Patrick Industries' (PATK) Neutral Rating Reaffirmed at Robert W. Baird

Robert W. Baird reiterated their neutral rating on shares of Patrick Industries (NASDAQ:PATK - Free Report) in a report issued on Friday morning, MarketBeat reports. Robert W. Baird currently has a $96.00 price target on the construction company's stock, down from their previous price target of $100.00.

Other equities analysts have also recently issued research reports about the company. KeyCorp upped their price target on Patrick Industries from $100.00 to $110.00 and gave the company an "overweight" rating in a report on Friday, February 7th. Benchmark upped their target price on Patrick Industries from $98.00 to $102.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Raymond James lifted their price target on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an "outperform" rating in a research note on Friday, February 7th. Truist Financial boosted their price target 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. Finally, StockNews.com downgraded shares of Patrick Industries from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $99.29.

Patrick Industries Stock Performance

NASDAQ:PATK traded up $5.70 during midday trading on Friday, reaching $80.03. The stock had a trading volume of 227,864 shares, compared to its average volume of 330,527. The stock has a market capitalization of $2.69 billion, a P/E ratio of 19.58, a PEG ratio of 1.41 and a beta of 2.17. Patrick Industries has a 1-year low of $67.72 and a 1-year high of $98.90. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.33 and a quick ratio of 0.77. The firm's fifty day simple moving average is $88.70 and its 200-day simple moving average is $89.22.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a return on equity of 13.25% and a net margin of 3.72%. On average, equities research analysts forecast that Patrick Industries will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were given 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 yield of 2.00%. Patrick Industries's dividend payout ratio (DPR) is presently 38.83%.

Insider Activity at Patrick Industries

In related news, EVP Stacey L. Neu sold 2,885 shares of the company's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total transaction of $246,754.05. Following the transaction, the executive vice president now owns 18,044 shares in the company, valued at $1,543,303.32. This represents a 13.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director M Scott Welch acquired 2,500 shares of the stock in a transaction on Thursday, March 13th. The stock was bought at an average price of $84.62 per share, with a total value of $211,550.00. Following the transaction, the director now directly owns 2,961 shares in the company, valued at approximately $250,559.82. This represents a 542.30 % increase in their position. The disclosure for this purchase can be found here. Insiders own 4.70% of the company's stock.

Hedge Funds Weigh In On Patrick Industries

Several large investors have recently made changes to their positions in PATK. Kestra Investment Management LLC bought a new position in shares of Patrick Industries in the 4th quarter valued at about $25,000. Covestor Ltd lifted its holdings in Patrick Industries by 10,400.0% in the fourth quarter. Covestor Ltd now owns 315 shares of the construction company's stock valued at $26,000 after buying an additional 312 shares during the period. Quadrant Capital Group LLC boosted its stake in Patrick Industries by 49.8% in the fourth quarter. Quadrant Capital Group LLC now owns 328 shares of the construction company's stock valued at $27,000 after acquiring an additional 109 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in Patrick Industries by 49.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 344 shares of the construction company's stock worth $29,000 after acquiring an additional 114 shares during the period. Finally, Smartleaf Asset Management LLC raised its position in shares of Patrick Industries by 812.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 593 shares of the construction company's stock valued at $49,000 after acquiring an additional 528 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company's stock.

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.