Patrick Industries’ (PATK) Buy Rating Reiterated at Benchmark

Benchmark reissued their buy rating on shares of Patrick Industries (NASDAQ:PATK) in a research note published on Tuesday morning, Benzinga reports. Benchmark currently has a $145.00 price objective on the construction company’s stock.

A number of other analysts have also recently weighed in on PATK. Robert W. Baird raised their price target on Patrick Industries from $120.00 to $128.00 and gave the company an outperform rating in a research note on Friday, August 2nd. Truist Financial raised their target price on Patrick Industries from $130.00 to $150.00 and gave the stock a buy rating in a research report on Friday, August 2nd. KeyCorp boosted their target price on Patrick Industries from $125.00 to $135.00 and gave the stock an overweight rating in a research note on Friday, August 2nd. BMO Capital Markets increased their price target on shares of Patrick Industries from $125.00 to $135.00 and gave the company an outperform rating in a research note on Friday, August 2nd. Finally, DA Davidson boosted their price objective on shares of Patrick Industries from $108.00 to $114.00 and gave the stock a neutral rating in a research report on Monday, August 5th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $133.29.

Patrick Industries Stock Up 4.2 %

PATK stock opened at $146.42 on Tuesday. The company’s 50 day moving average price is $125.65 and its 200 day moving average price is $115.92. The firm has a market capitalization of $3.28 billion, a price-to-earnings ratio of 21.69, a PEG ratio of 1.05 and a beta of 1.62. Patrick Industries has a fifty-two week low of $70.15 and a fifty-two week high of $146.68. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.94 and a current ratio of 2.29.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, August 1st. The construction company reported $2.16 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.11. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $972.06 million. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.94 EPS. On average, equities research analysts anticipate that Patrick Industries will post 7.32 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 26th were given a dividend of $0.55 per share. The ex-dividend date was Monday, August 26th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.50%. Patrick Industries’s dividend payout ratio (DPR) is presently 32.59%.

Insider Activity

In related news, COO Hugo E. Gonzalez sold 1,911 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $130.11, for a total transaction of $248,640.21. Following the completion of the sale, the chief operating officer now owns 23,759 shares in the company, valued at approximately $3,091,283.49. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Todd M. Cleveland sold 7,500 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $131.05, for a total value of $982,875.00. Following the transaction, the director now owns 82,374 shares in the company, valued at approximately $10,795,112.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Hugo E. Gonzalez sold 1,911 shares of Patrick Industries stock in a transaction that occurred on 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 owns 23,759 shares in the company, valued at $3,091,283.49. The disclosure for this sale can be found here. Insiders have sold 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.

Hedge Funds Weigh In On Patrick Industries

A number of large investors have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Patrick Industries in the second quarter valued at about $41,000. Harel Insurance Investments & Financial Services Ltd. lifted its position in Patrick Industries by 78.5% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,910 shares of the construction company’s stock valued at $205,000 after purchasing an additional 840 shares during the period. Heritage Family Offices LLP purchased a new stake in Patrick Industries in the 2nd quarter valued at approximately $227,000. Xponance Inc. increased its position in Patrick Industries by 4.1% during the 2nd quarter. Xponance Inc. now owns 2,118 shares of the construction company’s stock worth $230,000 after purchasing an additional 83 shares during the period. Finally, Algert Global LLC purchased a new position in shares of Patrick Industries during the 2nd quarter worth approximately $233,000. 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.