Patrick Industries (NASDAQ:PATK) Price Target Raised to $150.00 at Truist Financial

Patrick Industries (NASDAQ:PATK) had its target price increased by Truist Financial from $130.00 to $150.00 in a research report sent to investors on Friday, Benzinga reports. They currently have a buy rating on the construction company’s stock.

PATK has been the topic of a number of other research reports. BMO Capital Markets boosted their price objective on Patrick Industries from $120.00 to $125.00 and gave the stock an outperform rating in a research note on Friday, May 3rd. Roth Mkm reissued a buy rating and issued a $126.00 price objective (up previously from $120.00) on shares of Patrick Industries in a research note on Monday, May 6th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $124.83.

Patrick Industries Stock Performance

Patrick Industries stock traded down $3.95 during mid-day trading on Friday, hitting $121.86. 265,727 shares of the company’s stock traded hands, compared to its average volume of 181,234. The firm has a 50 day moving average price of $113.04 and a 200 day moving average price of $111.09. The company has a quick ratio of 0.96, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. The company has a market cap of $2.73 billion, a PE ratio of 18.05, a price-to-earnings-growth ratio of 0.92 and a beta of 1.65. Patrick Industries has a one year low of $70.15 and a one year high of $136.00.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.12. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $972.06 million. Patrick Industries had a return on equity of 15.06% and a net margin of 4.26%. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.94 EPS. On average, equities analysts forecast that Patrick Industries will post 8.07 EPS for the current year.

Patrick Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend was Monday, June 3rd. Patrick Industries’s payout ratio is 32.59%.

Hedge Funds Weigh In On Patrick Industries

A number of hedge funds have recently modified their holdings of PATK. Norges Bank acquired a new position in shares of Patrick Industries in the 4th quarter worth $14,782,000. Peregrine Capital Management LLC purchased a new position in shares of Patrick Industries during the first quarter valued at $8,546,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Patrick Industries by 10.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock valued at $33,078,000 after buying an additional 26,389 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings 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 valued at $144,828,000 after buying an additional 21,735 shares in the last quarter. Finally, Anchor Capital Management Company LLC grew its holdings in shares of Patrick Industries by 19.3% during the first quarter. Anchor Capital Management Company LLC now owns 123,809 shares of the construction company’s stock valued at $14,791,000 after buying an additional 20,000 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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.