Patrick Industries, Inc. (NASDAQ:PATK) Stock Has Average Target Price of $106.78 According to Analysts

Patrick Industries, Inc. (NASDAQ:PATK) has been assigned a consensus recommendation of “Moderate Buy” from the ten brokerages that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $104.56.

PATK has been the subject of several recent analyst reports. BMO Capital Markets cut their target price on Patrick Industries from $120.00 to $100.00 and set an “outperform” rating for the company in a research note on Tuesday, October 13th. Weiss Ratings lowered Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, September 29th. Roth Capital set a $114.00 price target on Patrick Industries in a report on Friday, July 31st. KeyCorp lowered their price target on Patrick Industries from $115.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, October 8th. Finally, Truist Financial set a $88.00 price objective on Patrick Industries and gave the stock a “buy” rating in a research report on Friday.

Patrick Industries Price Performance

PATK stock opened at $70.46 on Thursday. The company has a quick ratio of 0.96, a current ratio of 2.67 and a debt-to-equity ratio of 1.25. Patrick Industries has a 12 month low of $63.00 and a 12 month high of $148.50. The firm has a market cap of $2.26 billion, a P/E ratio of 16.70 and a beta of 1.16. The company’s 50-day moving average price is $73.28 and its two-hundred day moving average price is $96.78.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, July 30th. The construction company reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.05. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $994.95 million. Patrick Industries had a net margin of 3.74% and a return on equity of 12.69%. The firm’s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter last year, the business posted $1.50 EPS. On average, analysts anticipate that Patrick Industries will post 4.17 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Monday, August 24th. Patrick Industries’s payout ratio is currently 44.55%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PATK. Bank of New York Mellon Corp acquired a new position in Patrick Industries during the 2nd quarter worth approximately $65,138,000. Bank of America Corp DE bought a new stake in shares of Patrick Industries during the second quarter worth $30,646,000. The Manufacturers Life Insurance Company bought a new stake in shares of Patrick Industries during the second quarter worth $27,166,000. 1ST Source Bank bought a new stake in shares of Patrick Industries during the second quarter worth $9,485,000. Finally, Copeland Capital Management LLC increased its holdings in shares of Patrick Industries by 17.6% during the first quarter. Copeland Capital Management LLC now owns 563,507 shares of the construction company’s stock worth $62,589,000 after buying an additional 84,508 shares in the last quarter. Institutional investors own 93.29% of the company’s stock.

About Patrick Industries

Patrick Industries, Inc is a manufacturer and distributor of component products and building materials serving the recreational vehicle, marine, manufactured housing, and industrial markets. The company supplies products used in the construction, furnishing, and finishing of recreational and residential vehicles, boats, homes, and other manufactured structures.

Its product offerings include cabinetry, furniture, countertops, flooring, interior and exterior components, electronics, audio systems, lighting, plumbing products, hardware, adhesives, and related materials.