Patrick Industries (NASDAQ:PATK) Price Target Raised to $110.00 at KeyCorp

Patrick Industries (NASDAQ:PATK) had its price objective hoisted by KeyCorp from $100.00 to $110.00 in a report issued on Friday morning,Benzinga reports. They currently have an overweight rating on the construction company’s stock.

PATK has been the subject of a number of other research reports. Raymond James decreased their price target on shares of Patrick Industries from $106.67 to $90.67 and set an “outperform” rating for the company in a research note on Friday, November 1st. Benchmark reaffirmed a “buy” rating and set a $96.67 price objective on shares of Patrick Industries in a research report on Monday, November 4th. Truist Financial dropped their target price on Patrick Industries from $110.00 to $105.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Finally, BMO Capital Markets raised their target price on Patrick Industries from $100.00 to $103.33 and gave the stock an “outperform” rating in a research report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $96.08.

Patrick Industries Price Performance

PATK stock opened at $94.75 on Friday. Patrick Industries has a 52-week low of $67.10 and a 52-week high of $98.90. The business has a fifty day moving average of $89.13 and a two-hundred day moving average of $88.42. The stock has a market cap of $3.18 billion, a price-to-earnings ratio of 23.00, a price-to-earnings-growth ratio of 1.42 and a beta of 2.26. The company has a quick ratio of 0.97, a current ratio of 2.33 and a debt-to-equity ratio of 1.16.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. As a group, research analysts anticipate that Patrick Industries will post 5.38 earnings per share for the current year.

Patrick Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 1.69%. Patrick Industries’s payout ratio is currently 38.83%.

Insider Activity at Patrick Industries

In other news, CEO Andy L. Nemeth sold 15,000 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $93.76, for a total value of $1,406,400.00. Following the completion of the transaction, the chief executive officer now owns 364,678 shares in the company, valued at $34,192,209.28. This trade represents a 3.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Patrick Industries

A number of institutional investors and hedge funds have recently modified their holdings of PATK. Trust Point Inc. grew its holdings in Patrick Industries by 1.1% in the third quarter. Trust Point Inc. now owns 8,964 shares of the construction company’s stock valued at $1,276,000 after purchasing an additional 96 shares during the last quarter. Amalgamated Bank grew its stake in Patrick Industries by 2.1% in the 3rd quarter. Amalgamated Bank now owns 6,573 shares of the construction company’s stock valued at $936,000 after acquiring an additional 136 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in Patrick Industries by 21.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 788 shares of the construction company’s stock valued at $112,000 after acquiring an additional 139 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of Patrick Industries by 35.1% in the fourth quarter. UMB Bank n.a. now owns 766 shares of the construction company’s stock valued at $64,000 after purchasing an additional 199 shares in the last quarter. Finally, Global Retirement Partners LLC increased its stake in shares of Patrick Industries by 44.8% during the 4th quarter. Global Retirement Partners LLC now owns 643 shares of the construction company’s stock worth $53,000 after purchasing an additional 199 shares in the last quarter. Institutional investors and hedge funds 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.