BMO Capital Markets Issues Positive Forecast for Patrick Industries (NASDAQ:PATK) Stock Price

Patrick Industries (NASDAQ:PATK) had its price objective lifted by BMO Capital Markets from $150.00 to $155.00 in a research report report published on Friday morning, Benzinga reports. The firm currently has an outperform rating on the construction company’s stock.

Other equities research analysts have also issued research reports about the stock. DA Davidson upped their price objective on shares of Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Robert W. Baird upped their price objective on shares of Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Benchmark reissued a “buy” rating and issued a $145.00 price objective on shares of Patrick Industries in a report on Tuesday, September 17th. KeyCorp upped their price objective on shares of Patrick Industries from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Finally, Raymond James assumed coverage on shares of Patrick Industries in a research note on Tuesday, October 1st. They set an “outperform” rating and a $160.00 target price for the company. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $139.88.

Patrick Industries Price Performance

Shares of NASDAQ PATK opened at $115.77 on Friday. The firm has a 50-day simple moving average of $136.64 and a 200-day simple moving average of $121.84. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of 16.63, a price-to-earnings-growth ratio of 1.19 and a beta of 1.62. The company has a quick ratio of 0.94, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. Patrick Industries has a 52 week low of $75.01 and a 52 week high of $148.35.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, October 31st. The construction company reported $1.80 EPS for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). The business had revenue of $919.44 million during the quarter, compared to analyst estimates of $935.75 million. Patrick Industries had a net margin of 4.24% and a return on equity of 14.84%. Patrick Industries’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the company earned $1.81 earnings per share. On average, equities analysts predict that Patrick Industries will post 7.21 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 26th were paid a $0.55 dividend. The ex-dividend date of this dividend was Monday, August 26th. This represents a $2.20 annualized dividend and a yield of 1.90%. Patrick Industries’s dividend payout ratio is currently 31.61%.

Insider Transactions at Patrick Industries

In related news, insider Jeff Rodino sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $131.37, for a total value of $2,627,400.00. Following the sale, the insider now directly owns 139,109 shares in the company, valued at $18,274,749.33. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Todd M. Cleveland sold 7,500 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $131.05, for a total transaction of $982,875.00. Following the completion of the sale, the director now owns 82,374 shares of the company’s stock, valued at approximately $10,795,112.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeff Rodino sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $131.37, for a total transaction of $2,627,400.00. Following the sale, the insider now directly owns 139,109 shares of the company’s stock, valued at approximately $18,274,749.33. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,411 shares of company stock valued at $3,858,915 in the last ninety days. 4.70% of the stock is currently owned by company insiders.

Institutional Trading of Patrick Industries

A number of institutional investors and hedge funds have recently bought and sold shares of PATK. Pacer Advisors Inc. increased its position in Patrick Industries by 20.1% during the 2nd quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock worth $143,889,000 after purchasing an additional 221,904 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in Patrick Industries during the 2nd quarter worth approximately $22,460,000. Fiera Capital Corp acquired a new stake in Patrick Industries during the 3rd quarter worth approximately $27,888,000. Argent Capital Management LLC increased its position in Patrick Industries by 758.4% during the 3rd quarter. Argent Capital Management LLC now owns 151,004 shares of the construction company’s stock worth $21,498,000 after purchasing an additional 133,413 shares in the last quarter. Finally, Copeland Capital Management LLC acquired a new stake in Patrick Industries in the third quarter valued at approximately $8,070,000. 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.