Patrick Industries (NASDAQ:PATK) Given New $100.00 Price Target at KeyCorp

Patrick Industries (NASDAQ:PATK) had its price target lowered by KeyCorp from $110.00 to $100.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the construction company’s stock.

A number of other research analysts also recently issued reports on the company. StockNews.com downgraded Patrick Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Truist Financial dropped their price target on shares of Patrick Industries from $120.00 to $110.00 and set a “buy” rating for the company in a research report on Monday. Baird R W downgraded shares of Patrick Industries from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 4th. Robert W. Baird reaffirmed a “neutral” rating and issued a $96.00 target price (down previously from $100.00) on shares of Patrick Industries in a report on Friday, April 4th. Finally, Raymond James raised their price target on Patrick Industries from $99.00 to $103.00 and gave the company an “outperform” rating in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $96.79.

Patrick Industries Price Performance

NASDAQ PATK opened at $79.28 on Thursday. The company has a quick ratio of 0.77, a current ratio of 2.33 and a debt-to-equity ratio of 1.16. The firm has a market capitalization of $2.66 billion, a P/E ratio of 19.24, a PEG ratio of 1.41 and a beta of 2.17. The company has a 50-day moving average price of $86.20 and a 200-day moving average price of $88.51. Patrick Industries has a 52 week low of $67.72 and a 52 week high of $98.90.

Patrick Industries (NASDAQ:PATK) last announced its earnings results on Thursday, February 6th. The construction company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. Equities research analysts anticipate that Patrick Industries will post 5.33 earnings per share for the current year.

Patrick Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.60 annualized dividend and a dividend yield of 2.02%. Patrick Industries’s dividend payout ratio (DPR) is 38.83%.

Insider Buying and Selling

In other Patrick Industries news, EVP Stacey L. Neu sold 2,885 shares of Patrick Industries stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total value of $246,754.05. Following the completion of the transaction, the executive vice president now directly owns 18,044 shares of the company’s stock, valued at $1,543,303.32. This trade represents a 13.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director M Scott Welch bought 2,500 shares of the firm’s stock in a transaction dated Thursday, March 13th. The shares were acquired at an average price of $84.62 per share, for a total transaction of $211,550.00. Following the completion of the transaction, the director now directly owns 2,961 shares in the company, valued at approximately $250,559.82. This represents a 542.30 % increase in their position. The disclosure for this purchase can be found here. 4.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Patrick Industries

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Patrick Industries by 49.3% during the 4th quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company’s stock valued at $193,266,000 after purchasing an additional 768,102 shares during the last quarter. Wellington Management Group LLP increased its position in Patrick Industries by 391.8% during the fourth quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company’s stock valued at $168,462,000 after acquiring an additional 1,615,412 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Patrick Industries by 48.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company’s stock valued at $154,823,000 after acquiring an additional 609,036 shares during the period. Capital World Investors lifted its holdings in shares of Patrick Industries by 50.0% in the 4th quarter. Capital World Investors now owns 944,319 shares of the construction company’s stock worth $78,454,000 after acquiring an additional 314,773 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Patrick Industries by 50.0% during the 4th quarter. Geode Capital Management LLC now owns 779,223 shares of the construction company’s stock worth $64,752,000 after purchasing an additional 259,783 shares during the period. 93.29% of the stock is owned by institutional investors.

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.