Roth Mkm Increases Patrick Industries (NASDAQ:PATK) Price Target to $120.00

Patrick Industries (NASDAQ:PATKFree Report) had its price target increased by Roth Mkm from $101.00 to $120.00 in a report issued on Friday, Benzinga reports. The firm currently has a buy rating on the construction company’s stock.

A number of other brokerages have also recently issued reports on PATK. Truist Financial increased their target price on shares of Patrick Industries from $95.00 to $125.00 and gave the stock a buy rating in a research report on Tuesday, January 9th. BMO Capital Markets started coverage on shares of Patrick Industries in a research report on Thursday, December 7th. They set an outperform rating and a $105.00 price target for the company. StockNews.com cut shares of Patrick Industries from a buy rating to a hold rating in a research report on Thursday, January 18th. Finally, KeyCorp lifted their price objective on shares of Patrick Industries from $95.00 to $110.00 and gave the stock an overweight rating in a research note on Friday, January 12th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $102.29.

View Our Latest Stock Analysis on PATK

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $112.50 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.38 and a quick ratio of 0.73. Patrick Industries has a fifty-two week low of $63.57 and a fifty-two week high of $113.59. The firm has a fifty day moving average price of $97.96 and a two-hundred day moving average price of $85.84. The company has a market cap of $2.49 billion, a PE ratio of 17.28 and a beta of 1.71.

Patrick Industries (NASDAQ:PATKGet Free Report) last released its quarterly earnings data on Thursday, February 8th. The construction company reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.10. The company had revenue of $781.20 million during the quarter, compared to the consensus estimate of $780.97 million. Patrick Industries had a net margin of 4.12% and a return on equity of 14.31%. The firm’s revenue for the quarter was down 17.9% compared to the same quarter last year. During the same period last year, the firm earned $1.82 EPS. Analysts expect that Patrick Industries will post 8.03 EPS for the current year.

Patrick Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 4th. Stockholders of record on Tuesday, February 20th will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date is Friday, February 16th. Patrick Industries’s dividend payout ratio is currently 33.79%.

Insider Transactions at Patrick Industries

In other news, Director Todd M. Cleveland sold 10,000 shares of the firm’s stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $85.60, for a total transaction of $856,000.00. Following the sale, the director now owns 44,237 shares of the company’s stock, valued at $3,786,687.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Andy L. Nemeth sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $97.00, for a total transaction of $1,940,000.00. Following the sale, the chief executive officer now owns 252,013 shares of the company’s stock, valued at $24,445,261. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Todd M. Cleveland sold 10,000 shares of Patrick Industries stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $85.60, for a total value of $856,000.00. Following the completion of the sale, the director now directly owns 44,237 shares in the company, valued at approximately $3,786,687.20. The disclosure for this sale can be found here. Insiders have sold a total of 85,500 shares of company stock valued at $7,762,805 over the last 90 days. 6.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Patrick Industries

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC acquired a new stake in Patrick Industries in the 4th quarter valued at approximately $35,000. Tower Research Capital LLC TRC raised its position in Patrick Industries by 129.6% in the 1st quarter. Tower Research Capital LLC TRC now owns 489 shares of the construction company’s stock valued at $34,000 after buying an additional 276 shares during the last quarter. Carmel Capital Partners LLC acquired a new stake in Patrick Industries in the 3rd quarter valued at approximately $44,000. Gyon Technologies Capital Management LP acquired a new stake in Patrick Industries in the 4th quarter valued at approximately $48,000. Finally, Harel Insurance Investments & Financial Services Ltd. raised its position in Patrick Industries by 21.6% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,340 shares of the construction company’s stock valued at $102,000 after buying an additional 238 shares during the last quarter. Institutional investors and hedge funds own 93.18% of the company’s stock.

Patrick Industries Company Profile

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Patrick Industries, Inc manufactures and distributes components, building 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.

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