Patrick Industries’ (PATK) “Buy” Rating Reiterated at Benchmark

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

A number of other equities analysts also recently weighed in on PATK. Robert W. Baird upped their price target on Patrick Industries from $120.00 to $128.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Truist Financial lifted their price target on shares of Patrick Industries from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, September 20th. BMO Capital Markets increased their price objective on shares of Patrick Industries from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. KeyCorp upped their target price on Patrick Industries from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Finally, DA Davidson raised their price target on Patrick Industries from $108.00 to $114.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $139.88.

Patrick Industries Stock Up 9.9 %

Shares of PATK stock opened at $130.18 on Monday. Patrick Industries has a 12-month low of $75.01 and a 12-month high of $148.35. The company has a quick ratio of 0.97, a current ratio of 2.41 and a debt-to-equity ratio of 1.22. The firm has a fifty day moving average of $136.07 and a 200-day moving average of $122.21. The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of 18.70, a P/E/G ratio of 1.18 and a beta of 1.62.

Patrick Industries (NASDAQ:PATK) last released its earnings results on Thursday, October 31st. The construction company reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.03). The firm had revenue of $919.44 million for the quarter, compared to the consensus estimate of $935.75 million. Patrick Industries had a return on equity of 14.84% and a net margin of 4.24%. Patrick Industries’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter last year, the company posted $1.81 EPS. As a group, equities research analysts predict that Patrick Industries will post 6.63 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. Stockholders of record on Monday, August 26th were issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date was Monday, August 26th. Patrick Industries’s dividend payout ratio is presently 31.61%.

Insider Transactions at Patrick Industries

In other Patrick Industries news, COO Hugo E. Gonzalez sold 1,911 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $130.11, for a total value of $248,640.21. Following 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 position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, insider Jeff Rodino sold 20,000 shares of the company’s stock in a transaction 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 completion of the sale, the insider now directly owns 139,109 shares in the company, valued at approximately $18,274,749.33. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Hugo E. Gonzalez sold 1,911 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was 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 trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,411 shares of company stock worth $3,858,915. Company insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Hedge funds have recently bought and sold shares of the company. Pacer Advisors Inc. increased its stake in Patrick Industries by 20.1% in the second quarter. Pacer Advisors Inc. now owns 1,325,556 shares of the construction company’s stock valued at $143,889,000 after acquiring an additional 221,904 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Patrick Industries by 10.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock valued at $33,078,000 after purchasing an additional 26,389 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new position in shares of Patrick Industries during the 2nd quarter worth $22,460,000. Tributary Capital Management LLC lifted its position in shares of Patrick Industries by 0.3% during the 2nd quarter. Tributary Capital Management LLC now owns 205,788 shares of the construction company’s stock worth $22,338,000 after buying an additional 613 shares during the last quarter. Finally, Fiera Capital Corp acquired a new stake in Patrick Industries in the third quarter valued at about $27,888,000. 93.29% of the stock is owned by institutional investors.

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.