purchased a new position in Patrick Industries during the 3rd quarter worth $200,000. Tidal Investments LLC purchased a new position in Patrick Industries during the third quarter worth about $271,000. Finally, Teachers Retirement System of The State of Kentucky grew its holdings in shares of Patrick Industries by 6.6% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 16,513 shares of the construction company's stock valued at $2,351,000 after acquiring an additional 1,022 shares in the last quarter. 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.