KeyCorp Increases Patrick Industries (NASDAQ:PATK) Price Target to $150.00

Patrick Industries (NASDAQ:PATK) had its price target lifted by KeyCorp from $135.00 to $150.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have an overweight rating on the construction company’s stock.

PATK has been the topic of several other research reports. Raymond James assumed coverage on shares of Patrick Industries in a report on Tuesday, October 1st. They set an “outperform” rating and a $160.00 target price on the stock. Truist Financial lifted their price target on Patrick Industries from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Robert W. Baird increased their price objective on Patrick Industries from $120.00 to $128.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. DA Davidson lifted their target price on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Finally, Benchmark reissued a “buy” rating and set a $145.00 price target on shares of Patrick Industries in a research report on Tuesday, September 17th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $140.38.

Patrick Industries Trading Down 1.9 %

NASDAQ PATK opened at $134.14 on Wednesday. The stock’s 50-day simple moving average is $136.15 and its two-hundred day simple moving average is $120.77. Patrick Industries has a twelve month low of $70.15 and a twelve month high of $148.35. The company has a quick ratio of 0.94, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $3.00 billion, a price-to-earnings ratio of 19.25, a PEG ratio of 1.25 and a beta of 1.61.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.11. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The company had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $972.06 million. During the same quarter in the previous year, the company posted $1.94 EPS. Patrick Industries’s quarterly revenue was up 10.8% compared to the same quarter last year. Research analysts forecast that Patrick Industries will post 7.26 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were given a $0.55 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.20 annualized dividend and a dividend yield of 1.64%. Patrick Industries’s dividend payout ratio is 31.56%.

Insider Activity

In related news, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $130.11, for a total value of $248,640.21. Following the completion of the transaction, the chief operating officer now directly owns 23,759 shares of the company’s stock, valued at $3,091,283.49. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total transaction of $248,640.21. Following the sale, the chief operating officer now directly owns 23,759 shares in the company, valued at $3,091,283.49. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jeff Rodino sold 20,000 shares of the stock in a transaction on 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 completion of the transaction, the insider now 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. In the last 90 days, insiders have sold 29,411 shares of company stock valued at $3,858,915. Corporate insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Patrick Industries

Hedge funds have recently bought and sold shares of the business. Louisiana State Employees Retirement System increased its stake in shares of Patrick Industries by 1.9% during the third quarter. Louisiana State Employees Retirement System now owns 10,800 shares of the construction company’s stock valued at $1,538,000 after purchasing an additional 200 shares in the last quarter. 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 valued at $21,498,000 after buying an additional 133,413 shares in the last quarter. Copeland Capital Management LLC bought a new position in Patrick Industries during the 3rd quarter valued at approximately $8,070,000. Allspring Global Investments Holdings LLC boosted its holdings in Patrick Industries by 35.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock worth $13,869,000 after acquiring an additional 25,556 shares in the last quarter. Finally, Inspire Advisors LLC boosted its holdings in Patrick Industries by 12.5% in the third quarter. Inspire Advisors LLC now owns 4,463 shares of the construction company’s stock worth $635,000 after acquiring an additional 497 shares in the last quarter. Institutional investors 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.