Patrick Industries (NASDAQ:PATK) Price Target Cut to $113.00 by Analysts at Truist Financial

Patrick Industries (NASDAQ:PATK) had its price target lowered by Truist Financial from $126.00 to $113.00 in a report released on Wednesday morning, Marketbeat Ratings reports. The firm currently has a buy rating on the construction company’s stock.

Other research analysts have also issued reports about the stock. Weiss Ratings lowered shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, June 29th. KeyCorp cut their price target on Patrick Industries from $140.00 to $125.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Robert W. Baird set a $110.00 target price on shares of Patrick Industries in a report on Friday, May 1st. Raymond James Financial set a $108.00 price target on shares of Patrick Industries in a research note on Friday, May 1st. Finally, Wall Street Zen cut shares of Patrick Industries from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Patrick Industries has an average rating of “Moderate Buy” and a consensus price target of $121.00.

Patrick Industries Price Performance

Shares of NASDAQ PATK opened at $83.08 on Wednesday. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04. The business has a 50-day moving average of $89.82 and a 200-day moving average of $108.96. The stock has a market capitalization of $2.73 billion, a price-to-earnings ratio of 21.30 and a beta of 1.11. Patrick Industries has a fifty-two week low of $82.35 and a fifty-two week high of $148.50.

Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The company had revenue of $997.17 million for the quarter, compared to analysts’ expectations of $989.06 million. During the same quarter in the prior year, the business posted $1.11 EPS. The business’s revenue was down .6% compared to the same quarter last year. As a group, sell-side analysts predict that Patrick Industries will post 4.77 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, June 8th. Investors of record on Tuesday, May 26th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.88 annualized dividend and a yield of 2.3%. Patrick Industries’s dividend payout ratio is currently 48.21%.

Insider Transactions at Patrick Industries

In other Patrick Industries news, CFO Matthew S. Filer purchased 1,000 shares of the stock in a transaction dated Tuesday, May 5th. The stock was bought at an average price of $85.50 per share, with a total value of $85,500.00. Following the acquisition, the chief financial officer owned 21,614 shares of the company’s stock, valued at approximately $1,847,997. This represents a 4.85% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Andy L. Nemeth acquired 10,000 shares of Patrick Industries stock in a transaction that occurred on Tuesday, May 5th. The stock was acquired at an average cost of $88.00 per share, for a total transaction of $880,000.00. Following the completion of the purchase, the chief executive officer directly owned 287,745 shares of the company’s stock, valued at $25,321,560. This represents a 3.60% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders purchased 28,700 shares of company stock worth $2,532,880. Corporate insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Patrick Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp grew its position in Patrick Industries by 4.0% during the 4th quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company’s stock worth $231,000 after acquiring an additional 80 shares during the last quarter. CIBC Asset Management Inc raised its holdings in Patrick Industries by 4.1% in the 4th quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company’s stock valued at $245,000 after buying an additional 88 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its position in Patrick Industries by 4.1% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company’s stock worth $269,000 after buying an additional 98 shares during the period. Oregon Public Employees Retirement Fund grew its holdings in Patrick Industries by 1.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 7,576 shares of the construction company’s stock worth $821,000 after acquiring an additional 100 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in Patrick Industries by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 29,535 shares of the construction company’s stock worth $2,725,000 after purchasing an additional 154 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Company Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.