Truist Financial Cuts Patrick Industries (NASDAQ:PATK) Price Target to $105.00

Patrick Industries (NASDAQ:PATK) had its price target trimmed by Truist Financial from $110.00 to $105.00 in a research note published on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock.

PATK has been the subject of a number of other reports. StockNews.com upgraded shares of Patrick Industries from a “sell” rating to a “hold” rating in a report on Wednesday, January 1st. Benchmark reiterated a “buy” rating and set a $96.67 target price on shares of Patrick Industries in a report on Monday, November 4th. Raymond James reduced their price target on Patrick Industries from $106.67 to $90.67 and set an “outperform” rating on the stock in a report on Friday, November 1st. BMO Capital Markets increased their price objective on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a report on Friday, November 1st. Finally, KeyCorp boosted their target price on Patrick Industries from $90.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.63.

Patrick Industries Stock Performance

Patrick Industries stock opened at $83.47 on Tuesday. The firm has a fifty day simple moving average of $86.37 and a two-hundred day simple moving average of $85.80. Patrick Industries has a twelve month low of $60.67 and a twelve month high of $98.90. The company has a market capitalization of $2.80 billion, a PE ratio of 11.99, a P/E/G ratio of 1.69 and a beta of 2.26. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, October 31st. The construction company reported $1.20 earnings per share (EPS) for the quarter, missing the consensus estimate 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 previous year, the business earned $1.21 earnings per share. Patrick Industries’s revenue was up 6.2% compared to the same quarter last year. Research analysts expect that Patrick Industries will post 6.43 EPS for the current year.

Patrick Industries Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, November 25th were given a dividend of $0.40 per share. The ex-dividend date was Monday, November 25th. This represents a $1.60 annualized dividend and a dividend yield of 1.92%. Patrick Industries’s dividend payout ratio is presently 34.48%.

Insiders Place Their Bets

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 transaction of $1,406,400.00. Following the completion of the transaction, the chief executive officer now owns 364,678 shares of the company’s stock, valued at approximately $34,192,209.28. This trade represents a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 4.70% of the stock is owned by corporate insiders.

Institutional Trading of Patrick Industries

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Assetmark Inc. boosted its holdings in Patrick Industries by 1,589.0% in the third quarter. Assetmark Inc. now owns 6,587 shares of the construction company’s stock worth $938,000 after acquiring an additional 6,197 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Patrick Industries by 35.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 97,414 shares of the construction company’s stock worth $13,869,000 after purchasing an additional 25,556 shares during the last quarter. Fiera Capital Corp bought a new position in Patrick Industries in the 3rd quarter worth about $27,888,000. Argent Capital Management LLC grew 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 purchasing an additional 133,413 shares during the last quarter. Finally, Public Sector Pension Investment Board increased its stake in Patrick Industries by 8.7% during the 2nd quarter. Public Sector Pension Investment Board now owns 46,353 shares of the construction company’s stock valued at $5,032,000 after purchasing an additional 3,705 shares in the last quarter. Hedge funds and other institutional investors 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.