Patrick Industries (NASDAQ:PATK) Price Target Increased to $120.00 by Analysts at Roth Mkm

Patrick Industries (NASDAQ:PATKFree Report) had its price objective boosted by Roth Mkm from $101.00 to $120.00 in a report published on Friday morning, Benzinga reports. The firm currently has a buy rating on the construction company’s stock.

PATK has been the subject of several other reports. BMO Capital Markets assumed coverage on Patrick Industries in a research note on Thursday, December 7th. They issued an outperform rating and a $105.00 price objective for the company. KeyCorp increased their price target on shares of Patrick Industries from $95.00 to $110.00 and gave the stock an overweight rating in a research report on Friday, January 12th. StockNews.com cut shares of Patrick Industries from a buy rating to a hold rating in a report on Thursday, January 18th. Finally, Truist Financial increased their target price on shares of Patrick Industries from $95.00 to $125.00 and gave the stock a buy rating in a report on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Patrick Industries has an average rating of Moderate Buy and a consensus target price of $102.29.

Read Our Latest Stock Report on Patrick Industries

Patrick Industries Price Performance

Shares of PATK stock opened at $112.50 on Friday. The firm’s 50-day moving average is $97.96 and its two-hundred day moving average is $85.84. The company has a market capitalization of $2.49 billion, a PE ratio of 17.28 and a beta of 1.71. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.38 and a quick ratio of 0.73. Patrick Industries has a 12 month low of $63.57 and a 12 month high of $113.59.

Patrick Industries (NASDAQ:PATKGet Free Report) last issued its quarterly earnings data on Thursday, February 8th. The construction company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.10. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The firm had revenue of $781.20 million for the quarter, compared to analyst estimates of $780.97 million. During the same period in the previous year, the firm earned $1.82 EPS. Patrick Industries’s revenue was down 17.9% on a year-over-year basis. Analysts predict that Patrick Industries will post 8.03 earnings per share for the current year.

Patrick Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 4th. Stockholders of record on Tuesday, February 20th will be issued a $0.55 dividend. The ex-dividend date is Friday, February 16th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.96%. Patrick Industries’s payout ratio is currently 33.79%.

Insider Transactions at Patrick Industries

In other Patrick Industries news, Director Todd M. Cleveland sold 2,500 shares of the stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $83.57, for a total value of $208,925.00. Following the transaction, the director now directly owns 88,690 shares in the company, valued at $7,411,823.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Todd M. Cleveland sold 2,500 shares of the business’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $83.57, for a total value of $208,925.00. Following the completion of the sale, the director now directly owns 88,690 shares of the company’s stock, valued at approximately $7,411,823.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Kip B. Ellis sold 8,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $93.21, for a total value of $745,680.00. Following the transaction, the chief operating officer now owns 110,674 shares in the company, valued at approximately $10,315,923.54. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 85,500 shares of company stock valued at $7,762,805. Corporate insiders own 6.80% of the company’s stock.

Institutional Trading of Patrick Industries

Large investors have recently bought and sold shares of the business. US Bancorp DE boosted its stake in shares of Patrick Industries by 1.3% during the fourth quarter. US Bancorp DE now owns 7,669 shares of the construction company’s stock worth $770,000 after buying an additional 95 shares during the period. Cambridge Investment Research Advisors Inc. lifted its position in Patrick Industries by 3.9% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 5,098 shares of the construction company’s stock worth $512,000 after acquiring an additional 190 shares during the period. Norges Bank purchased a new position in shares of Patrick Industries in the 4th quarter valued at approximately $14,782,000. Janney Montgomery Scott LLC increased its holdings in shares of Patrick Industries by 457.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 17,685 shares of the construction company’s stock valued at $1,774,000 after purchasing an additional 14,510 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Patrick Industries by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company’s stock worth $144,828,000 after purchasing an additional 21,735 shares during the last quarter. Institutional investors and hedge funds own 93.18% of the company’s stock.

About Patrick Industries

(Get Free Report)

Patrick Industries, Inc manufactures and distributes components, building 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.

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Analyst Recommendations for Patrick Industries (NASDAQ:PATK)

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